FLBL vs. BFRAX

Last updated Jun 4, 2026

FLBL (Franklin Liberty Senior Loan ETF) and BFRAX (BlackRock Floating Rate Income Fund) are both funds - FLBL is a High Yield Bonds fund actively managed by Franklin Templeton, while BFRAX is a Bank Loan fund managed by BlackRock. Over the past 5 years, FLBL returned 5.21%/yr vs 4.75%/yr for BFRAX. At a 0.34 correlation, their price movements are largely independent. FLBL charges 0.45%/yr vs 0.90%/yr for BFRAX.

Performance

FLBL vs. BFRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Senior Loan ETF (FLBL) and BlackRock Floating Rate Income Fund (BFRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLBL achieves a 0.91% return, which is significantly higher than BFRAX's 0.75% return.

FLBL

• 1D: 0.00%
• 1M: 0.45%
• YTD: 0.91%
• 6M: 0.70%
• 1Y: 2.39%
• 3Y*: 7.36%
• 5Y*: 5.21%
• 10Y*: —

BFRAX

• 1D: -0.11%
• 1M: 0.40%
• YTD: 0.75%
• 6M: 1.46%
• 1Y: 4.36%
• 3Y*: 6.84%
• 5Y*: 4.75%
• 10Y*: 4.32%

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

FLBL vs. BFRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLBL Franklin Liberty Senior Loan ETF	0.91%	3.59%	8.26%	14.83%	-2.69%	4.35%	2.17%	7.67%	-1.63%
BFRAX BlackRock Floating Rate Income Fund	0.75%	5.35%	8.12%	9.94%	-1.43%	3.59%	2.39%	8.60%	-2.15%

Correlation

The correlation between FLBL and BFRAX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 4, 2018	0.34

Return for Risk

FLBL vs. BFRAX — Risk / Return Rank

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

FLBL

FLBL Risk / Return Rank: 23
FLBL Sharpe Ratio Rank: 25
FLBL Sortino Ratio Rank: 24
FLBL Omega Ratio Rank: 26
FLBL Calmar Ratio Rank: 18
FLBL Martin Ratio Rank: 21

BFRAX

BFRAX Risk / Return Rank: 64
BFRAX Sharpe Ratio Rank: 44
BFRAX Sortino Ratio Rank: 86
BFRAX Omega Ratio Rank: 88
BFRAX Calmar Ratio Rank: 58
BFRAX Martin Ratio Rank: 42

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.

FLBL vs. BFRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Senior Loan ETF (FLBL) and BlackRock Floating Rate Income Fund (BFRAX). 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.

	FLBL	BFRAX	Difference
Sharpe ratio Return per unit of total volatility	0.92	1.96	-1.03
Sortino ratio Return per unit of downside risk	1.31	4.11	-2.80
Omega ratio Gain probability vs. loss probability	1.18	1.61	-0.43
Calmar ratio Return relative to maximum drawdown	0.75	2.92	-2.16
Martin ratio Return relative to average drawdown	2.54	9.13	-6.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLBL vs. BFRAX - Sharpe Ratio Comparison

The current FLBL Sharpe Ratio is 0.92, which is lower than the BFRAX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of FLBL and BFRAX, 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

	FLBL	BFRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.96	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.36	1.71	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.38	+0.42

Drawdowns

FLBL vs. BFRAX - Drawdown Comparison

The maximum FLBL drawdown since its inception was -19.52%, smaller than the maximum BFRAX drawdown of -44.69%. Use the drawdown chart below to compare losses from any high point for FLBL and BFRAX.

Drawdown Indicators

	FLBL	BFRAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.52%	-44.69%	+25.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-1.70%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	-2.81%	-1.10%
Max Drawdown (5Y) Largest decline over 5 years	-6.80%	-6.43%	-0.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.61%	—
Current Drawdown Current decline from peak	-0.09%	-0.11%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.00%	-6.79%	+5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.54%	+0.40%

Volatility

FLBL vs. BFRAX - Volatility Comparison

Franklin Liberty Senior Loan ETF (FLBL) has a higher volatility of 0.65% compared to BlackRock Floating Rate Income Fund (BFRAX) at 0.61%. This indicates that FLBL's price experiences larger fluctuations and is considered to be riskier than BFRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLBL	BFRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.61%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	1.73%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	2.60%	2.24%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	2.79%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.72%	3.95%	+1.77%

FLBL vs. BFRAX - Expense Ratio Comparison

FLBL has a 0.45% expense ratio, which is lower than BFRAX's 0.90% expense ratio.

Dividends

FLBL vs. BFRAX - Dividend Comparison

FLBL's dividend yield for the trailing twelve months is around 7.58%, more than BFRAX's 6.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BFRAX BlackRock Floating Rate Income Fund	6.45%	6.68%	8.00%	6.24%	4.09%	2.91%	3.81%	4.65%	4.58%	3.45%	3.90%	4.02%
FLBL Franklin Liberty Senior Loan ETF	7.58%	7.24%	8.05%	8.37%	5.53%	3.57%	3.22%	3.97%	2.21%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLBL and BFRAX in my portfolio?

FLBL and BFRAX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLBL or BFRAX?

FLBL has higher volatility (0.65%) compared to BFRAX (0.61%). In terms of maximum drawdown, FLBL dropped -19.52% vs BFRAX's -44.69%.

Which has better risk-adjusted returns?

BFRAX currently has the higher Sharpe Ratio (1.96 vs 0.92), 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.