Data as of Nov 4, 2026.
FLSP vs QIS: Correlation to the S&P 500
Over the year to Nov 4, 2026, FLSP moved less with the S&P 500 than QIS: correlation −0.13 against +0.03.
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Net assets on Nov 3, 2026: $1.2bn for Franklin Systematic Style Premia ETF and $47m for Simplify Multi-QIS Alternative ETF.
FLSP in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FLSP +0.23%.
QIS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QIS −2.05%.
Pair scorecard
FLSP costs 0.48 points a year less; their one-year returns differ by 58.0 points; FLSP is far larger, $1.2bn against $47m.
| Measure | FLSP | QIS |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.2% | −45.8% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.65% | 1.13% |
| Net assets, as of Nov 3, 2026 | $1.2bn | $47m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.06: about 0.06% for each 1% | +0.10: about 0.10% for each 1% |
| Its average week when the S&P 500 fell | rose 0.23% | fell 2.05% |
Window by window
| Total return | ||
|---|---|---|
| Window | FLSP | QIS |
| 3 months | +3.1% | +8.2% |
| 6 months | +8.4% | −21.8% |
| 1 year | +12.2% | −45.8% |
| 3 years | +36.4% | −58.5% |
| Since launchNot the same days: FLSP Dec 2019 · QIS Jul 2023 | +37.8% | −57.4% |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
FLSP and QIS 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 QIS’s +0.03. In the 26 weeks the index fell, by 1.07% a week on average, FLSP averaged +0.23% and QIS −2.05%. Over the same weeks, FLSP finished 7.9 percentage points ahead of cash and QIS finished 50.7 points behind cash.
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.
QIS
QIS is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.03 with the S&P 500’s and a beta of +0.10, so for each 1% the index moved it moved about 0.10% the same way. In the same weeks QIS fell 2.05% on average, a down-week capture of 191.0%. Over the same 52 weeks QIS returned −47.1% and a Treasury bill fund +3.7%, so it finished 50.7 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, FLSP or QIS?
- Over the 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and QIS’s +0.03, so FLSP moved less with the index.
- Which did better when the S&P 500 fell, FLSP or QIS?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FLSP averaged +0.23% and QIS −2.05%, so FLSP returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, FLSP against QIS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/flsp-vs-qis
ETFIQ. (Nov 4, 2026). FLSP against QIS. Retrieved from https://etfiq.com/compare/alternatives/flsp-vs-qis
[FLSP against QIS (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/flsp-vs-qis)
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