FLQL vs SPY
Franklin US Large Cap Multifactor Index ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | FLQL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $2.0B | $789.1B | |
| Dividend Yield | 1.05% | 1.01% | |
| Holdings | 220 | 505 | |
| YTD Return | +13.85% | +13.75% | |
| 1Y Return | +21.45% | +22.91% | |
| 3Y Return (annualized) | +22.42% | +21.67% | |
| 5Y Return (annualized) | +13.86% | +13.32% | |
| Volatility (annualized) | 15.1% | 15.3% | |
| Max Drawdown | -33.6% | -56.5% | |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 26, 2017 | Jan 22, 1993 |
FLQL vs SPY Performance
Franklin US Large Cap Multifactor Index ETF (FLQL) is a ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FLQL returned +21.45% while SPY returned +22.91%. Year to date, FLQL is up 13.85% versus a gain of 13.75% for SPY.
Over three years, FLQL compounded at +22.42% per year against +21.67% for SPY; over five years the annualized figures are +13.86% and +13.32% respectively. Across the full 9-year window we track, FLQL has the edge at +14.83% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.1% for FLQL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -33.6% for FLQL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FLQL charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, FLQL currently yields 1.05% against 1.01% for SPY.
Holdings Overlap
FLQL and SPY share 10 holdings out of 509 unique holdings combined, representing a 13.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FLQL or SPY?
FLQL has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, FLQL or SPY?
Over the past year FLQL returned +21.45% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (9 years), FLQL annualized +14.83% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FLQL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 15.1% for FLQL. Worst drawdown: FLQL -33.6% vs SPY -56.5%.
Should I hold both FLQL and SPY?
FLQL and SPY have a monthly-return correlation of 0.98, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between FLQL and SPY?
FLQL and SPY share 10 common holdings with a 13.1% weight overlap. Combined, they hold 509 unique securities.
Which pays a higher dividend, FLQL or SPY?
FLQL yields 1.05% while SPY yields 1.01%, so FLQL currently pays the higher dividend yield.
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