OGSP vs. FLSP

Last updated Jun 24, 2026

OGSP (Obra High Grade Structured Products ETF) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - OGSP is a Multisector Bonds fund actively managed by Obra, while FLSP is a Long-Short fund actively managed by Franklin Templeton. Both are actively managed. Over the past year, OGSP returned 5.47% vs 14.58% for FLSP. At a correlation of -0.00, they often move in opposite directions. OGSP charges 0.90%/yr vs 0.65%/yr for FLSP.

Performance

OGSP vs. FLSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Obra High Grade Structured Products ETF (OGSP) and Franklin Liberty Systematic Style Premia ETF (FLSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with OGSP having a 2.00% return and FLSP slightly lower at 1.97%.

OGSP

• 1D: 0.05%
• 1M: 0.53%
• YTD: 2.00%
• 6M: 2.18%
• 1Y: 5.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLSP

• 1D: -0.36%
• 1M: 0.59%
• YTD: 1.97%
• 6M: 2.01%
• 1Y: 14.58%
• 3Y*: 10.33%
• 5Y*: 8.35%
• 10Y*: —

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

OGSP vs. FLSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OGSP Obra High Grade Structured Products ETF	2.00%	6.22%	5.15%
FLSP Franklin Liberty Systematic Style Premia ETF	1.97%	15.56%	1.70%

Correlation

The correlation between OGSP and FLSP is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Apr 10, 2024	-0.00

The correlation between OGSP and FLSP shifts across timeframes, from -0.19 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OGSP vs. FLSP — Risk / Return Rank

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

OGSP

OGSP Risk / Return Rank: 96
OGSP Sharpe Ratio Rank: 94
OGSP Sortino Ratio Rank: 96
OGSP Omega Ratio Rank: 98
OGSP Calmar Ratio Rank: 97
OGSP Martin Ratio Rank: 96

FLSP

FLSP Risk / Return Rank: 56
FLSP Sharpe Ratio Rank: 49
FLSP Sortino Ratio Rank: 50
FLSP Omega Ratio Rank: 46
FLSP Calmar Ratio Rank: 75
FLSP Martin Ratio Rank: 63

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.

OGSP vs. FLSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Obra High Grade Structured Products ETF (OGSP) and Franklin Liberty Systematic Style Premia ETF (FLSP). 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.

	OGSP	FLSP	Difference
Sharpe ratio: Return per unit of total volatility	3.26	1.62	+1.64
Sortino ratio: Return per unit of downside risk	5.12	2.31	+2.80
Omega ratio: Gain probability vs. loss probability	2.09	1.28	+0.81
Calmar ratio: Return relative to maximum drawdown	11.08	3.63	+7.45
Martin ratio: Return relative to average drawdown	33.85	10.82	+23.02

OGSP vs. FLSP - Sharpe Ratio Comparison

The current OGSP Sharpe Ratio is 3.26, which is higher than the FLSP Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of OGSP and FLSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OGSP vs. FLSP - Drawdown Comparison

The maximum OGSP drawdown since its inception was -0.82%, smaller than the maximum FLSP drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for OGSP and FLSP.

Drawdown Indicators

	OGSP	FLSP	Difference
Max Drawdown Largest peak-to-trough decline	-0.82%	-22.75%	+21.93%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-4.03%	+3.53%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.52%	—
Current Drawdown Current decline from peak	-0.05%	-1.26%	+1.21%
Average Drawdown Average peak-to-trough decline	-0.10%	-6.26%	+6.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	1.39%	-1.23%

Volatility

OGSP vs. FLSP - Volatility Comparison

The current volatility for Obra High Grade Structured Products ETF (OGSP) is 0.33%, while Franklin Liberty Systematic Style Premia ETF (FLSP) has a volatility of 1.79%. This indicates that OGSP experiences smaller price fluctuations and is considered to be less risky than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OGSP	FLSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	1.79%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	0.77%	6.78%	-6.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.69%	9.07%	-7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.92%	13.35%	-11.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.92%	13.48%	-11.56%

OGSP vs. FLSP - Expense Ratio Comparison

OGSP has a 0.90% expense ratio, which is higher than FLSP's 0.65% expense ratio.

Dividends

OGSP vs. FLSP - Dividend Comparison

OGSP's dividend yield for the trailing twelve months is around 5.84%, more than FLSP's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FLSP Franklin Liberty Systematic Style Premia ETF	2.60%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%
OGSP Obra High Grade Structured Products ETF	5.84%	5.88%	4.55%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OGSP and FLSP in my portfolio?

OGSP and FLSP have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OGSP or FLSP?

FLSP has higher volatility (1.79%) compared to OGSP (0.33%). In terms of maximum drawdown, OGSP dropped -0.82% vs FLSP's -22.75%.

Which ETF is better, OGSP or FLSP?

On 1-year performance, FLSP leads with 14.58% vs 5.47% for OGSP. On fees, FLSP is cheaper at 0.65% per year. On volatility, OGSP has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OGSP or FLSP?

Over the 1-year period, FLSP has performed better with a 14.58% return vs 5.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OGSP or FLSP?

FLSP is cheaper with a 0.65% expense ratio, compared with 0.90% for OGSP.

Which ETF pays a higher dividend yield, OGSP or FLSP?

OGSP has the higher dividend yield at 5.84%, compared with 2.60% for FLSP.

What is the main difference between OGSP and FLSP?

OGSP is categorized as Multisector Bonds, while FLSP is Long-Short. They also come from different issuers: Obra and Franklin Templeton. Their fees differ too: 0.90% for OGSP and 0.65% for FLSP.

Which has better risk-adjusted returns?

OGSP currently has the higher Sharpe Ratio (3.26 vs 1.62), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.