FSML vs. QQQS

Last updated Jun 6, 2026

FSML (Franklin Small Cap Enhanced ETF) and QQQS (Invesco NASDAQ Future Gen 200 ETF) are both Small Cap Blend Equities funds. FSML is actively managed, while QQQS is passively managed. Their correlation of 0.89 suggests significant overlap in exposure. FSML charges 0.45%/yr vs 0.20%/yr for QQQS.

Performance

FSML vs. QQQS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Small Cap Enhanced ETF (FSML) and Invesco NASDAQ Future Gen 200 ETF (QQQS). 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 QQQS's 21.36% return.

FSML

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

QQQS

• 1D: -6.43%
• 1M: -2.31%
• YTD: 21.36%
• 6M: 19.97%
• 1Y: 70.88%
• 3Y*: 13.45%
• 5Y*: —
• 10Y*: —

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

FSML vs. QQQS - Yearly Performance Comparison

	2026 (YTD)	2025
FSML Franklin Small Cap Enhanced ETF	14.90%	-3.75%
QQQS Invesco NASDAQ Future Gen 200 ETF	21.36%	-3.40%

Correlation

The correlation between FSML and QQQS is 0.89, 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	0.89

Return for Risk

FSML vs. QQQS — Risk / Return Rank

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

QQQS

QQQS Risk / Return Rank: 80
QQQS Sharpe Ratio Rank: 82
QQQS Sortino Ratio Rank: 75
QQQS Omega Ratio Rank: 68
QQQS Calmar Ratio Rank: 89
QQQS Martin Ratio Rank: 86

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. QQQS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Small Cap Enhanced ETF (FSML) and Invesco NASDAQ Future Gen 200 ETF (QQQS). 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	QQQS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	0.57	+0.58

Drawdowns

FSML vs. QQQS - Drawdown Comparison

The maximum FSML drawdown since its inception was -10.83%, smaller than the maximum QQQS drawdown of -38.06%. Use the drawdown chart below to compare losses from any high point for FSML and QQQS.

Drawdown Indicators

	FSML	QQQS	Difference
Max Drawdown Largest peak-to-trough decline	-10.83%	-38.06%	+27.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-13.63%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-34.32%	—
Current Drawdown Current decline from peak	-3.10%	-7.08%	+3.98%
Average Drawdown Average peak-to-trough decline	-2.62%	-13.24%	+10.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.10%	—

Volatility

Volatility by Period

	FSML	QQQS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.01%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.71%	27.65%	-6.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	28.53%	-7.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	28.53%	-7.82%

FSML vs. QQQS - Expense Ratio Comparison

FSML has a 0.45% expense ratio, which is higher than QQQS's 0.20% expense ratio.

Dividends

FSML vs. QQQS - Dividend Comparison

FSML's dividend yield for the trailing twelve months is around 0.16%, less than QQQS's 2.87% yield.

Position	TTM	2025	2024	2023	2022
FSML Franklin Small Cap Enhanced ETF	0.16%	0.06%	0.00%	0.00%	0.00%
QQQS Invesco NASDAQ Future Gen 200 ETF	2.87%	3.48%	0.80%	0.68%	0.04%

Frequently Asked Questions

Can I hold both FSML and QQQS in my portfolio?

FSML and QQQS have a correlation of 0.89, 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 QQQS?

On fees, QQQS is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSML or QQQS?

QQQS is cheaper with a 0.20% expense ratio, compared with 0.45% for FSML.

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

QQQS has the higher dividend yield at 2.87%, compared with 0.16% for FSML.

What is the main difference between FSML and QQQS?

They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.45% for FSML and 0.20% for QQQS.