Data as of Nov 4, 2026.
FLSP vs QALT: Correlation to the S&P 500
Over the year to Nov 4, 2026, FLSP moved less with the S&P 500 than QALT: correlation −0.13 against +0.60.
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Net assets: $1.2bn on Nov 3, 2026 for Franklin Systematic Style Premia ETF, and $194m on Jun 30, 2026 for SEI DBi Multi-Strategy Alternative ETF.
FLSP in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FLSP +0.23%.
QALT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QALT −0.49%.
Pair scorecard
FLSP costs 0.15 points a year less; their one-year returns differ by 5.7 points.
| Measure | FLSP | QALT |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.2% | +6.5% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.65% | 0.80% |
| Net assets, FLSP as of Nov 3, 2026 and QALT as of Jun 30, 2026 | $1.2bn | $194m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.06: about 0.06% for each 1% | +0.31: about 0.31% for each 1% |
| Its average week when the S&P 500 fell | rose 0.23% | fell 0.49% |
Risk and return
Sep 5, 2025 to Oct 30, 2026 · 60 weekly returnsFrom Sep 2025 to Oct 2026, FLSP returned more: +16.8% to +10.8%. FLSP swung less: 5.5% to 6.7%. FLSP fell less at its worst: −2.8% to −4.5%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FLSP | QALT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +16.8% | +10.8% | FLSP | Price change plus distributions, reinvested. |
| Annualized | +14.4% | +9.3% | FLSP | Total return as a yearly rate. |
| Price return | +13.7% | +3.5% | FLSP | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 5.5% | 6.7% | FLSP | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 3.4% | 5.2% | FLSP | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −2.8% | −4.5% | FLSP | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 1.79 | 0.79 | FLSP | Return above Treasury bills per unit of volatility. |
| Sortino | 2.88 | 1.03 | FLSP | Return above Treasury bills per unit of downside deviation. |
| Calmar | 5.09 | 2.07 | FLSP | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 60 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | ||
|---|---|---|
| Window | FLSP | QALT |
| 3 months | +3.1% | −2.2% |
| 6 months | +8.4% | +1.0% |
| 1 year | +12.2% | +6.5% |
| 3 years | +36.4% | – |
| Since launchNot the same days: FLSP Dec 2019 · QALT Aug 2025 | +37.8% | +10.0% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
FLSP and QALT both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and QALT’s +0.60. In the 26 weeks the index fell, by 1.07% a week on average, FLSP averaged +0.23% and QALT −0.49%. Over the same weeks, FLSP finished 7.9 percentage points ahead of cash and QALT finished 2.5 points ahead of cash.
Client brief:
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FLSP
FLSP is a multi-strategy fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.13 with the S&P 500’s and a beta of −0.06, so for each 1% the index moved it moved about 0.06% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FLSP rose 0.23% on average, a down-week capture of −21.2%. Over the same 52 weeks FLSP returned +11.6% and a Treasury bill fund +3.7%, so it finished 7.9 percentage points ahead of cash.
QALT
QALT is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.60 with the S&P 500’s and a beta of +0.31, so for each 1% the index moved it moved about 0.31% the same way. In the same weeks QALT fell 0.49% on average, a down-week capture of 45.7%. Over the same 52 weeks QALT returned +6.2% and a Treasury bill fund +3.7%, so it finished 2.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, FLSP or QALT?
- Over the 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and QALT’s +0.60, so FLSP moved less with the index.
- Which did better when the S&P 500 fell, FLSP or QALT?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FLSP averaged +0.23% and QALT −0.49%, so FLSP returned more in those weeks.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, FLSP against QALT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/flsp-vs-qalt
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[FLSP against QALT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/flsp-vs-qalt)
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