FLBL vs. FTSL

Last updated Jun 14, 2026

FLBL (Franklin Liberty Senior Loan ETF) and FTSL (First Trust Senior Loan Fund) are both High Yield Bonds funds. Both are actively managed. Over the past 5 years, FLBL returned 5.11%/yr vs 4.95%/yr for FTSL. At a 0.41 correlation, their price movements are largely independent. FLBL charges 0.45%/yr vs 0.86%/yr for FTSL.

Performance

FLBL vs. FTSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Senior Loan ETF (FLBL) and First Trust Senior Loan Fund (FTSL). 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 FTSL's 0.51% return.

FLBL

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

FTSL

• 1D: -0.04%
• 1M: -0.10%
• YTD: 0.51%
• 6M: 0.66%
• 1Y: 4.27%
• 3Y*: 7.06%
• 5Y*: 4.95%
• 10Y*: 4.44%

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

FLBL vs. FTSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLBL Franklin Liberty Senior Loan ETF	0.47%	3.59%	8.26%	14.83%	-2.69%	4.35%	2.17%	7.67%	-1.39%
FTSL First Trust Senior Loan Fund	0.51%	5.98%	8.27%	11.58%	-2.50%	3.94%	2.99%	10.11%	-2.72%

Correlation

The correlation between FLBL and FTSL is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 1, 2018	0.41

Return for Risk

FLBL vs. FTSL — 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

FTSL

FTSL Risk / Return Rank: 66
FTSL Sharpe Ratio Rank: 73
FTSL Sortino Ratio Rank: 82
FTSL Omega Ratio Rank: 87
FTSL Calmar Ratio Rank: 42
FTSL Martin Ratio Rank: 47

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. FTSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Senior Loan ETF (FLBL) and First Trust Senior Loan Fund (FTSL). 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	FTSL	Difference
Sharpe ratio: Return per unit of total volatility	0.76	2.04	-1.28
Sortino ratio: Return per unit of downside risk	1.08	3.17	-2.09
Omega ratio: Gain probability vs. loss probability	1.15	1.47	-0.32
Calmar ratio: Return relative to maximum drawdown	0.63	1.85	-1.23
Martin ratio: Return relative to average drawdown	2.11	6.88	-4.77

FLBL vs. FTSL - Sharpe Ratio Comparison

The current FLBL Sharpe Ratio is 0.76, which is lower than the FTSL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FLBL and FTSL, 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. FTSL - Drawdown Comparison

The maximum FLBL drawdown since its inception was -19.52%, smaller than the maximum FTSL drawdown of -22.67%. Use the drawdown chart below to compare losses from any high point for FLBL and FTSL.

Drawdown Indicators

	FLBL	FTSL	Difference
Max Drawdown Largest peak-to-trough decline	-19.52%	-22.67%	+3.15%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-2.33%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	-2.66%	-1.25%
Max Drawdown (5Y) Largest decline over 5 years	-6.80%	-6.96%	+0.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.67%	—
Current Drawdown Current decline from peak	-0.53%	-0.14%	-0.39%
Average Drawdown Average peak-to-trough decline	-1.00%	-0.76%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.63%	+0.31%

Volatility

FLBL vs. FTSL - Volatility Comparison

Franklin Liberty Senior Loan ETF (FLBL) has a higher volatility of 0.67% compared to First Trust Senior Loan Fund (FTSL) at 0.36%. This indicates that FLBL's price experiences larger fluctuations and is considered to be riskier than FTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLBL	FTSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.36%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	1.95%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	2.11%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	3.35%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.71%	5.18%	+0.53%

FLBL vs. FTSL - Expense Ratio Comparison

FLBL has a 0.45% expense ratio, which is lower than FTSL's 0.86% expense ratio.

Dividends

FLBL vs. FTSL - Dividend Comparison

FLBL's dividend yield for the trailing twelve months is around 7.61%, more than FTSL's 6.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLBL Franklin Liberty Senior Loan ETF	7.61%	7.24%	8.05%	8.37%	5.53%	3.57%	3.22%	3.97%	2.21%	0.00%	0.00%	0.00%
FTSL First Trust Senior Loan Fund	6.47%	6.59%	7.56%	7.59%	4.77%	3.17%	3.48%	4.44%	4.29%	3.64%	3.70%	3.95%

Frequently Asked Questions

Can I hold both FLBL and FTSL in my portfolio?

FLBL and FTSL have a correlation of 0.41, 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 FTSL?

FLBL has higher volatility (0.67%) compared to FTSL (0.36%). In terms of maximum drawdown, FLBL dropped -19.52% vs FTSL's -22.67%.

Which ETF is better, FLBL or FTSL?

On 5-year performance, FLBL leads with 5.11% vs 4.95% for FTSL. On fees, FLBL is cheaper at 0.45% per year. On volatility, FTSL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLBL or FTSL?

Over the 5-year period, FLBL has performed better with a 5.11% return vs 4.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLBL or FTSL?

FLBL is cheaper with a 0.45% expense ratio, compared with 0.86% for FTSL.

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

FLBL has the higher dividend yield at 7.61%, compared with 6.47% for FTSL.

What is the main difference between FLBL and FTSL?

They also come from different issuers: Franklin Templeton and First Trust. Their fees differ too: 0.45% for FLBL and 0.86% for FTSL.

Which has better risk-adjusted returns?

FTSL currently has the higher Sharpe Ratio (2.04 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.