FLGV vs. FLCB
FLGV (Franklin Liberty U.S. Treasury Bond ETF) and FLCB (Franklin U.S. Core Bond ETF) are both exchange-traded funds - FLGV is a Government Bonds fund actively managed by Franklin Templeton, while FLCB is a Intermediate Core Bond fund actively managed by Franklin Templeton. Both are actively managed. Over the past 5 years, FLGV returned -0.17%/yr vs -0.05%/yr for FLCB. Their correlation of 0.92 suggests significant overlap in exposure. FLGV charges 0.09%/yr vs 0.15%/yr for FLCB.
Performance
FLGV vs. FLCB - Performance Comparison
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Returns By Period
In the year-to-date period, FLGV achieves a 0.21% return, which is significantly lower than FLCB's 0.50% return.
FLGV
- 1D
- 0.10%
- 1M
- 0.57%
- YTD
- 0.21%
- 6M
- 0.30%
- 1Y
- 3.25%
- 3Y*
- 2.98%
- 5Y*
- -0.17%
- 10Y*
- —
FLCB
- 1D
- 0.09%
- 1M
- 0.68%
- YTD
- 0.50%
- 6M
- 0.64%
- 1Y
- 4.34%
- 3Y*
- 4.00%
- 5Y*
- -0.05%
- 10Y*
- —
FLGV vs. FLCB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FLGV Franklin Liberty U.S. Treasury Bond ETF | 0.21% | 6.22% | 0.62% | 4.18% | -11.53% | -2.39% | -0.27% |
FLCB Franklin U.S. Core Bond ETF | 0.50% | 6.95% | 1.59% | 5.72% | -13.54% | -1.73% | 2.23% |
Correlation
The correlation between FLGV and FLCB is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2020 | 0.92 |
The correlation between FLGV and FLCB has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
FLGV vs. FLCB — Risk / Return Rank
FLGV
FLCB
FLGV vs. FLCB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Treasury Bond ETF (FLGV) and Franklin U.S. Core Bond ETF (FLCB). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FLGV | FLCB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.20 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 1.53 | -0.37 |
| Martin ratioReturn relative to average drawdown | 3.18 | 4.38 | -1.21 |
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Drawdowns
FLGV vs. FLCB - Drawdown Comparison
The maximum FLGV drawdown since its inception was -17.63%, smaller than the maximum FLCB drawdown of -18.82%. Use the drawdown chart below to compare losses from any high point for FLGV and FLCB.
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Drawdown Indicators
| FLGV | FLCB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.63% | -18.82% | +1.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -2.85% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -6.16% | +0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -15.26% | -18.48% | +3.22% |
Current DrawdownCurrent decline from peak | -5.40% | -2.13% | -3.27% |
Average DrawdownAverage peak-to-trough decline | -8.70% | -6.59% | -2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.99% | +0.03% |
Volatility
FLGV vs. FLCB - Volatility Comparison
Franklin Liberty U.S. Treasury Bond ETF (FLGV) and Franklin U.S. Core Bond ETF (FLCB) have volatilities of 1.03% and 1.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLGV | FLCB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 1.01% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 2.81% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 3.80% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 5.75% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 5.49% | -0.35% |
FLGV vs. FLCB - Expense Ratio Comparison
FLGV has a 0.09% expense ratio, which is lower than FLCB's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FLGV vs. FLCB - Dividend Comparison
FLGV's dividend yield for the trailing twelve months is around 4.14%, less than FLCB's 4.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FLCB Franklin U.S. Core Bond ETF | 4.29% | 4.19% | 4.10% | 3.40% | 2.73% | 2.28% | 3.24% | 0.73% |
FLGV Franklin Liberty U.S. Treasury Bond ETF | 4.14% | 4.07% | 4.13% | 3.46% | 2.21% | 1.92% | 0.97% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, FLGV and FLCB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FLGV has higher volatility (1.03%) compared to FLCB (1.01%). In terms of maximum drawdown, FLGV dropped -17.63% vs FLCB's -18.82%.
On 5-year performance, FLCB leads with -0.05% vs -0.17% for FLGV. On fees, FLGV is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLCB has performed better with a -0.05% return vs -0.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLGV is cheaper with a 0.09% expense ratio, compared with 0.15% for FLCB.
FLCB has the higher dividend yield at 4.29%, compared with 4.14% for FLGV.
FLGV is categorized as Government Bonds, while FLCB is Intermediate Core Bond. Their fees differ too: 0.09% for FLGV and 0.15% for FLCB.
FLCB currently has the higher Sharpe Ratio (1.15 vs 0.88), 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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