FSML vs. RB

Last updated Jun 6, 2026

FSML (Franklin Small Cap Enhanced ETF) and RB (ProShares Russell 2000 Dynamic Daily Buffer ETF) are both exchange-traded funds - FSML is a Small Cap Blend Equities fund actively managed by Franklin Templeton, while RB is a Defined Outcome fund tracking the Russell 2000. FSML is actively managed, while RB is passively managed. A 0.79 correlation means they provide meaningful diversification when combined. FSML charges 0.45%/yr vs 0.58%/yr for RB.

Performance

FSML vs. RB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Small Cap Enhanced ETF (FSML) and ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). 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 higher than RB's 5.45% return.

FSML

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

RB

• 1D: -1.94%
• 1M: -1.08%
• YTD: 5.45%
• 6M: 6.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSML vs. RB - Yearly Performance Comparison

	2026 (YTD)	2025
FSML Franklin Small Cap Enhanced ETF	14.90%	-3.75%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	5.45%	0.14%

Correlation

The correlation between FSML and RB is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 12, 2025	0.79

Return for Risk

FSML vs. RB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Small Cap Enhanced ETF (FSML) and ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). 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	RB	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	2.71	-1.57

Drawdowns

FSML vs. RB - Drawdown Comparison

The maximum FSML drawdown since its inception was -10.83%, which is greater than RB's maximum drawdown of -1.94%. Use the drawdown chart below to compare losses from any high point for FSML and RB.

Drawdown Indicators

	FSML	RB	Difference
Max Drawdown Largest peak-to-trough decline	-10.83%	-1.94%	-8.89%
Current Drawdown Current decline from peak	-3.10%	-1.94%	-1.16%
Average Drawdown Average peak-to-trough decline	-2.62%	-0.42%	-2.20%

Volatility

Volatility by Period

	FSML	RB	Difference
Volatility (1Y) Calculated over the trailing 1-year period	20.71%	6.56%	+14.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	6.56%	+14.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	6.56%	+14.15%

FSML vs. RB - Expense Ratio Comparison

FSML has a 0.45% expense ratio, which is lower than RB's 0.58% expense ratio.

Dividends

FSML vs. RB - Dividend Comparison

FSML's dividend yield for the trailing twelve months is around 0.16%, less than RB's 2.02% yield.

Position	TTM	2025
FSML Franklin Small Cap Enhanced ETF	0.16%	0.06%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	2.02%	1.78%

Frequently Asked Questions

Can I hold both FSML and RB in my portfolio?

FSML and RB have a correlation of 0.79, 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 RB?

On fees, FSML is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSML or RB?

FSML is cheaper with a 0.45% expense ratio, compared with 0.58% for RB.

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

RB has the higher dividend yield at 2.02%, compared with 0.16% for FSML.

What is the main difference between FSML and RB?

FSML is categorized as Small Cap Blend Equities, while RB is Defined Outcome. They also come from different issuers: Franklin Templeton and ProShares. Their fees differ too: 0.45% for FSML and 0.58% for RB.