FLBL vs. FLRG

Last updated Jun 14, 2026

FLBL (Franklin Liberty Senior Loan ETF) and FLRG (Fidelity U.S. Multifactor ETF) are both exchange-traded funds - FLBL is a High Yield Bonds fund actively managed by Franklin Templeton, while FLRG is a Large Cap Growth Equities fund tracking the Fidelity U.S. Multifactor Index. FLBL is actively managed, while FLRG is passively managed. Over the past 5 years, FLBL returned 5.11%/yr vs 12.45%/yr for FLRG. At a 0.43 correlation, their price movements are largely independent. FLBL charges 0.45%/yr vs 0.29%/yr for FLRG.

Performance

FLBL vs. FLRG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Senior Loan ETF (FLBL) and Fidelity U.S. Multifactor ETF (FLRG). 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 FLRG's 7.49% return.

FLBL

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

FLRG

• 1D: 0.59%
• 1M: -0.73%
• YTD: 7.49%
• 6M: 6.89%
• 1Y: 17.66%
• 3Y*: 18.22%
• 5Y*: 12.45%
• 10Y*: —

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

FLBL vs. FLRG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FLBL Franklin Liberty Senior Loan ETF	0.47%	3.59%	8.26%	14.83%	-2.69%	4.35%	2.46%
FLRG Fidelity U.S. Multifactor ETF	7.49%	13.92%	23.36%	18.31%	-10.98%	29.36%	9.90%

Correlation

The correlation between FLBL and FLRG 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	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 17, 2020	0.43

The correlation between FLBL and FLRG shifts across timeframes, from 0.33 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FLBL vs. FLRG — 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

FLRG

FLRG Risk / Return Rank: 54
FLRG Sharpe Ratio Rank: 53
FLRG Sortino Ratio Rank: 53
FLRG Omega Ratio Rank: 52
FLRG Calmar Ratio Rank: 53
FLRG Martin Ratio Rank: 58

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. FLRG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Senior Loan ETF (FLBL) and Fidelity U.S. Multifactor ETF (FLRG). 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	FLRG	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.58	-0.82
Sortino ratio: Return per unit of downside risk	1.08	2.24	-1.16
Omega ratio: Gain probability vs. loss probability	1.15	1.28	-0.14
Calmar ratio: Return relative to maximum drawdown	0.63	2.31	-1.69
Martin ratio: Return relative to average drawdown	2.11	8.93	-6.82

FLBL vs. FLRG - Sharpe Ratio Comparison

The current FLBL Sharpe Ratio is 0.76, which is lower than the FLRG Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FLBL and FLRG, 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. FLRG - Drawdown Comparison

The maximum FLBL drawdown since its inception was -19.52%, roughly equal to the maximum FLRG drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for FLBL and FLRG.

Drawdown Indicators

	FLBL	FLRG	Difference
Max Drawdown Largest peak-to-trough decline	-19.52%	-19.64%	+0.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-7.16%	+3.98%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	-16.53%	+12.62%
Max Drawdown (5Y) Largest decline over 5 years	-6.80%	-19.64%	+12.84%
Current Drawdown Current decline from peak	-0.53%	-1.87%	+1.34%
Average Drawdown Average peak-to-trough decline	-1.00%	-3.73%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	1.86%	-0.92%

Volatility

FLBL vs. FLRG - Volatility Comparison

The current volatility for Franklin Liberty Senior Loan ETF (FLBL) is 0.67%, while Fidelity U.S. Multifactor ETF (FLRG) has a volatility of 3.57%. This indicates that FLBL experiences smaller price fluctuations and is considered to be less risky than FLRG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLBL	FLRG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	3.57%	-2.90%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	8.13%	-5.88%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	10.49%	-7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	15.22%	-11.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.71%	15.03%	-9.32%

FLBL vs. FLRG - Expense Ratio Comparison

FLBL has a 0.45% expense ratio, which is higher than FLRG's 0.29% expense ratio.

Dividends

FLBL vs. FLRG - Dividend Comparison

FLBL's dividend yield for the trailing twelve months is around 7.61%, more than FLRG's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLBL Franklin Liberty Senior Loan ETF	7.61%	7.24%	8.05%	8.37%	5.53%	3.57%	3.22%	3.97%	2.21%
FLRG Fidelity U.S. Multifactor ETF	1.36%	1.42%	1.42%	1.39%	1.62%	1.36%	1.47%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLBL and FLRG in my portfolio?

FLBL and FLRG 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 FLRG?

FLRG has higher volatility (3.57%) compared to FLBL (0.67%). In terms of maximum drawdown, FLBL dropped -19.52% vs FLRG's -19.64%.

Which ETF is better, FLBL or FLRG?

On 5-year performance, FLRG leads with 12.45% vs 5.11% for FLBL. On fees, FLRG is cheaper at 0.29% per year. 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 FLRG?

Over the 5-year period, FLRG has performed better with a 12.45% 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 FLRG?

FLRG is cheaper with a 0.29% expense ratio, compared with 0.45% for FLBL.

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

FLBL has the higher dividend yield at 7.61%, compared with 1.36% for FLRG.

What is the main difference between FLBL and FLRG?

FLBL is categorized as High Yield Bonds, while FLRG is Large Cap Growth Equities. They also come from different issuers: Franklin Templeton and Fidelity. Their fees differ too: 0.45% for FLBL and 0.29% for FLRG.

Which has better risk-adjusted returns?

FLRG currently has the higher Sharpe Ratio (1.58 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.