FLBL vs. FDEM

Last updated Jun 14, 2026

FLBL (Franklin Liberty Senior Loan ETF) and FDEM (Fidelity Emerging Markets Multifactor ETF) are both exchange-traded funds - FLBL is a High Yield Bonds fund actively managed by Franklin Templeton, while FDEM is a Emerging Markets Equities fund tracking the Fidelity Targeted Emerging Markets Factor Index. FLBL is actively managed, while FDEM is passively managed. Over the past 5 years, FLBL returned 5.11%/yr vs 9.14%/yr for FDEM. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.45% expense ratio.

Performance

FLBL vs. FDEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Senior Loan ETF (FLBL) and Fidelity Emerging Markets Multifactor ETF (FDEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLBL achieves a 0.47% return, which is significantly lower than FDEM's 20.05% return.

FLBL

• 1D: 0.00%
• 1M: -0.50%
• YTD: 0.47%
• 6M: 0.11%
• 1Y: 2.09%
• 3Y*: 6.81%
• 5Y*: 5.11%
• 10Y*: —

FDEM

• 1D: 0.22%
• 1M: 0.88%
• YTD: 20.05%
• 6M: 22.29%
• 1Y: 38.42%
• 3Y*: 21.94%
• 5Y*: 9.14%
• 10Y*: —

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

FLBL vs. FDEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FLBL Franklin Liberty Senior Loan ETF	0.47%	3.59%	8.26%	14.83%	-2.69%	4.35%	2.17%	3.79%
FDEM Fidelity Emerging Markets Multifactor ETF	20.05%	26.75%	9.34%	17.26%	-13.11%	-3.52%	8.87%	5.60%

Correlation

The correlation between FLBL and FDEM is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.36

Return for Risk

FLBL vs. FDEM — Risk / Return Rank

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

FLBL

FLBL Risk / Return Rank: 22
FLBL Sharpe Ratio Rank: 24
FLBL Sortino Ratio Rank: 22
FLBL Omega Ratio Rank: 24
FLBL Calmar Ratio Rank: 18
FLBL Martin Ratio Rank: 20

FDEM

FDEM Risk / Return Rank: 67
FDEM Sharpe Ratio Rank: 69
FDEM Sortino Ratio Rank: 64
FDEM Omega Ratio Rank: 71
FDEM Calmar Ratio Rank: 65
FDEM Martin Ratio Rank: 68

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. FDEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Senior Loan ETF (FLBL) and Fidelity Emerging Markets Multifactor ETF (FDEM). 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.

	FLBL	FDEM	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.93	-1.17
Sortino ratio: Return per unit of downside risk	1.08	2.55	-1.47
Omega ratio: Gain probability vs. loss probability	1.15	1.36	-0.21
Calmar ratio: Return relative to maximum drawdown	0.63	2.88	-2.25
Martin ratio: Return relative to average drawdown	2.11	10.85	-8.74

FLBL vs. FDEM - Sharpe Ratio Comparison

The current FLBL Sharpe Ratio is 0.76, which is lower than the FDEM Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of FLBL and FDEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLBL vs. FDEM - Drawdown Comparison

The maximum FLBL drawdown since its inception was -19.52%, smaller than the maximum FDEM drawdown of -33.65%. Use the drawdown chart below to compare losses from any high point for FLBL and FDEM.

Drawdown Indicators

	FLBL	FDEM	Difference
Max Drawdown Largest peak-to-trough decline	-19.52%	-33.65%	+14.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-12.70%	+9.52%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	-16.04%	+12.13%
Max Drawdown (5Y) Largest decline over 5 years	-6.80%	-28.47%	+21.67%
Current Drawdown Current decline from peak	-0.53%	-3.51%	+2.98%
Average Drawdown Average peak-to-trough decline	-1.00%	-8.82%	+7.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	3.37%	-2.43%

Volatility

FLBL vs. FDEM - Volatility Comparison

The current volatility for Franklin Liberty Senior Loan ETF (FLBL) is 0.67%, while Fidelity Emerging Markets Multifactor ETF (FDEM) has a volatility of 9.65%. This indicates that FLBL experiences smaller price fluctuations and is considered to be less risky than FDEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLBL	FDEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	9.65%	-8.98%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	16.93%	-14.68%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	18.94%	-16.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	16.48%	-12.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.71%	18.10%	-12.39%

FLBL vs. FDEM - Expense Ratio Comparison

Both FLBL and FDEM have an expense ratio of 0.45%.

Dividends

FLBL vs. FDEM - Dividend Comparison

FLBL's dividend yield for the trailing twelve months is around 7.61%, more than FDEM's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FDEM Fidelity Emerging Markets Multifactor ETF	2.72%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%	0.00%
FLBL Franklin Liberty Senior Loan ETF	7.61%	7.24%	8.05%	8.37%	5.53%	3.57%	3.22%	3.97%	2.21%

Frequently Asked Questions

Can I hold both FLBL and FDEM in my portfolio?

FLBL and FDEM have a correlation of 0.33, 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 FDEM?

FDEM has higher volatility (9.65%) compared to FLBL (0.67%). In terms of maximum drawdown, FLBL dropped -19.52% vs FDEM's -33.65%.

Which ETF is better, FLBL or FDEM?

On 5-year performance, FDEM leads with 9.14% vs 5.11% for FLBL. Both ETFs have the same 0.45% expense ratio. On volatility, FLBL has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLBL or FDEM?

Over the 5-year period, FDEM has performed better with a 9.14% return vs 5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLBL or FDEM?

FLBL and FDEM have the same expense ratio: 0.45% per year.

Which ETF pays a higher dividend yield, FLBL or FDEM?

FLBL has the higher dividend yield at 7.61%, compared with 2.72% for FDEM.

What is the main difference between FLBL and FDEM?

FLBL is categorized as High Yield Bonds, while FDEM is Emerging Markets Equities. They also come from different issuers: Franklin Templeton and Fidelity.

Which has better risk-adjusted returns?

FDEM currently has the higher Sharpe Ratio (1.93 vs 0.76), 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.