FLCO vs. MRNY

Last updated Jun 6, 2026

FLCO (Franklin Liberty Investment Grade Corporate ETF) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both exchange-traded funds - FLCO is a Corporate Bonds fund actively managed by Franklin Templeton, while MRNY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, FLCO returned 4.90% vs 48.50% for MRNY. At a 0.22 correlation, their price movements are largely independent. FLCO charges 0.35%/yr vs 0.99%/yr for MRNY.

Performance

FLCO vs. MRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Investment Grade Corporate ETF (FLCO) and YieldMax MRNA Option Income Strategy ETF (MRNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLCO achieves a 0.10% return, which is significantly lower than MRNY's 47.14% return.

FLCO

• 1D: -0.49%
• 1M: -0.43%
• YTD: 0.10%
• 6M: 0.29%
• 1Y: 4.90%
• 3Y*: 4.88%
• 5Y*: 0.11%
• 10Y*: —

MRNY

• 1D: -5.48%
• 1M: -0.56%
• YTD: 47.14%
• 6M: 49.33%
• 1Y: 48.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLCO vs. MRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLCO Franklin Liberty Investment Grade Corporate ETF	0.10%	7.53%	1.93%	9.65%
MRNY YieldMax MRNA Option Income Strategy ETF	47.14%	-35.72%	-59.32%	19.61%

Correlation

The correlation between FLCO and MRNY is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 25, 2023	0.22

Return for Risk

FLCO vs. MRNY — Risk / Return Rank

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

FLCO

FLCO Risk / Return Rank: 34
FLCO Sharpe Ratio Rank: 33
FLCO Sortino Ratio Rank: 33
FLCO Omega Ratio Rank: 31
FLCO Calmar Ratio Rank: 38
FLCO Martin Ratio Rank: 37

MRNY

MRNY Risk / Return Rank: 30
MRNY Sharpe Ratio Rank: 28
MRNY Sortino Ratio Rank: 33
MRNY Omega Ratio Rank: 31
MRNY Calmar Ratio Rank: 33
MRNY Martin Ratio Rank: 24

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. MRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Investment Grade Corporate ETF (FLCO) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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	MRNY	Difference
Sharpe ratio: Return per unit of total volatility	1.12	0.98	+0.14
Sortino ratio: Return per unit of downside risk	1.64	1.70	-0.06
Omega ratio: Gain probability vs. loss probability	1.19	1.20	-0.01
Calmar ratio: Return relative to maximum drawdown	1.78	1.55	+0.24
Martin ratio: Return relative to average drawdown	5.34	3.01	+2.34
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. MRNY - Sharpe Ratio Comparison

The current FLCO Sharpe Ratio is 1.12, which is comparable to the MRNY Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of FLCO and MRNY, 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	MRNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	0.98	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	-0.51	+0.82

Drawdowns

FLCO vs. MRNY - Drawdown Comparison

The maximum FLCO drawdown since its inception was -22.71%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for FLCO and MRNY.

Drawdown Indicators

	FLCO	MRNY	Difference
Max Drawdown Largest peak-to-trough decline	-22.71%	-82.15%	+59.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-31.53%	+28.77%
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.48%	—	—
Current Drawdown Current decline from peak	-2.66%	-69.02%	+66.36%
Average Drawdown Average peak-to-trough decline	-5.88%	-52.66%	+46.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	16.17%	-15.25%

Volatility

FLCO vs. MRNY - Volatility Comparison

The current volatility for Franklin Liberty Investment Grade Corporate ETF (FLCO) is 1.45%, while YieldMax MRNA Option Income Strategy ETF (MRNY) has a volatility of 14.57%. This indicates that FLCO experiences smaller price fluctuations and is considered to be less risky than MRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLCO	MRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	14.57%	-13.12%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	37.45%	-34.17%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	49.69%	-45.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.14%	50.82%	-43.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.83%	50.82%	-43.99%

FLCO vs. MRNY - Expense Ratio Comparison

FLCO has a 0.35% expense ratio, which is lower than MRNY's 0.99% expense ratio.

Dividends

FLCO vs. MRNY - Dividend Comparison

FLCO's dividend yield for the trailing twelve months is around 4.67%, less than MRNY's 105.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FLCO Franklin Liberty Investment Grade Corporate ETF	4.67%	4.60%	4.63%	3.83%	3.85%	2.85%	3.99%	3.39%	3.86%	3.33%	0.51%
MRNY YieldMax MRNA Option Income Strategy ETF	105.86%	145.98%	178.49%	1.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLCO and MRNY in my portfolio?

FLCO and MRNY have a correlation of 0.29, 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 MRNY?

MRNY has higher volatility (14.57%) compared to FLCO (1.45%). In terms of maximum drawdown, FLCO dropped -22.71% vs MRNY's -82.15%.

Which ETF is better, FLCO or MRNY?

On 1-year performance, MRNY leads with 48.50% vs 4.90% for FLCO. On fees, FLCO is cheaper at 0.35% per year. On volatility, FLCO has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCO or MRNY?

Over the 1-year period, MRNY has performed better with a 48.50% return vs 4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCO or MRNY?

FLCO is cheaper with a 0.35% expense ratio, compared with 0.99% for MRNY.

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

MRNY has the higher dividend yield at 105.86%, compared with 4.67% for FLCO.

What is the main difference between FLCO and MRNY?

FLCO is categorized as Corporate Bonds, while MRNY is Derivative Income. They also come from different issuers: Franklin Templeton and YieldMax. Their fees differ too: 0.35% for FLCO and 0.99% for MRNY.

Which has better risk-adjusted returns?

FLCO currently has the higher Sharpe Ratio (1.12 vs 0.98), 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.