FLCB vs. OVB

Last updated Jun 3, 2026

FLCB (Franklin U.S. Core Bond ETF) and OVB (Overlay Shares Core Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 5 years, FLCB returned 0.07%/yr vs 0.90%/yr for OVB. A 0.76 correlation means they provide meaningful diversification when combined. FLCB charges 0.15%/yr vs 0.79%/yr for OVB.

Performance

FLCB vs. OVB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Core Bond ETF (FLCB) and Overlay Shares Core Bond ETF (OVB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLCB achieves a 0.41% return, which is significantly lower than OVB's 2.92% return.

FLCB

• 1D: -0.05%
• 1M: 0.09%
• YTD: 0.41%
• 6M: 0.52%
• 1Y: 5.33%
• 3Y*: 4.02%
• 5Y*: 0.07%
• 10Y*: —

OVB

• 1D: 0.10%
• 1M: 0.65%
• YTD: 2.92%
• 6M: 3.23%
• 1Y: 10.07%
• 3Y*: 6.07%
• 5Y*: 0.90%
• 10Y*: —

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

FLCB vs. OVB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FLCB Franklin U.S. Core Bond ETF	0.41%	6.95%	1.59%	5.72%	-13.54%	-1.73%	7.66%	0.11%
OVB Overlay Shares Core Bond ETF	2.92%	7.72%	4.03%	6.89%	-16.96%	0.71%	9.40%	1.22%

Correlation

The correlation between FLCB and OVB is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.76

The correlation between FLCB and OVB has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

FLCB vs. OVB - Sectors Allocation Comparison

Sectors	FLCB	OVB
Financial Services	2.6%	11.8%
Healthcare	1.1%	8.5%
Energy	0.7%	3.5%
Communication Services	0.6%	11.2%
Utilities	0.4%	2.4%
Industrials	0.4%	8.3%
Consumer Defensive	0.2%	4.9%
Technology	0.1%	35.6%
Basic Materials	0.1%	1.8%
Consumer Cyclical	-	10.1%
Real Estate	-	1.9%

Return for Risk

FLCB vs. OVB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FLCB

FLCB Risk / Return Rank: 37
FLCB Sharpe Ratio Rank: 39
FLCB Sortino Ratio Rank: 39
FLCB Omega Ratio Rank: 37
FLCB Calmar Ratio Rank: 35
FLCB Martin Ratio Rank: 35

OVB

OVB Risk / Return Rank: 61
OVB Sharpe Ratio Rank: 50
OVB Sortino Ratio Rank: 53
OVB Omega Ratio Rank: 56
OVB Calmar Ratio Rank: 76
OVB Martin Ratio Rank: 68

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.

FLCB vs. OVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Core Bond ETF (FLCB) and Overlay Shares Core Bond ETF (OVB). 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.

	FLCB	OVB	Difference
Sharpe ratio Return per unit of total volatility	1.39	1.75	-0.36
Sortino ratio Return per unit of downside risk	2.04	2.58	-0.54
Omega ratio Gain probability vs. loss probability	1.25	1.35	-0.10
Calmar ratio Return relative to maximum drawdown	1.77	3.94	-2.16
Martin ratio Return relative to average drawdown	5.46	12.85	-7.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLCB vs. OVB - Sharpe Ratio Comparison

The current FLCB Sharpe Ratio is 1.39, which is comparable to the OVB Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FLCB and OVB, 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

	FLCB	OVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.75	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.12	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.27	-0.10

Drawdowns

FLCB vs. OVB - Drawdown Comparison

The maximum FLCB drawdown since its inception was -18.82%, smaller than the maximum OVB drawdown of -21.69%. Use the drawdown chart below to compare losses from any high point for FLCB and OVB.

Drawdown Indicators

	FLCB	OVB	Difference
Max Drawdown Largest peak-to-trough decline	-18.82%	-21.69%	+2.87%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-2.49%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-6.16%	-8.18%	+2.02%
Max Drawdown (5Y) Largest decline over 5 years	-18.48%	-21.69%	+3.21%
Current Drawdown Current decline from peak	-2.22%	-0.04%	-2.18%
Average Drawdown Average peak-to-trough decline	-6.63%	-7.05%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.76%	+0.17%

Volatility

FLCB vs. OVB - Volatility Comparison

The current volatility for Franklin U.S. Core Bond ETF (FLCB) is 1.27%, while Overlay Shares Core Bond ETF (OVB) has a volatility of 1.50%. This indicates that FLCB experiences smaller price fluctuations and is considered to be less risky than OVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLCB	OVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.50%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	4.69%	-1.92%
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	5.80%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.75%	7.31%	-1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.51%	7.58%	-2.07%

FLCB vs. OVB - Expense Ratio Comparison

FLCB has a 0.15% expense ratio, which is lower than OVB's 0.79% expense ratio.

Dividends

FLCB vs. OVB - Dividend Comparison

FLCB's dividend yield for the trailing twelve months is around 4.30%, less than OVB's 6.94% 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%
OVB Overlay Shares Core Bond ETF	6.94%	6.00%	5.81%	5.20%	4.67%	4.59%	3.88%	0.58%

Frequently Asked Questions

Can I hold both FLCB and OVB in my portfolio?

FLCB and OVB have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLCB or OVB?

OVB has higher volatility (1.50%) compared to FLCB (1.27%). In terms of maximum drawdown, FLCB dropped -18.82% vs OVB's -21.69%.

Which ETF is better, FLCB or OVB?

On 5-year performance, OVB leads with 0.90% vs 0.07% for FLCB. On fees, FLCB is cheaper at 0.15% per year. On volatility, FLCB has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCB or OVB?

Over the 5-year period, OVB has performed better with a 0.90% return vs 0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCB or OVB?

FLCB is cheaper with a 0.15% expense ratio, compared with 0.79% for OVB.

Which ETF pays a higher dividend yield, FLCB or OVB?

OVB has the higher dividend yield at 6.94%, compared with 4.30% for FLCB.

What is the main difference between FLCB and OVB?

They also come from different issuers: Franklin Templeton and Liquid Strategies. Their fees differ too: 0.15% for FLCB and 0.79% for OVB.

Which has better risk-adjusted returns?

OVB currently has the higher Sharpe Ratio (1.75 vs 1.39), 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.