FLBL vs. LVHD

Last updated Jun 4, 2026

FLBL (Franklin Liberty Senior Loan ETF) and LVHD (Legg Mason Low Volatility High Dividend ETF) are both exchange-traded funds - FLBL is a High Yield Bonds fund actively managed by Franklin Templeton, while LVHD is a Volatility Hedged Equity fund tracking the QS Low Volatility High Dividend Index. FLBL is actively managed, while LVHD is passively managed. Over the past 5 years, FLBL returned 5.21%/yr vs 6.06%/yr for LVHD. At a 0.30 correlation, their price movements are largely independent. FLBL charges 0.45%/yr vs 0.27%/yr for LVHD.

Performance

FLBL vs. LVHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Senior Loan ETF (FLBL) and Legg Mason Low Volatility High Dividend ETF (LVHD). 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 lower than LVHD's 6.72% return.

FLBL

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

LVHD

• 1D: -0.14%
• 1M: -1.27%
• YTD: 6.72%
• 6M: 6.51%
• 1Y: 9.60%
• 3Y*: 9.33%
• 5Y*: 6.06%
• 10Y*: 8.03%

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

FLBL vs. LVHD - 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%
LVHD Legg Mason Low Volatility High Dividend ETF	6.72%	7.50%	10.18%	-0.95%	-1.82%	26.90%	-1.28%	22.91%	-0.17%

Correlation

The correlation between FLBL and LVHD is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jun 4, 2018	0.30

Over the past year, the correlation between FLBL and LVHD has dropped to 0.02 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

FLBL vs. LVHD - Sectors Allocation Comparison

Sectors	FLBL	LVHD
Financial Services	2.5%	8.6%
Consumer Cyclical	0.6%	6.8%
Healthcare	0.2%	4.6%
Industrials	0.1%	4.6%
Basic Materials	-	-
Communication Services	-	3.8%
Consumer Defensive	-	18.5%
Energy	-	6.7%
Real Estate	-	15.0%
Technology	-	5.9%
Utilities	-	25.5%

Return for Risk

FLBL vs. LVHD — 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

LVHD

LVHD Risk / Return Rank: 28
LVHD Sharpe Ratio Rank: 28
LVHD Sortino Ratio Rank: 27
LVHD Omega Ratio Rank: 25
LVHD Calmar Ratio Rank: 31
LVHD Martin Ratio Rank: 28

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. LVHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Senior Loan ETF (FLBL) and Legg Mason Low Volatility High Dividend ETF (LVHD). 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	LVHD	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.01	-0.09
Sortino ratio: Return per unit of downside risk	1.31	1.51	-0.20
Omega ratio: Gain probability vs. loss probability	1.18	1.17	+0.01
Calmar ratio: Return relative to maximum drawdown	0.75	1.56	-0.81
Martin ratio: Return relative to average drawdown	2.54	3.98	-1.44
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. LVHD - Sharpe Ratio Comparison

The current FLBL Sharpe Ratio is 0.92, which is comparable to the LVHD Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of FLBL and LVHD, 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	LVHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.01	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.36	0.47	+0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.56	+0.24

Drawdowns

FLBL vs. LVHD - Drawdown Comparison

The maximum FLBL drawdown since its inception was -19.52%, smaller than the maximum LVHD drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for FLBL and LVHD.

Drawdown Indicators

	FLBL	LVHD	Difference
Max Drawdown Largest peak-to-trough decline	-19.52%	-37.32%	+17.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-6.17%	+2.99%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	-14.29%	+10.38%
Max Drawdown (5Y) Largest decline over 5 years	-6.80%	-16.75%	+9.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.32%	—
Current Drawdown Current decline from peak	-0.09%	-4.84%	+4.75%
Average Drawdown Average peak-to-trough decline	-1.00%	-4.05%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	2.42%	-1.48%

Volatility

FLBL vs. LVHD - Volatility Comparison

The current volatility for Franklin Liberty Senior Loan ETF (FLBL) is 0.65%, while Legg Mason Low Volatility High Dividend ETF (LVHD) has a volatility of 2.86%. This indicates that FLBL experiences smaller price fluctuations and is considered to be less risky than LVHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLBL	LVHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	2.86%	-2.21%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	6.64%	-4.41%
Volatility (1Y) Calculated over the trailing 1-year period	2.60%	9.52%	-6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	12.87%	-9.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.72%	15.50%	-9.78%

FLBL vs. LVHD - Expense Ratio Comparison

FLBL has a 0.45% expense ratio, which is higher than LVHD's 0.27% expense ratio.

Dividends

FLBL vs. LVHD - Dividend Comparison

FLBL's dividend yield for the trailing twelve months is around 7.58%, more than LVHD's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
LVHD Legg Mason Low Volatility High Dividend ETF	3.40%	3.35%	4.23%	3.55%	3.30%	2.56%	3.27%	3.30%	3.82%	3.33%	2.48%

Frequently Asked Questions

Can I hold both FLBL and LVHD in my portfolio?

FLBL and LVHD have a correlation of 0.02, 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 LVHD?

LVHD has higher volatility (2.86%) compared to FLBL (0.65%). In terms of maximum drawdown, FLBL dropped -19.52% vs LVHD's -37.32%.

Which ETF is better, FLBL or LVHD?

On 5-year performance, LVHD leads with 6.06% vs 5.21% for FLBL. On fees, LVHD is cheaper at 0.27% per year. On volatility, FLBL has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLBL or LVHD?

Over the 5-year period, LVHD has performed better with a 6.06% return vs 5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLBL or LVHD?

LVHD is cheaper with a 0.27% expense ratio, compared with 0.45% for FLBL.

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

FLBL has the higher dividend yield at 7.58%, compared with 3.40% for LVHD.

What is the main difference between FLBL and LVHD?

FLBL is categorized as High Yield Bonds, while LVHD is Volatility Hedged Equity. Their fees differ too: 0.45% for FLBL and 0.27% for LVHD.

Which has better risk-adjusted returns?

LVHD currently has the higher Sharpe Ratio (1.01 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.