FISAX vs. SVOL

Last updated Jun 3, 2026

FISAX (Franklin Adjustable U.S. Government Securities Fund) and SVOL (Simplify Volatility Premium ETF) are both funds - FISAX is a Ultrashort Bond fund managed by Franklin Templeton, while SVOL is a Volatility fund actively managed by Simplify. Over the past 5 years, FISAX returned 2.15%/yr vs 6.97%/yr for SVOL. At a 0.10 correlation, their price movements are largely independent. FISAX charges 0.85%/yr vs 0.50%/yr for SVOL.

Performance

FISAX vs. SVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Adjustable U.S. Government Securities Fund (FISAX) and Simplify Volatility Premium ETF (SVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FISAX achieves a 1.05% return, which is significantly higher than SVOL's -0.28% return.

FISAX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 1.05%
• 6M: 1.56%
• 1Y: 3.89%
• 3Y*: 4.77%
• 5Y*: 2.15%
• 10Y*: 1.54%

SVOL

• 1D: 0.19%
• 1M: 2.92%
• YTD: -0.28%
• 6M: 1.65%
• 1Y: 12.78%
• 3Y*: 6.62%
• 5Y*: 6.97%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FISAX vs. SVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FISAX Franklin Adjustable U.S. Government Securities Fund	1.05%	5.02%	5.22%	3.61%	-3.11%	-0.46%
SVOL Simplify Volatility Premium ETF	-0.28%	2.41%	6.77%	22.88%	-3.30%	12.25%

Correlation

The correlation between FISAX and SVOL is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since May 14, 2021	0.10

Return for Risk

FISAX vs. SVOL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FISAX

FISAX Risk / Return Rank: 93
FISAX Sharpe Ratio Rank: 75
FISAX Sortino Ratio Rank: 97
FISAX Omega Ratio Rank: 98
FISAX Calmar Ratio Rank: 97
FISAX Martin Ratio Rank: 97

SVOL

SVOL Risk / Return Rank: 20
SVOL Sharpe Ratio Rank: 19
SVOL Sortino Ratio Rank: 19
SVOL Omega Ratio Rank: 21
SVOL Calmar Ratio Rank: 21
SVOL Martin Ratio Rank: 19

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.

FISAX vs. SVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Adjustable U.S. Government Securities Fund (FISAX) and Simplify Volatility Premium ETF (SVOL). 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.

	FISAX	SVOL	Difference
Sharpe ratio Return per unit of total volatility	2.53	0.61	+1.91
Sortino ratio Return per unit of downside risk	5.76	0.99	+4.78
Omega ratio Gain probability vs. loss probability	2.11	1.14	+0.97
Calmar ratio Return relative to maximum drawdown	6.72	0.95	+5.78
Martin ratio Return relative to average drawdown	29.07	2.25	+26.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FISAX vs. SVOL - Sharpe Ratio Comparison

The current FISAX Sharpe Ratio is 2.53, which is higher than the SVOL Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of FISAX and SVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FISAX	SVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	0.61	+1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.30	0.32	+0.99
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	0.35	+1.29

Drawdowns

FISAX vs. SVOL - Drawdown Comparison

The maximum FISAX drawdown since its inception was -4.77%, smaller than the maximum SVOL drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for FISAX and SVOL.

Drawdown Indicators

	FISAX	SVOL	Difference
Max Drawdown Largest peak-to-trough decline	-4.77%	-33.50%	+28.73%
Max Drawdown (1Y) Largest decline over 1 year	-0.66%	-13.01%	+12.35%
Max Drawdown (3Y) Largest decline over 3 years	-0.92%	-33.50%	+32.58%
Max Drawdown (5Y) Largest decline over 5 years	-4.72%	-33.50%	+28.78%
Max Drawdown (10Y) Largest decline over 10 years	-4.77%	—	—
Current Drawdown Current decline from peak	0.00%	-2.86%	+2.86%
Average Drawdown Average peak-to-trough decline	-0.54%	-4.77%	+4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	5.48%	-5.33%

Volatility

FISAX vs. SVOL - Volatility Comparison

The current volatility for Franklin Adjustable U.S. Government Securities Fund (FISAX) is 0.42%, while Simplify Volatility Premium ETF (SVOL) has a volatility of 1.43%. This indicates that FISAX experiences smaller price fluctuations and is considered to be less risky than SVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FISAX	SVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	1.43%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	1.14%	9.57%	-8.43%
Volatility (1Y) Calculated over the trailing 1-year period	1.60%	20.91%	-19.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.66%	21.99%	-20.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.57%	21.93%	-20.36%

FISAX vs. SVOL - Expense Ratio Comparison

FISAX has a 0.85% expense ratio, which is higher than SVOL's 0.50% expense ratio.

Dividends

FISAX vs. SVOL - Dividend Comparison

FISAX's dividend yield for the trailing twelve months is around 4.36%, less than SVOL's 22.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISAX Franklin Adjustable U.S. Government Securities Fund	4.36%	4.62%	4.81%	3.25%	1.41%	0.91%	1.89%	2.99%	2.51%	1.95%	1.52%	1.19%
SVOL Simplify Volatility Premium ETF	22.07%	19.82%	16.79%	16.36%	18.32%	4.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FISAX and SVOL in my portfolio?

FISAX and SVOL have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FISAX or SVOL?

SVOL has higher volatility (1.43%) compared to FISAX (0.42%). In terms of maximum drawdown, FISAX dropped -4.77% vs SVOL's -33.50%.

Which has better risk-adjusted returns?

FISAX currently has the higher Sharpe Ratio (2.53 vs 0.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.