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FLCO vs. CEMB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLCO vs. CEMB

Last updated Jun 5, 2026

FLCO (Franklin Liberty Investment Grade Corporate ETF) and CEMB (iShares J.P. Morgan EM Corporate Bond ETF) are both Corporate Bonds funds. FLCO is actively managed, while CEMB is passively managed. Over the past 5 years, FLCO returned 0.21%/yr vs 1.98%/yr for CEMB. A 0.54 correlation means they provide meaningful diversification when combined. FLCO charges 0.35%/yr vs 0.50%/yr for CEMB.

Performance

FLCO vs. CEMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Investment Grade Corporate ETF (FLCO) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FLCO achieves a 0.59% return, which is significantly lower than CEMB's 1.54% return.

FLCO

1D
0.19%
1M
0.47%
YTD
0.59%
6M
0.59%
1Y
5.18%
3Y*
5.11%
5Y*
0.21%
10Y*
—

CEMB

1D
0.04%
1M
0.28%
YTD
1.54%
6M
1.97%
1Y
7.07%
3Y*
7.26%
5Y*
1.98%
10Y*
3.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLCO vs. CEMB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLCO
Franklin Liberty Investment Grade Corporate ETF		0.59%7.53%1.93%7.94%-16.08%-2.06%10.01%14.82%-3.06%5.98%
CEMB
iShares J.P. Morgan EM Corporate Bond ETF		1.54%8.86%5.81%8.37%-12.58%-0.59%6.77%13.90%-2.57%7.11%

Correlation

The correlation between FLCO and CEMB is 0.77, 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

0.77

Correlation (3Y)
Calculated over the trailing 3-year period

0.81

Correlation (5Y)
Calculated over the trailing 5-year period

0.73

Correlation (All Time)
Calculated using the full available price history since Oct 6, 2016

0.54

Over the past year, FLCO and CEMB have become more correlated (0.77) than their long-term average of 0.54, meaning their price movements have been converging.

FLCO vs. CEMB - Sectors Allocation Comparison

Sectors
FLCO
CEMB

Financial Services

12.6%

-

Healthcare

2.8%

-

Communication Services

2.4%

-

Industrials

2.1%
100.0%

Energy

1.7%

-

Technology

1.1%

-

Basic Materials

0.5%

-

Consumer Defensive

0.3%

-

Consumer Cyclical

0.0%

-

Real Estate

-

-

Utilities

-

-

Financial Services

FLCO
12.6%
CEMB

-

Healthcare

FLCO
2.8%
CEMB

-

Communication Services

FLCO
2.4%
CEMB

-

Industrials

FLCO
2.1%
CEMB
100.0%

Energy

FLCO
1.7%
CEMB

-

Technology

FLCO
1.1%
CEMB

-

Basic Materials

FLCO
0.5%
CEMB

-

Consumer Defensive

FLCO
0.3%
CEMB

-

Consumer Cyclical

FLCO
0.0%
CEMB

-

Real Estate

FLCO

-

CEMB

-

Utilities

FLCO

-

CEMB

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Franklin Liberty Investment Grade Corporate ETF

iShares J.P. Morgan EM Corporate Bond ETF

Often compared with FLCO:
FLCO vs. GABFFLCO vs. JPIBFLCO vs. JCPBFLCO vs. SPABFLCO vs. AVIGFLCO vs. BONDFLCO vs. LQD
Often compared with CEMB:
CEMB vs. EMBE.LCEMB vs. HYEMCEMB vs. IAGGCEMB vs. AGGG.LCEMB vs. ERNS.LCEMB vs. VEMT.LCEMB vs. VUCP.DE

Return for Risk

FLCO vs. CEMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLCO
FLCO Risk / Return Rank: 3535
Overall Rank
FLCO Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
FLCO Sortino Ratio Rank: 3333
Sortino Ratio Rank
FLCO Omega Ratio Rank: 3131
Omega Ratio Rank
FLCO Calmar Ratio Rank: 3939
Calmar Ratio Rank
FLCO Martin Ratio Rank: 3737
Martin Ratio Rank
CEMB
CEMB Risk / Return Rank: 6868
Overall Rank
CEMB Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
CEMB Sortino Ratio Rank: 7979
Sortino Ratio Rank
CEMB Omega Ratio Rank: 7878
Omega Ratio Rank
CEMB Calmar Ratio Rank: 5151
Calmar Ratio Rank
CEMB Martin Ratio Rank: 6161
Martin Ratio Rank
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.

