FLCB vs. FLGV
FLCB (Franklin U.S. Core Bond ETF) and FLGV (Franklin Liberty U.S. Treasury Bond ETF) are both exchange-traded funds - FLCB is a Intermediate Core Bond fund actively managed by Franklin Templeton, while FLGV is a Government Bonds fund actively managed by Franklin Templeton. Both are actively managed. Over the past 5 years, FLCB returned -0.05%/yr vs -0.17%/yr for FLGV. Their correlation of 0.92 suggests significant overlap in exposure. FLCB charges 0.15%/yr vs 0.09%/yr for FLGV.
Performance
FLCB vs. FLGV - Performance Comparison
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Returns By Period
In the year-to-date period, FLCB achieves a 0.41% return, which is significantly higher than FLGV's 0.21% return.
FLCB
- 1D
- -0.19%
- 1M
- 0.59%
- YTD
- 0.41%
- 6M
- 0.53%
- 1Y
- 4.54%
- 3Y*
- 3.97%
- 5Y*
- -0.05%
- 10Y*
- —
FLGV
- 1D
- 0.10%
- 1M
- 0.57%
- YTD
- 0.21%
- 6M
- 0.30%
- 1Y
- 3.25%
- 3Y*
- 2.98%
- 5Y*
- -0.17%
- 10Y*
- —
FLCB vs. FLGV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FLCB Franklin U.S. Core Bond ETF | 0.41% | 6.95% | 1.59% | 5.72% | -13.54% | -1.73% | 2.23% |
FLGV Franklin Liberty U.S. Treasury Bond ETF | 0.21% | 6.22% | 0.62% | 4.18% | -11.53% | -2.39% | -0.27% |
Correlation
The correlation between FLCB and FLGV is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2020 | 0.92 |
The correlation between FLCB and FLGV has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
FLCB vs. FLGV — Risk / Return Rank
FLCB
FLGV
FLCB vs. FLGV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Core Bond ETF (FLCB) and Franklin Liberty U.S. Treasury Bond ETF (FLGV). 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.
| FLCB | FLGV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.15 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 1.16 | +0.44 |
| Martin ratioReturn relative to average drawdown | 4.60 | 3.18 | +1.42 |
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Drawdowns
FLCB vs. FLGV - Drawdown Comparison
The maximum FLCB drawdown since its inception was -18.82%, which is greater than FLGV's maximum drawdown of -17.63%. Use the drawdown chart below to compare losses from any high point for FLCB and FLGV.
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Drawdown Indicators
| FLCB | FLGV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.82% | -17.63% | -1.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -2.82% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -6.16% | -5.23% | -0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -18.48% | -15.26% | -3.22% |
Current DrawdownCurrent decline from peak | -2.22% | -5.40% | +3.18% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -8.70% | +2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 1.02% | -0.03% |
Volatility
FLCB vs. FLGV - Volatility Comparison
Franklin U.S. Core Bond ETF (FLCB) and Franklin Liberty U.S. Treasury Bond ETF (FLGV) have volatilities of 1.01% and 1.03%, 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.
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Volatility by Period
| FLCB | FLGV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.03% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 2.60% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 3.70% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.75% | 5.44% | +0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.49% | 5.14% | +0.35% |
FLCB vs. FLGV - Expense Ratio Comparison
FLCB has a 0.15% expense ratio, which is higher than FLGV's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FLCB vs. FLGV - Dividend Comparison
FLCB's dividend yield for the trailing twelve months is around 4.30%, more than FLGV's 4.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FLCB Franklin U.S. Core Bond ETF | 4.30% | 4.19% | 4.10% | 3.40% | 2.73% | 2.28% | 3.24% | 0.73% |
FLGV Franklin Liberty U.S. Treasury Bond ETF | 4.14% | 4.07% | 4.13% | 3.46% | 2.21% | 1.92% | 0.97% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, FLCB and FLGV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FLGV has higher volatility (1.03%) compared to FLCB (1.01%). In terms of maximum drawdown, FLCB dropped -18.82% vs FLGV's -17.63%.
On 5-year performance, FLCB leads with -0.05% vs -0.17% for FLGV. On fees, FLGV is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLCB has performed better with a -0.05% return vs -0.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLGV is cheaper with a 0.09% expense ratio, compared with 0.15% for FLCB.
FLCB has the higher dividend yield at 4.30%, compared with 4.14% for FLGV.
FLCB is categorized as Intermediate Core Bond, while FLGV is Government Bonds. Their fees differ too: 0.15% for FLCB and 0.09% for FLGV.
FLCB currently has the higher Sharpe Ratio (1.20 vs 0.88), 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.
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