FGOV.L vs. FLUC.L
FGOV.L (First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist) and FLUC.L (Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist)) are both exchange-traded funds - FGOV.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP, while FLUC.L is a Corporate Bonds fund tracking the Bloomberg US Corporate - Investment Grade Index. Both are passively managed. Over the past 5 years, FGOV.L returned 1.03%/yr vs 0.17%/yr for FLUC.L. At a 0.16 correlation, their price movements are largely independent. FGOV.L charges 0.45%/yr vs 0.35%/yr for FLUC.L.
Performance
FGOV.L vs. FLUC.L - Performance Comparison
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Different Trading Currencies
FGOV.L is traded in GBp, while FLUC.L is traded in USD. To make them comparable, the FLUC.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, FGOV.L achieves a 1.63% return, which is significantly higher than FLUC.L's -0.24% return.
FGOV.L
- 1D
- -0.01%
- 1M
- 0.05%
- 6M
- 1.19%
- YTD
- 1.63%
- 1Y
- 3.67%
- 3Y*
- 4.59%
- 5Y*
- 1.03%
- 10Y*
- —
FLUC.L
- 1D
- 0.25%
- 1M
- -1.60%
- 6M
- -0.67%
- YTD
- -0.24%
- 1Y
- 3.89%
- 3Y*
- 3.35%
- 5Y*
- 0.17%
- 10Y*
- —
FGOV.L vs. FLUC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 1.63% | 5.31% | 3.51% | 6.01% | -7.49% | -6.11% | 1.12% |
FLUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) | -0.24% | -0.20% | 3.86% | 2.39% | -5.48% | -1.32% | -2.65% |
Correlation
The correlation between FGOV.L and FLUC.L is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020 | 0.16 |
The correlation between FGOV.L and FLUC.L shifts across timeframes, from -0.03 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FGOV.L vs. FLUC.L — Risk / Return Rank
FGOV.L
FLUC.L
FGOV.L vs. FLUC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) and Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) (FLUC.L). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FGOV.L | FLUC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.43 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.10 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 0.74 | +1.35 |
| Martin ratioReturn relative to average drawdown | 7.17 | 1.76 | +5.41 |
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Drawdowns
FGOV.L vs. FLUC.L - Drawdown Comparison
The maximum FGOV.L drawdown since its inception was -14.18%, smaller than the maximum FLUC.L drawdown of -17.30%. Use the drawdown chart below to compare losses from any high point for FGOV.L and FLUC.L.
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Drawdown Indicators
| FGOV.L | FLUC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.18% | -17.30% | +3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -1.74% | -5.27% | +3.53% |
Max Drawdown (3Y)Largest decline over 3 years | -1.74% | -9.19% | +7.45% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -14.55% | +2.67% |
Current DrawdownCurrent decline from peak | -0.22% | -7.60% | +7.38% |
Average DrawdownAverage peak-to-trough decline | -5.90% | -7.94% | +2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 2.20% | -1.69% |
Volatility
FGOV.L vs. FLUC.L - Volatility Comparison
The current volatility for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) is 0.53%, while Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) (FLUC.L) has a volatility of 1.72%. This indicates that FGOV.L experiences smaller price fluctuations and is considered to be less risky than FLUC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGOV.L | FLUC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 1.72% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 1.67% | 5.73% | -4.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.85% | 7.25% | -5.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 9.29% | -5.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.16% | 9.88% | -6.72% |
FGOV.L vs. FLUC.L - Expense Ratio Comparison
FGOV.L has a 0.45% expense ratio, which is higher than FLUC.L's 0.35% expense ratio.
Dividends
FGOV.L vs. FLUC.L - Dividend Comparison
FGOV.L's dividend yield for the trailing twelve months is around 3.28%, less than FLUC.L's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 3.28% | 2.82% | 2.27% | 1.86% | 1.01% | 1.20% | 0.15% | 0.00% | 0.00% |
FLUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) | 4.22% | 4.01% | 4.26% | 3.38% | 2.76% | 2.17% | 2.29% | 3.37% | 1.61% |
Frequently Asked Questions
FGOV.L and FLUC.L have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FLUC.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLUC.L is cheaper with a 0.35% expense ratio, compared with 0.45% for FGOV.L.
FGOV.L is categorized as Global Bonds, while FLUC.L is Corporate Bonds. FGOV.L tracks Bloomberg Global Aggregate TR Hdg GBP, while FLUC.L tracks Bloomberg US Corporate - Investment Grade Index. They also come from different issuers: First Trust and Franklin. Their fees differ too: 0.45% for FGOV.L and 0.35% for FLUC.L.
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