FLCO vs. CEMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Investment Grade Corporate ETF (FLCO) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). 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.

FLCOCEMBDifference
Sharpe ratioReturn per unit of total volatility
1.19
2.33

-1.14

Sortino ratioReturn per unit of downside risk
1.75
3.50

-1.75

Omega ratioGain probability vs. loss probability

1.20

1.46

-0.25

Calmar ratioReturn relative to maximum drawdown

1.88

2.47

-0.59

Martin ratioReturn relative to average drawdown

5.66

10.70

-5.04

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLCO vs. CEMB - Sharpe Ratio Comparison

The current FLCO Sharpe Ratio is 1.19, which is lower than the CEMB Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of FLCO and CEMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FLCOCEMBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.19

2.33

-1.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.03

0.35

-0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.56

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.32

0.49

-0.18

Drawdowns

FLCO vs. CEMB - Drawdown Comparison

The maximum FLCO drawdown since its inception was -22.71%, which is greater than CEMB's maximum drawdown of -20.84%. Use the drawdown chart below to compare losses from any high point for FLCO and CEMB.

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Drawdown Indicators

FLCOCEMBDifference

Max Drawdown

Largest peak-to-trough decline

-22.71%

-20.84%

-1.87%

Max Drawdown (1Y)

Largest decline over 1 year

-2.76%

-2.88%

+0.12%

Max Drawdown (3Y)

Largest decline over 3 years

-6.59%

-3.85%

-2.74%

Max Drawdown (5Y)

Largest decline over 5 years

-22.48%

-20.48%

-2.00%

Max Drawdown (10Y)

Largest decline over 10 years

—

-20.84%

—

Current Drawdown

Current decline from peak

-2.18%

-0.20%

-1.98%

Average Drawdown

Average peak-to-trough decline

-5.88%

-3.65%

-2.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.92%

0.66%

+0.26%

Volatility

FLCO vs. CEMB - Volatility Comparison

Franklin Liberty Investment Grade Corporate ETF (FLCO) has a higher volatility of 1.42% compared to iShares J.P. Morgan EM Corporate Bond ETF (CEMB) at 1.06%. This indicates that FLCO's price experiences larger fluctuations and is considered to be riskier than CEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLCOCEMBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.42%

1.06%

+0.36%

Volatility (6M)

Calculated over the trailing 6-month period

3.25%

2.42%

+0.83%

Volatility (1Y)

Calculated over the trailing 1-year period

4.43%

3.06%

+1.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.14%

5.63%

+1.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.83%

6.30%

+0.53%

FLCO vs. CEMB - Expense Ratio Comparison

FLCO has a 0.35% expense ratio, which is lower than CEMB's 0.50% expense ratio.

Dividends

FLCO vs. CEMB - Dividend Comparison

FLCO's dividend yield for the trailing twelve months is around 4.65%, less than CEMB's 5.13% yield.

PositionTTM20252024202320222021202020192018201720162015
CEMB
iShares J.P. Morgan EM Corporate Bond ETF		5.13%5.14%5.11%4.77%4.29%3.51%3.86%4.19%4.66%4.06%4.26%4.76%
FLCO
Franklin Liberty Investment Grade Corporate ETF		4.65%4.60%4.63%3.83%3.85%2.85%3.99%3.39%3.86%3.33%0.51%0.00%

Frequently Asked Questions

FLCO and CEMB have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLCO has higher volatility (1.42%) compared to CEMB (1.06%). In terms of maximum drawdown, FLCO dropped -22.71% vs CEMB's -20.84%.

On 5-year performance, CEMB leads with 1.98% vs 0.21% for FLCO. On fees, FLCO is cheaper at 0.35% per year. On volatility, CEMB has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, CEMB has performed better with a 1.98% return vs 0.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLCO is cheaper with a 0.35% expense ratio, compared with 0.50% for CEMB.

CEMB has the higher dividend yield at 5.13%, compared with 4.65% for FLCO.

They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.35% for FLCO and 0.50% for CEMB.

CEMB currently has the higher Sharpe Ratio (2.33 vs 1.19), 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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