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ARMGX vs. VFLO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ARMGX vs. VFLO

Last updated Apr 2, 2026

Compare and contrast key facts about Western Asset Ultra-Short Income Fund (ARMGX) and Victoryshares Free Cash Flow ETF (VFLO).

ARMGX is managed by Legg Mason. It was launched on Jun 22, 1992. VFLO is a passively managed fund by Victory that tracks the performance of the Victory U.S. Large Cap Free Cash Flow Index. It was launched on Jun 21, 2023.

Performance

ARMGX vs. VFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Ultra-Short Income Fund (ARMGX) and Victoryshares Free Cash Flow ETF (VFLO). The values are adjusted to include any dividend payments, if applicable.

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ARMGX vs. VFLO - Yearly Performance Comparison

2026 (YTD)202520242023
ARMGX
Western Asset Ultra-Short Income Fund		0.39%4.20%4.67%3.06%
VFLO
Victoryshares Free Cash Flow ETF		0.86%17.51%21.83%14.59%

Returns By Period

In the year-to-date period, ARMGX achieves a 0.39% return, which is significantly lower than VFLO's 0.86% return.

ARMGX

1D
0.11%
1M
-0.22%
YTD
0.39%
6M
1.41%
1Y
3.53%
3Y*
4.43%
5Y*
2.54%
10Y*
2.25%

VFLO

1D
0.48%
1M
-2.19%
YTD
0.86%
6M
5.82%
1Y
17.47%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Western Asset Ultra-Short Income Fund

Victoryshares Free Cash Flow ETF

Often compared with ARMGX:
ARMGX vs. DFNG.LARMGX vs. STAGARMGX vs. NVDLARMGX vs. GOBSXARMGX vs. LMGEXARMGX vs. LMISXARMGX vs. LCSMX
Often compared with VFLO:
VFLO vs. COWZVFLO vs. SCHDVFLO vs. SPYVFLO vs. DSTLVFLO vs. QVALVFLO vs. ^SP500TRVFLO vs. SCHG

ARMGX vs. VFLO - Expense Ratio Comparison

ARMGX has a 1.32% expense ratio, which is higher than VFLO's 0.39% expense ratio.

ARMGX
Western Asset Ultra-Short Income Fund
VFLO
Victoryshares Free Cash Flow ETF

Return for Risk

ARMGX vs. VFLO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ARMGX
ARMGX Risk / Return Rank: 9999
Overall Rank
ARMGX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ARMGX Sortino Ratio Rank: 9999
Sortino Ratio Rank
ARMGX Omega Ratio Rank: 9999
Omega Ratio Rank
ARMGX Calmar Ratio Rank: 9999
Calmar Ratio Rank
ARMGX Martin Ratio Rank: 9999
Martin Ratio Rank
VFLO
VFLO Risk / Return Rank: 5050
Overall Rank
VFLO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
VFLO Sortino Ratio Rank: 4949
Sortino Ratio Rank
VFLO Omega Ratio Rank: 4848
Omega Ratio Rank
VFLO Calmar Ratio Rank: 4848
Calmar Ratio Rank
VFLO Martin Ratio Rank: 6060
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARMGX vs. VFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Ultra-Short Income Fund (ARMGX) and Victoryshares Free Cash Flow ETF (VFLO). 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.

ARMGXVFLODifference

Sharpe ratio

Return per unit of total volatility

3.01

0.89

+2.12

Sortino ratio

Return per unit of downside risk

6.38

1.37

+5.01

Omega ratio

Gain probability vs. loss probability

2.39

1.19

+1.19

Calmar ratio

Return relative to maximum drawdown

7.09

1.30

+5.80

Martin ratio

Return relative to average drawdown

32.59

6.09

+26.50

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARMGX vs. VFLO - Sharpe Ratio Comparison

The current ARMGX Sharpe Ratio is 3.01, which is higher than the VFLO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of ARMGX and VFLO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ARMGXVFLODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.01

0.89

+2.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

2.06

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.40

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.11

1.27

-0.16

Correlation

The correlation between ARMGX and VFLO is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ARMGX vs. VFLO - Dividend Comparison

ARMGX's dividend yield for the trailing twelve months is around 2.81%, more than VFLO's 1.41% yield.

TTM20252024202320222021202020192018201720162015
ARMGX
Western Asset Ultra-Short Income Fund		2.81%3.00%2.43%2.23%1.37%0.17%1.45%2.32%1.92%1.37%0.96%0.48%
VFLO
Victoryshares Free Cash Flow ETF		1.41%1.60%1.20%0.71%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

ARMGX vs. VFLO - Drawdown Comparison

The maximum ARMGX drawdown since its inception was -21.79%, which is greater than VFLO's maximum drawdown of -17.79%. Use the drawdown chart below to compare losses from any high point for ARMGX and VFLO.

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Drawdown Indicators

ARMGXVFLODifference

Max Drawdown

Largest peak-to-trough decline

-21.79%

-17.79%

-4.00%

Max Drawdown (1Y)

Largest decline over 1 year

-0.55%

-13.49%

+12.94%

Max Drawdown (5Y)

Largest decline over 5 years

-3.23%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-9.09%

—

—

Current Drawdown

Current decline from peak

-0.22%

-2.19%

+1.97%

Average Drawdown

Average peak-to-trough decline

-1.54%

-2.52%

+0.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.12%

2.87%

-2.75%

Volatility

ARMGX vs. VFLO - Volatility Comparison

The current volatility for Western Asset Ultra-Short Income Fund (ARMGX) is 0.27%, while Victoryshares Free Cash Flow ETF (VFLO) has a volatility of 4.27%. This indicates that ARMGX experiences smaller price fluctuations and is considered to be less risky than VFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ARMGXVFLODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.27%

4.27%

-4.00%

Volatility (6M)

Calculated over the trailing 6-month period

0.84%

10.21%

-9.37%

Volatility (1Y)

Calculated over the trailing 1-year period

1.22%

19.67%

-18.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.24%

15.75%

-14.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.61%

15.75%

-14.14%