FSML vs. ASCE

Last updated Jun 6, 2026

FSML (Franklin Small Cap Enhanced ETF) and ASCE (Allspring SMID Core ETF) are both Small Cap Blend Equities funds. Both are actively managed. Their correlation of 0.90 suggests significant overlap in exposure. FSML charges 0.45%/yr vs 0.38%/yr for ASCE.

Performance

FSML vs. ASCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Small Cap Enhanced ETF (FSML) and Allspring SMID Core ETF (ASCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSML achieves a 14.90% return, which is significantly lower than ASCE's 22.06% return.

FSML

• 1D: -3.10%
• 1M: -0.56%
• YTD: 14.90%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ASCE

• 1D: -1.56%
• 1M: 0.49%
• YTD: 22.06%
• 6M: 20.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FSML vs. ASCE - Yearly Performance Comparison

	2026 (YTD)	2025
FSML Franklin Small Cap Enhanced ETF	14.90%	-3.75%
ASCE Allspring SMID Core ETF	22.06%	-3.50%

Correlation

The correlation between FSML and ASCE is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 12, 2025	0.90

Return for Risk

FSML vs. ASCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Small Cap Enhanced ETF (FSML) and Allspring SMID Core ETF (ASCE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FSML	ASCE	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	1.88	-0.74

Drawdowns

FSML vs. ASCE - Drawdown Comparison

The maximum FSML drawdown since its inception was -10.83%, which is greater than ASCE's maximum drawdown of -9.22%. Use the drawdown chart below to compare losses from any high point for FSML and ASCE.

Drawdown Indicators

	FSML	ASCE	Difference
Max Drawdown Largest peak-to-trough decline	-10.83%	-9.22%	-1.61%
Current Drawdown Current decline from peak	-3.10%	-1.56%	-1.54%
Average Drawdown Average peak-to-trough decline	-2.62%	-2.09%	-0.53%

Volatility

Volatility by Period

	FSML	ASCE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	20.71%	19.30%	+1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	19.30%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	19.30%	+1.41%

FSML vs. ASCE - Expense Ratio Comparison

FSML has a 0.45% expense ratio, which is higher than ASCE's 0.38% expense ratio.

Dividends

FSML vs. ASCE - Dividend Comparison

FSML's dividend yield for the trailing twelve months is around 0.16%, less than ASCE's 0.18% yield.

Position	TTM	2025
ASCE Allspring SMID Core ETF	0.18%	0.22%
FSML Franklin Small Cap Enhanced ETF	0.16%	0.06%

Frequently Asked Questions

Can I hold both FSML and ASCE in my portfolio?

FSML and ASCE have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSML or ASCE?

On fees, ASCE is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSML or ASCE?

ASCE is cheaper with a 0.38% expense ratio, compared with 0.45% for FSML.

Which ETF pays a higher dividend yield, FSML or ASCE?

ASCE has the higher dividend yield at 0.18%, compared with 0.16% for FSML.

What is the main difference between FSML and ASCE?

They also come from different issuers: Franklin Templeton and Allspring. Their fees differ too: 0.45% for FSML and 0.38% for ASCE.