FLBL vs. MBSF

Last updated Jun 4, 2026

FLBL (Franklin Liberty Senior Loan ETF) and MBSF (Regan Floating Rate MBS ETF) are both exchange-traded funds - FLBL is a High Yield Bonds fund actively managed by Franklin Templeton, while MBSF is a Bank Loan fund actively managed by Regan. Both are actively managed. Over the past year, FLBL returned 2.39% vs 5.34% for MBSF. At a 0.01 correlation, their price movements are largely independent. FLBL charges 0.45%/yr vs 0.49%/yr for MBSF.

Performance

FLBL vs. MBSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Senior Loan ETF (FLBL) and Regan Floating Rate MBS ETF (MBSF). 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 MBSF's 1.48% return.

FLBL

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

MBSF

• 1D: 0.12%
• 1M: -0.03%
• YTD: 1.48%
• 6M: 2.16%
• 1Y: 5.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLBL vs. MBSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLBL Franklin Liberty Senior Loan ETF	0.91%	3.59%	7.33%
MBSF Regan Floating Rate MBS ETF	1.48%	5.85%	5.71%

Correlation

The correlation between FLBL and MBSF is 0.04, 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	0.04
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.01

Return for Risk

FLBL vs. MBSF — 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

MBSF

MBSF Risk / Return Rank: 70
MBSF Sharpe Ratio Rank: 53
MBSF Sortino Ratio Rank: 59
MBSF Omega Ratio Rank: 55
MBSF Calmar Ratio Rank: 93
MBSF Martin Ratio Rank: 88

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. MBSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Senior Loan ETF (FLBL) and Regan Floating Rate MBS ETF (MBSF). 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	MBSF	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.79	-0.87
Sortino ratio: Return per unit of downside risk	1.31	2.77	-1.46
Omega ratio: Gain probability vs. loss probability	1.18	1.34	-0.15
Calmar ratio: Return relative to maximum drawdown	0.75	6.77	-6.02
Martin ratio: Return relative to average drawdown	2.54	19.20	-16.66
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. MBSF - Sharpe Ratio Comparison

The current FLBL Sharpe Ratio is 0.92, which is lower than the MBSF Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of FLBL and MBSF, 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	MBSF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.79	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	1.74	-0.94

Drawdowns

FLBL vs. MBSF - Drawdown Comparison

The maximum FLBL drawdown since its inception was -19.52%, which is greater than MBSF's maximum drawdown of -0.97%. Use the drawdown chart below to compare losses from any high point for FLBL and MBSF.

Drawdown Indicators

	FLBL	MBSF	Difference
Max Drawdown Largest peak-to-trough decline	-19.52%	-0.97%	-18.55%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-0.79%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.80%	—	—
Current Drawdown Current decline from peak	-0.09%	-0.10%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.00%	-0.23%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.28%	+0.66%

Volatility

FLBL vs. MBSF - Volatility Comparison

Franklin Liberty Senior Loan ETF (FLBL) and Regan Floating Rate MBS ETF (MBSF) have volatilities of 0.65% and 0.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLBL	MBSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.64%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	2.16%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.60%	3.01%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	3.34%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.72%	3.34%	+2.38%

FLBL vs. MBSF - Expense Ratio Comparison

FLBL has a 0.45% expense ratio, which is lower than MBSF's 0.49% expense ratio.

Dividends

FLBL vs. MBSF - Dividend Comparison

FLBL's dividend yield for the trailing twelve months is around 7.58%, more than MBSF's 4.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLBL Franklin Liberty Senior Loan ETF	7.58%	7.24%	8.05%	8.37%	5.53%	3.57%	3.22%	3.97%	2.21%
MBSF Regan Floating Rate MBS ETF	4.49%	4.71%	4.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLBL and MBSF in my portfolio?

FLBL and MBSF have a correlation of 0.04, 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 MBSF?

FLBL has higher volatility (0.65%) compared to MBSF (0.64%). In terms of maximum drawdown, FLBL dropped -19.52% vs MBSF's -0.97%.

Which ETF is better, FLBL or MBSF?

On 1-year performance, MBSF leads with 5.34% vs 2.39% for FLBL. On fees, FLBL is cheaper at 0.45% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLBL or MBSF?

Over the 1-year period, MBSF has performed better with a 5.34% return vs 2.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLBL or MBSF?

FLBL is cheaper with a 0.45% expense ratio, compared with 0.49% for MBSF.

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

FLBL has the higher dividend yield at 7.58%, compared with 4.49% for MBSF.

What is the main difference between FLBL and MBSF?

FLBL is categorized as High Yield Bonds, while MBSF is Bank Loan. They also come from different issuers: Franklin Templeton and Regan. Their fees differ too: 0.45% for FLBL and 0.49% for MBSF.

Which has better risk-adjusted returns?

MBSF currently has the higher Sharpe Ratio (1.79 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.