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FLSP vs HDGE

Franklin Systematic Style Premia ETF

FLSPANYSE Arca

AdvisorShares Active Bear ETF

HDGEFNYSE Arca

Overlap

Expense ratio

FLSP −2.76pt a year

FLSP0.65%HDGE3.41%

Avg volume · 30D

FLSP 2.0×the volume

FLSP161KHDGE82.1K

5Y return · a year

FLSP +15.0pt

FLSP+8.6%HDGE−6.4%

FLSP vs HDGE Performance

Oct 29, 2021 – Oct 30, 2026

+50.8%FLSP−28.3%HDGE

Oct 29, 2021 to Oct 30, 2026. FLSP +50.8%. HDGE −28.3%. Use the arrow keys to read each point.0%20%40%Oct 2021Apr 2024Oct 2026
Expense ratio
FLSP 0.65%, better
HDGE 3.41%
Fund size
FLSP $1.1B
HDGE $43M
1Y total return
FLSP +11.5%, better
HDGE −8.9%
Yield (12M)
FLSP 2.45%
HDGE 3.84%, better
Holdings
FLSP 295
HDGE 2
Avg volume (30D)
FLSP 161K sh, better
HDGE 82.1K sh
NAV per share
FLSP $28.91
HDGE $14.73
52W range

ETF.net Grade

FLSP: Cost 93, Risk 65, Mission not scored, Tradability 53, Holdings 84, Durability 85. HDGE: Cost 7, Risk 9, Mission not scored, Tradability 60, Holdings not scored, Durability 58.
Pillar letters and Scores for FLSP, HDGE, with each pillar’s weight
PillarFLSPHDGE
Cost30% weightA93HigherF7
Mission25% weightNot scoredNot scored
Risk15% weightB65HigherF9
Tradability15% weightC53B60Higher
Holdings10% weightA84Not scored
Durability5% weightA85HigherB58

Rank among Alternative Strategies funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FLSP and HDGE are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds
See all 29 ›

FLSP ranks 1st and HDGE 28th of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
  2. Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
  3. Rank 27DEHLSEven Herd Long Short ETFScore 26
  4. Rank 28FHDGEAdvisorShares Active Bear ETFScore 23
  5. HYINNot yet graded

Our read on each fund

ETF.net Research

FLSPAFranklin Systematic Style Premia ETF

HDGEFAdvisorShares Active Bear ETF

In short

FLSP A hedge-fund style trade in an ETF wrapper. FLSP goes long and short across value, momentum and carry rather than just owning cheap stocks, which makes it the odd one out in a cohort of long-only factor funds.

HDGE No data

Stated mandate

FLSP The fund uses a top-down risk-premia strategy focused on value, momentum, and carry factors, taking both long and short positions.

HDGE No data

Why people hold it

  • FLSP Runs both long and short positions, so the outcome hinges on the gap between the stocks it likes and the ones it doesn't, not purely on the market's direction.
  • Three return sources under one ticker: value, momentum and carry, blended top-down instead of stacked onto a single stock screen.
  • Spreads the bet across roughly 300 positions, so no single name carries the fund.
  • Live since 2019 and now a multi-billion-dollar fund, with the daily liquidity and transparency of an ETF wrapper around a strategy usually sold in private vehicles.

HDGE No data

Worth knowing

  • FLSP At 0.65% a year it costs multiples of plain-vanilla factor peers like VONV (0.06%) and FNDX (0.25%). That is the price tag on the long/short machinery.
  • No public index sits behind it, so there is no external yardstick to check it against, and results can look nothing like a US stock index in either direction.
  • Distributions land once or twice a year, not on a monthly rhythm.

HDGE No data

Full FLSP profile⁠

Full HDGE profile⁠

FLSP vs HDGE Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FLSP vs HDGE Cost

Overpaying HDGE vs FLSP

$34,596

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FLSP 0.65%

    $12,717

  • HDGE 3.41%

    $47,313

$10,000
30 years

Cost over time

  • FLSP 0.65%
  • HDGE 3.41%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K$50K051015202530HDGE $47,313FLSP $12,717

Year by year

YearFLSPHDGEOverpaying
10$1,163$5,442$4,279
20$4,440$18,450$14,010
30$12,717$47,313$34,596

Expense ratio

  • 0.65%FLSP, cheaper
  • 3.41%HDGE
  • Middle half of Alternative Strategies funds
  • Median 1.13%

FLSP 3rd cheapest of 29 funds

HDGE 27th cheapest of 29 funds

FLSP vs HDGE Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FLSP 2.45%
HDGE 3.84%, better
Payout (12M)
FLSP $0.71
HDGE $0.56
Last payment
FLSP $0.71
HDGE $0.56
Ex-dividend
FLSP Dec 19, 2025
HDGE Dec 22, 2025
Paid on
FLSP Dec 29, 2025
HDGE Dec 29, 2025
Frequency
FLSP Annual
HDGE Annual

Distribution history

Per share, 2019 to 2026, same scale for both

FLSPAnnual · 9 paymentsAll FLSP payments⁠
One bar per payment. 9 payments from 2019 to 2026 YTD. Dec 30, 2019 $0.005; Jun 11, 2020 $0.05; Dec 14, 2020 $1.54; Jun 10, 2021 $0.24; Dec 13, 2021 $0.02; Dec 12, 2022 $0.46; Dec 15, 2023 $0.26; Dec 20, 2024 $0.28; Dec 19, 2025 $0.71. Use the arrow keys to read each point.$0$2202020232026YTD
HDGEAnnual · 4 paymentsAll HDGE payments⁠
One bar per payment. 4 payments from 2019 to 2026 YTD. Dec 27, 2019 $0.12; Dec 26, 2023 $1.83; Dec 23, 2024 $1.28; Dec 22, 2025 $0.56. Use the arrow keys to read each point.$0$2202020232026YTD

FLSP vs HDGE Risk

Fall from peak · 5 years

  • FLSP
  • HDGE
Oct 29, 2021 to Oct 30, 2026. Worst fall: HDGE −46.6% · Aug 2026. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FLSP 6.8%, betterHDGE 19.9%
Return per unit of riskSharpe ratio, 3 years
FLSP 0.87, betterHDGE −0.72
Worst fallMax drawdown, 5 years
FLSP −9.5%, betterHDGE −46.6%
Market sensitivityBeta, 5 years
FLSP 0.01HDGE −1.03

Popular comparisons

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