FSML vs. IJR

Last updated Jun 26, 2026

FSML (Franklin Small Cap Enhanced ETF) and IJR (iShares Core S&P Small-Cap ETF) are both Small Cap Blend Equities funds. FSML is actively managed, while IJR is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. FSML charges 0.45%/yr vs 0.06%/yr for IJR.

Performance

FSML vs. IJR - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FSML having a 23.14% return and IJR slightly higher at 23.22%.

FSML

• 1D: 1.09%
• 1M: 4.85%
• YTD: 23.14%
• 6M: 20.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IJR

• 1D: 0.78%
• 1M: 5.90%
• YTD: 23.22%
• 6M: 20.27%
• 1Y: 36.80%
• 3Y*: 16.48%
• 5Y*: 6.95%
• 10Y*: 11.86%

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

FSML vs. IJR - Yearly Performance Comparison

	2026 (YTD)	2025
FSML Franklin Small Cap Enhanced ETF	23.14%	-3.75%
IJR iShares Core S&P Small-Cap ETF	23.22%	-2.70%

Correlation

The correlation between FSML and IJR 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 11, 2025	0.90

Return for Risk

FSML vs. IJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FSML

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

IJR

IJR Risk / Return Rank: 77
IJR Sharpe Ratio Rank: 74
IJR Sortino Ratio Rank: 76
IJR Omega Ratio Rank: 68
IJR Calmar Ratio Rank: 86
IJR Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FSML vs. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Small Cap Enhanced ETF (FSML) and iShares Core S&P Small-Cap ETF (IJR). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FSML	IJR	Difference
Sharpe ratio: Return per unit of total volatility	—	2.09	—
Sortino ratio: Return per unit of downside risk	—	3.01	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	4.26	—
Martin ratio: Return relative to average drawdown	—	14.30	—

Drawdowns

FSML vs. IJR - Drawdown Comparison

The maximum FSML drawdown since its inception was -10.83%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for FSML and IJR.

Drawdown Indicators

	FSML	IJR	Difference
Max Drawdown Largest peak-to-trough decline	-10.83%	-58.15%	+47.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.68%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-28.02%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.36%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.42%	-9.26%	+6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.58%	—

Volatility

Volatility by Period

	FSML	IJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.63%	17.71%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.63%	21.40%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.63%	22.87%	-2.24%

FSML vs. IJR - Expense Ratio Comparison

FSML has a 0.45% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

FSML vs. IJR - Dividend Comparison

FSML's dividend yield for the trailing twelve months is around 0.15%, less than IJR's 1.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSML Franklin Small Cap Enhanced ETF	0.15%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IJR iShares Core S&P Small-Cap ETF	1.11%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%

Frequently Asked Questions

Can I hold both FSML and IJR in my portfolio?

With a correlation of 0.90, FSML and IJR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, FSML or IJR?

On fees, IJR is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSML or IJR?

IJR is cheaper with a 0.06% expense ratio, compared with 0.45% for FSML.

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

IJR has the higher dividend yield at 1.11%, compared with 0.15% for FSML.

What is the main difference between FSML and IJR?

They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.45% for FSML and 0.06% for IJR.