FSML vs. WCEO

Last updated Jun 6, 2026

FSML (Franklin Small Cap Enhanced ETF) and WCEO (Hypatia Women CEO ETF) are both Small Cap Blend Equities funds. Both are actively managed. Their correlation of 0.87 suggests significant overlap in exposure. FSML charges 0.45%/yr vs 0.85%/yr for WCEO.

Performance

FSML vs. WCEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Small Cap Enhanced ETF (FSML) and Hypatia Women CEO ETF (WCEO). 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 WCEO's 10.72% return.

FSML

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

WCEO

• 1D: -1.52%
• 1M: 0.59%
• YTD: 10.72%
• 6M: 10.96%
• 1Y: 29.71%
• 3Y*: 13.95%
• 5Y*: —
• 10Y*: —

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

FSML vs. WCEO - Yearly Performance Comparison

	2026 (YTD)	2025
FSML Franklin Small Cap Enhanced ETF	14.90%	-3.75%
WCEO Hypatia Women CEO ETF	10.72%	-2.11%

Correlation

The correlation between FSML and WCEO is 0.87, 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	0.87

Return for Risk

FSML vs. WCEO — Risk / Return Rank

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

WCEO

WCEO Risk / Return Rank: 68
WCEO Sharpe Ratio Rank: 62
WCEO Sortino Ratio Rank: 66
WCEO Omega Ratio Rank: 57
WCEO Calmar Ratio Rank: 83
WCEO Martin Ratio Rank: 74

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. WCEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Small Cap Enhanced ETF (FSML) and Hypatia Women CEO ETF (WCEO). 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	WCEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.95	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	0.66	+0.48

Drawdowns

FSML vs. WCEO - Drawdown Comparison

The maximum FSML drawdown since its inception was -10.83%, smaller than the maximum WCEO drawdown of -25.88%. Use the drawdown chart below to compare losses from any high point for FSML and WCEO.

Drawdown Indicators

	FSML	WCEO	Difference
Max Drawdown Largest peak-to-trough decline	-10.83%	-25.88%	+15.05%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.96%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-25.88%	—
Current Drawdown Current decline from peak	-3.10%	-1.52%	-1.58%
Average Drawdown Average peak-to-trough decline	-2.62%	-5.51%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.23%	—

Volatility

Volatility by Period

	FSML	WCEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.71%	15.28%	+5.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	18.14%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	18.14%	+2.57%

FSML vs. WCEO - Expense Ratio Comparison

FSML has a 0.45% expense ratio, which is lower than WCEO's 0.85% expense ratio.

Dividends

FSML vs. WCEO - Dividend Comparison

FSML's dividend yield for the trailing twelve months is around 0.16%, less than WCEO's 0.58% yield.

Position	TTM	2025	2024	2023
FSML Franklin Small Cap Enhanced ETF	0.16%	0.06%	0.00%	0.00%
WCEO Hypatia Women CEO ETF	0.58%	0.64%	0.88%	0.93%

Frequently Asked Questions

Can I hold both FSML and WCEO in my portfolio?

FSML and WCEO have a correlation of 0.87, 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 WCEO?

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 WCEO?

FSML is cheaper with a 0.45% expense ratio, compared with 0.85% for WCEO.

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

WCEO has the higher dividend yield at 0.58%, compared with 0.16% for FSML.

What is the main difference between FSML and WCEO?

They also come from different issuers: Franklin Templeton and Hypatia Capital. Their fees differ too: 0.45% for FSML and 0.85% for WCEO.