ORR vs. FLSP

Last updated Apr 1, 2026

Compare and contrast key facts about Militia Long/Short Equity ETF (ORR) and Franklin Liberty Systematic Style Premia ETF (FLSP).

ORR and FLSP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ORR is an actively managed fund by Militia Investments. It was launched on Jan 14, 2025. FLSP is an actively managed fund by Franklin Templeton. It was launched on Dec 18, 2019.

Performance

ORR vs. FLSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Militia Long/Short Equity ETF (ORR) and Franklin Liberty Systematic Style Premia ETF (FLSP). The values are adjusted to include any dividend payments, if applicable.

ORR vs. FLSP - Yearly Performance Comparison

	2026 (YTD)	2025
ORR Militia Long/Short Equity ETF	6.70%	32.15%
FLSP Franklin Liberty Systematic Style Premia ETF	1.08%	14.84%

Returns By Period

In the year-to-date period, ORR achieves a 6.70% return, which is significantly higher than FLSP's 1.08% return.

ORR

• 1D: 1.42%
• 1M: -6.73%
• YTD: 6.70%
• 6M: 15.81%
• 1Y: 30.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLSP

• 1D: 0.63%
• 1M: -1.63%
• YTD: 1.08%
• 6M: 5.31%
• 1Y: 13.76%
• 3Y*: 10.39%
• 5Y*: 8.49%
• 10Y*: —

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

ORR vs. FLSP - Expense Ratio Comparison

ORR has a 14.19% expense ratio, which is higher than FLSP's 0.65% expense ratio.

ORR

Militia Long/Short Equity ETF

FLSP

Franklin Liberty Systematic Style Premia ETF

Return for Risk

ORR vs. FLSP — Risk / Return Rank

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

ORR

ORR Risk / Return Rank: 92
ORR Sharpe Ratio Rank: 91
ORR Sortino Ratio Rank: 93
ORR Omega Ratio Rank: 91
ORR Calmar Ratio Rank: 94
ORR Martin Ratio Rank: 92

FLSP

FLSP Risk / Return Rank: 73
FLSP Sharpe Ratio Rank: 66
FLSP Sortino Ratio Rank: 64
FLSP Omega Ratio Rank: 63
FLSP Calmar Ratio Rank: 82
FLSP Martin Ratio Rank: 88

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.

ORR vs. FLSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Militia Long/Short Equity ETF (ORR) 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.

	ORR	FLSP	Difference
Sharpe ratio Return per unit of total volatility	2.01	1.12	+0.89
Sortino ratio Return per unit of downside risk	2.80	1.59	+1.21
Omega ratio Gain probability vs. loss probability	1.39	1.23	+0.16
Calmar ratio Return relative to maximum drawdown	3.57	2.29	+1.29
Martin ratio Return relative to average drawdown	12.39	10.40	+1.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ORR vs. FLSP - Sharpe Ratio Comparison

The current ORR Sharpe Ratio is 2.01, which is higher than the FLSP Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of ORR and FLSP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ORR	FLSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.12	+0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.22	0.30	+1.91

Correlation

The correlation between ORR and FLSP is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ORR vs. FLSP - Dividend Comparison

ORR has not paid dividends to shareholders, while FLSP's dividend yield for the trailing twelve months is around 2.62%.

	TTM	2025	2024	2023	2022	2021	2020
ORR Militia Long/Short Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FLSP Franklin Liberty Systematic Style Premia ETF	2.62%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%

Drawdowns

ORR vs. FLSP - Drawdown Comparison

The maximum ORR drawdown since its inception was -8.64%, smaller than the maximum FLSP drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for ORR and FLSP.

Drawdown Indicators

	ORR	FLSP	Difference
Max Drawdown Largest peak-to-trough decline	-8.64%	-22.75%	+14.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-6.66%	-1.76%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.52%	—
Current Drawdown Current decline from peak	-6.73%	-2.12%	-4.61%
Average Drawdown Average peak-to-trough decline	-1.52%	-6.42%	+4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	1.46%	+0.97%

Volatility

ORR vs. FLSP - Volatility Comparison

Militia Long/Short Equity ETF (ORR) has a higher volatility of 5.51% compared to Franklin Liberty Systematic Style Premia ETF (FLSP) at 3.54%. This indicates that ORR's price experiences larger fluctuations and is considered to be riskier than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORR	FLSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	3.54%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	7.12%	+2.65%
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	12.38%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	13.41%	+1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.01%	13.67%	+1.34%