PSCH vs. FLSP
PSCH (Invesco S&P SmallCap Health Care ETF) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - PSCH is a Health & Biotech Equities fund tracking the S&P SmallCap 600 Health Care Index, while FLSP is a Long-Short fund actively managed by Franklin Templeton. PSCH is passively managed, while FLSP is actively managed. Over the past 5 years, PSCH returned -5.17%/yr vs 8.49%/yr for FLSP. At a 0.03 correlation, their price movements are largely independent. PSCH charges 0.29%/yr vs 0.65%/yr for FLSP.
Performance
PSCH vs. FLSP - Performance Comparison
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Returns By Period
In the year-to-date period, PSCH achieves a 10.39% return, which is significantly higher than FLSP's 2.34% return.
PSCH
- 1D
- 0.19%
- 1M
- 8.72%
- YTD
- 10.39%
- 6M
- 5.06%
- 1Y
- 22.91%
- 3Y*
- 3.77%
- 5Y*
- -5.17%
- 10Y*
- 8.05%
FLSP
- 1D
- -0.58%
- 1M
- 0.95%
- YTD
- 2.34%
- 6M
- 3.30%
- 1Y
- 15.79%
- 3Y*
- 10.46%
- 5Y*
- 8.49%
- 10Y*
- —
PSCH vs. FLSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PSCH Invesco S&P SmallCap Health Care ETF | 10.39% | -0.49% | 3.77% | -2.71% | -25.15% | 5.75% | 31.47% | -0.80% |
FLSP Franklin Liberty Systematic Style Premia ETF | 2.34% | 15.56% | 11.75% | 3.14% | 0.44% | 11.44% | -15.19% | 0.90% |
Correlation
The correlation between PSCH and FLSP is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019 | 0.03 |
The correlation between PSCH and FLSP shifts across timeframes, from -0.11 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSCH vs. FLSP — Risk / Return Rank
PSCH
FLSP
PSCH vs. FLSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Health Care ETF (PSCH) 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.
| PSCH | FLSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.30 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 3.94 | -2.44 |
| Martin ratioReturn relative to average drawdown | 4.52 | 11.39 | -6.87 |
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Drawdowns
PSCH vs. FLSP - Drawdown Comparison
The maximum PSCH drawdown since its inception was -46.32%, which is greater than FLSP's maximum drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for PSCH and FLSP.
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Drawdown Indicators
| PSCH | FLSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.32% | -22.75% | -23.57% |
Max Drawdown (1Y)Largest decline over 1 year | -15.36% | -4.03% | -11.33% |
Max Drawdown (3Y)Largest decline over 3 years | -22.98% | -6.69% | -16.29% |
Max Drawdown (5Y)Largest decline over 5 years | -46.32% | -9.52% | -36.80% |
Max Drawdown (10Y)Largest decline over 10 years | -46.32% | — | — |
Current DrawdownCurrent decline from peak | -24.74% | -0.90% | -23.84% |
Average DrawdownAverage peak-to-trough decline | -13.49% | -6.26% | -7.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 1.39% | +3.69% |
Volatility
PSCH vs. FLSP - Volatility Comparison
Invesco S&P SmallCap Health Care ETF (PSCH) has a higher volatility of 4.90% compared to Franklin Liberty Systematic Style Premia ETF (FLSP) at 1.74%. This indicates that PSCH'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.
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Volatility by Period
| PSCH | FLSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 1.74% | +3.16% |
Volatility (6M)Calculated over the trailing 6-month period | 14.51% | 6.77% | +7.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.46% | 9.08% | +11.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.94% | 13.35% | +9.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.64% | 13.48% | +10.16% |
PSCH vs. FLSP - Expense Ratio Comparison
PSCH has a 0.29% expense ratio, which is lower than FLSP's 0.65% expense ratio.
Dividends
PSCH vs. FLSP - Dividend Comparison
PSCH's dividend yield for the trailing twelve months is around 0.01%, less than FLSP's 2.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FLSP Franklin Liberty Systematic Style Premia ETF | 2.59% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% | 0.00% | 0.00% | 0.00% | 0.00% |
PSCH Invesco S&P SmallCap Health Care ETF | 0.01% | 0.04% | 0.27% | 0.01% | 2.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% |
Frequently Asked Questions
PSCH and FLSP have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSCH has higher volatility (4.90%) compared to FLSP (1.74%). In terms of maximum drawdown, PSCH dropped -46.32% vs FLSP's -22.75%.
On 5-year performance, FLSP leads with 8.49% vs -5.17% for PSCH. On fees, PSCH is cheaper at 0.29% per year. On volatility, FLSP has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLSP has performed better with a 8.49% return vs -5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSCH is cheaper with a 0.29% expense ratio, compared with 0.65% for FLSP.
FLSP has the higher dividend yield at 2.59%, compared with 0.01% for PSCH.
PSCH is categorized as Health & Biotech Equities, while FLSP is Long-Short. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.29% for PSCH and 0.65% for FLSP.
FLSP currently has the higher Sharpe Ratio (1.75 vs 1.13), 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.
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