FLCO vs. TOTL

Last updated Jun 5, 2026

FLCO (Franklin Liberty Investment Grade Corporate ETF) and TOTL (State Street DoubleLine Total Return Tactical ETF) are both exchange-traded funds - FLCO is a Corporate Bonds fund actively managed by Franklin Templeton, while TOTL is a Intermediate Core-Plus Bond fund actively managed by State Street. Both are actively managed. Over the past 5 years, FLCO returned 0.21%/yr vs 0.64%/yr for TOTL. A 0.71 correlation means they provide meaningful diversification when combined. FLCO charges 0.35%/yr vs 0.55%/yr for TOTL.

Performance

FLCO vs. TOTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Investment Grade Corporate ETF (FLCO) and State Street DoubleLine Total Return Tactical ETF (TOTL). 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 higher than TOTL's -0.26% return.

FLCO

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

TOTL

• 1D: 0.10%
• 1M: -0.02%
• YTD: -0.26%
• 6M: -0.05%
• 1Y: 4.31%
• 3Y*: 4.41%
• 5Y*: 0.64%
• 10Y*: 1.65%

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

FLCO vs. TOTL - 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%	5.98%
TOTL State Street DoubleLine Total Return Tactical ETF	-0.26%	7.68%	3.15%	5.55%	-11.59%	-1.00%	3.56%	6.93%	0.76%	3.55%

Correlation

The correlation between FLCO and TOTL is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 6, 2016	0.71

The correlation between FLCO and TOTL shifts across timeframes, from 0.71 (all time) to 0.90 (3 years), reflecting how their relationship changes across market environments.

FLCO vs. TOTL - Sectors Allocation Comparison

Sectors	FLCO	TOTL
Financial Services	12.6%	-
Healthcare	2.8%	-
Communication Services	2.4%	-
Industrials	2.1%	-
Energy	1.7%	100.0%
Technology	1.1%	-
Basic Materials	0.5%	-
Consumer Defensive	0.3%	-
Consumer Cyclical	0.0%	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FLCO vs. TOTL — 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

TOTL

TOTL Risk / Return Rank: 33
TOTL Sharpe Ratio Rank: 36
TOTL Sortino Ratio Rank: 36
TOTL Omega Ratio Rank: 35
TOTL Calmar Ratio Rank: 30
TOTL Martin Ratio Rank: 30

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. TOTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Investment Grade Corporate ETF (FLCO) and State Street DoubleLine Total Return Tactical ETF (TOTL). 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	TOTL	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.27	-0.09
Sortino ratio: Return per unit of downside risk	1.75	1.87	-0.13
Omega ratio: Gain probability vs. loss probability	1.20	1.23	-0.02
Calmar ratio: Return relative to maximum drawdown	1.88	1.42	+0.46
Martin ratio: Return relative to average drawdown	5.66	4.37	+1.30
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. TOTL - Sharpe Ratio Comparison

The current FLCO Sharpe Ratio is 1.19, which is comparable to the TOTL Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FLCO and TOTL, 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	TOTL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	1.27	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.11	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.38	-0.06

Drawdowns

FLCO vs. TOTL - Drawdown Comparison

The maximum FLCO drawdown since its inception was -22.71%, which is greater than TOTL's maximum drawdown of -16.48%. Use the drawdown chart below to compare losses from any high point for FLCO and TOTL.

Drawdown Indicators

	FLCO	TOTL	Difference
Max Drawdown Largest peak-to-trough decline	-22.71%	-16.48%	-6.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-3.04%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	-6.60%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-22.48%	-16.48%	-6.00%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.48%	—
Current Drawdown Current decline from peak	-2.18%	-1.89%	-0.29%
Average Drawdown Average peak-to-trough decline	-5.88%	-3.13%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.99%	-0.07%

Volatility

FLCO vs. TOTL - Volatility Comparison

Franklin Liberty Investment Grade Corporate ETF (FLCO) has a higher volatility of 1.42% compared to State Street DoubleLine Total Return Tactical ETF (TOTL) at 1.17%. This indicates that FLCO's price experiences larger fluctuations and is considered to be riskier than TOTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLCO	TOTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	1.17%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	3.25%	2.45%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	4.43%	3.44%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.14%	5.59%	+1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.83%	4.78%	+2.05%

FLCO vs. TOTL - Expense Ratio Comparison

FLCO has a 0.35% expense ratio, which is lower than TOTL's 0.55% expense ratio.

Dividends

FLCO vs. TOTL - Dividend Comparison

FLCO's dividend yield for the trailing twelve months is around 4.65%, less than TOTL's 5.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TOTL State Street DoubleLine Total Return Tactical ETF	5.29%	5.23%	5.35%	4.85%	4.68%	3.07%	2.91%	3.31%	3.41%	3.00%	3.25%	2.67%

Frequently Asked Questions

Can I hold both FLCO and TOTL in my portfolio?

FLCO and TOTL have a correlation of 0.89, 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 TOTL?

FLCO has higher volatility (1.42%) compared to TOTL (1.17%). In terms of maximum drawdown, FLCO dropped -22.71% vs TOTL's -16.48%.

Which ETF is better, FLCO or TOTL?

On 5-year performance, TOTL leads with 0.64% vs 0.21% for FLCO. On fees, FLCO is cheaper at 0.35% per year. On volatility, TOTL has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCO or TOTL?

Over the 5-year period, TOTL has performed better with a 0.64% 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 TOTL?

FLCO is cheaper with a 0.35% expense ratio, compared with 0.55% for TOTL.

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

TOTL has the higher dividend yield at 5.29%, compared with 4.65% for FLCO.

What is the main difference between FLCO and TOTL?

FLCO is categorized as Corporate Bonds, while TOTL is Intermediate Core-Plus Bond. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.35% for FLCO and 0.55% for TOTL.

Which has better risk-adjusted returns?

TOTL currently has the higher Sharpe Ratio (1.27 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.