FLCO vs. JPST

Last updated Jun 5, 2026

FLCO (Franklin Liberty Investment Grade Corporate ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - FLCO is a Corporate Bonds fund actively managed by Franklin Templeton, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, FLCO returned 0.21%/yr vs 3.61%/yr for JPST. At a 0.37 correlation, their price movements are largely independent. FLCO charges 0.35%/yr vs 0.18%/yr for JPST.

Performance

FLCO vs. JPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Investment Grade Corporate ETF (FLCO) and JPMorgan Ultra-Short Income ETF (JPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLCO achieves a 0.59% return, which is significantly lower than JPST's 1.38% return.

FLCO

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

JPST

• 1D: -0.02%
• 1M: 0.28%
• YTD: 1.38%
• 6M: 1.70%
• 1Y: 4.23%
• 3Y*: 5.15%
• 5Y*: 3.61%
• 10Y*: —

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

FLCO vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	2.99%
JPST JPMorgan Ultra-Short Income ETF	1.38%	4.99%	5.58%	5.13%	1.14%	0.11%	2.18%	3.34%	2.23%	1.00%

Correlation

The correlation between FLCO and JPST is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since May 22, 2017	0.37

The correlation between FLCO and JPST shifts across timeframes, from 0.37 (all time) to 0.56 (3 years), reflecting how their relationship changes across market environments.

FLCO vs. JPST - Sectors Allocation Comparison

Sectors	FLCO	JPST
Financial Services	12.6%	22.6%
Healthcare	2.8%	1.5%
Communication Services	2.4%	5.5%
Industrials	2.1%	2.1%
Energy	1.7%	0.4%
Technology	1.1%	1.8%
Basic Materials	0.5%	0.2%
Consumer Defensive	0.3%	0.7%
Consumer Cyclical	0.0%	2.5%
Real Estate	-	0.7%
Utilities	-	2.8%

Return for Risk

FLCO vs. JPST — Risk / Return Rank

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

FLCO

FLCO Risk / Return Rank: 35
FLCO Sharpe Ratio Rank: 33
FLCO Sortino Ratio Rank: 33
FLCO Omega Ratio Rank: 31
FLCO Calmar Ratio Rank: 39
FLCO Martin Ratio Rank: 37

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST Martin Ratio Rank: 99

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. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Investment Grade Corporate ETF (FLCO) and JPMorgan Ultra-Short Income ETF (JPST). 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.

	FLCO	JPST	Difference
Sharpe ratio: Return per unit of total volatility	1.19	7.95	-6.76
Sortino ratio: Return per unit of downside risk	1.75	17.21	-15.47
Omega ratio: Gain probability vs. loss probability	1.20	3.85	-2.64
Calmar ratio: Return relative to maximum drawdown	1.88	28.60	-26.72
Martin ratio: Return relative to average drawdown	5.66	143.05	-137.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLCO vs. JPST - Sharpe Ratio Comparison

The current FLCO Sharpe Ratio is 1.19, which is lower than the JPST Sharpe Ratio of 7.95. The chart below compares the historical Sharpe Ratios of FLCO and JPST, 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

	FLCO	JPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	7.95	-6.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	6.31	-6.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	3.20	-2.88

Drawdowns

FLCO vs. JPST - Drawdown Comparison

The maximum FLCO drawdown since its inception was -22.71%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for FLCO and JPST.

Drawdown Indicators

	FLCO	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-22.71%	-3.28%	-19.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-0.15%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	-0.30%	-6.29%
Max Drawdown (5Y) Largest decline over 5 years	-22.48%	-0.79%	-21.69%
Current Drawdown Current decline from peak	-2.18%	-0.04%	-2.14%
Average Drawdown Average peak-to-trough decline	-5.88%	-0.08%	-5.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.03%	+0.89%

Volatility

FLCO vs. JPST - Volatility Comparison

Franklin Liberty Investment Grade Corporate ETF (FLCO) has a higher volatility of 1.42% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.15%. This indicates that FLCO's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLCO	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	0.15%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	3.25%	0.36%	+2.89%
Volatility (1Y) Calculated over the trailing 1-year period	4.43%	0.54%	+3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.14%	0.58%	+6.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.83%	0.93%	+5.90%

FLCO vs. JPST - Expense Ratio Comparison

FLCO has a 0.35% expense ratio, which is higher than JPST's 0.18% expense ratio.

Dividends

FLCO vs. JPST - Dividend Comparison

FLCO's dividend yield for the trailing twelve months is around 4.65%, more than JPST's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
JPST JPMorgan Ultra-Short Income ETF	4.26%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%	0.00%

Frequently Asked Questions

Can I hold both FLCO and JPST in my portfolio?

FLCO and JPST have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLCO or JPST?

FLCO has higher volatility (1.42%) compared to JPST (0.15%). In terms of maximum drawdown, FLCO dropped -22.71% vs JPST's -3.28%.

Which ETF is better, FLCO or JPST?

On 5-year performance, JPST leads with 3.61% vs 0.21% for FLCO. On fees, JPST is cheaper at 0.18% per year. On volatility, JPST has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCO or JPST?

Over the 5-year period, JPST has performed better with a 3.61% return vs 0.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCO or JPST?

JPST is cheaper with a 0.18% expense ratio, compared with 0.35% for FLCO.

Which ETF pays a higher dividend yield, FLCO or JPST?

FLCO has the higher dividend yield at 4.65%, compared with 4.26% for JPST.

What is the main difference between FLCO and JPST?

FLCO is categorized as Corporate Bonds, while JPST is Ultrashort Bond. They also come from different issuers: Franklin Templeton and JPMorgan. Their fees differ too: 0.35% for FLCO and 0.18% for JPST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (7.95 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.