FLGV vs. FLUD

Last updated Jun 24, 2026

FLGV (Franklin Liberty U.S. Treasury Bond ETF) and FLUD (Franklin Ultra Short Bond ETF) are both exchange-traded funds - FLGV is a Government Bonds fund actively managed by Franklin Templeton, while FLUD is a Ultrashort Bond fund actively managed by Franklin Templeton. Both are actively managed. Over the past 5 years, FLGV returned -0.17%/yr vs 3.65%/yr for FLUD. At a 0.16 correlation, their price movements are largely independent. FLGV charges 0.09%/yr vs 0.15%/yr for FLUD.

Performance

FLGV vs. FLUD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty U.S. Treasury Bond ETF (FLGV) and Franklin Ultra Short Bond ETF (FLUD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLGV achieves a 0.21% return, which is significantly lower than FLUD's 1.68% return.

FLGV

• 1D: 0.10%
• 1M: 0.57%
• YTD: 0.21%
• 6M: 0.30%
• 1Y: 3.25%
• 3Y*: 2.98%
• 5Y*: -0.17%
• 10Y*: —

FLUD

• 1D: 0.08%
• 1M: 0.31%
• YTD: 1.68%
• 6M: 1.75%
• 1Y: 4.50%
• 3Y*: 5.25%
• 5Y*: 3.65%
• 10Y*: —

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

FLGV vs. FLUD - 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%	-0.80%
FLUD Franklin Ultra Short Bond ETF	1.68%	5.36%	5.44%	5.95%	0.16%	0.09%	0.71%

Correlation

The correlation between FLGV and FLUD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 16, 2020	0.16

Return for Risk

FLGV vs. FLUD — Risk / Return Rank

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

FLGV

FLGV Risk / Return Rank: 25
FLGV Sharpe Ratio Rank: 26
FLGV Sortino Ratio Rank: 26
FLGV Omega Ratio Rank: 23
FLGV Calmar Ratio Rank: 26
FLGV Martin Ratio Rank: 26

FLUD

FLUD Risk / Return Rank: 94
FLUD Sharpe Ratio Rank: 90
FLUD Sortino Ratio Rank: 94
FLUD Omega Ratio Rank: 93
FLUD Calmar Ratio Rank: 97
FLUD Martin Ratio Rank: 97

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.

FLGV vs. FLUD - 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 Ultra Short Bond ETF (FLUD). 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	FLUD	Difference
Sharpe ratio: Return per unit of total volatility	0.88	2.83	-1.95
Sortino ratio: Return per unit of downside risk	1.34	4.49	-3.15
Omega ratio: Gain probability vs. loss probability	1.15	1.61	-0.46
Calmar ratio: Return relative to maximum drawdown	1.16	10.33	-9.18
Martin ratio: Return relative to average drawdown	3.18	41.22	-38.04

FLGV vs. FLUD - Sharpe Ratio Comparison

The current FLGV Sharpe Ratio is 0.88, which is lower than the FLUD Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of FLGV and FLUD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLGV vs. FLUD - Drawdown Comparison

The maximum FLGV drawdown since its inception was -17.63%, which is greater than FLUD's maximum drawdown of -1.66%. Use the drawdown chart below to compare losses from any high point for FLGV and FLUD.

Drawdown Indicators

	FLGV	FLUD	Difference
Max Drawdown Largest peak-to-trough decline	-17.63%	-1.66%	-15.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-0.44%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-5.23%	-0.59%	-4.64%
Max Drawdown (5Y) Largest decline over 5 years	-15.26%	-1.66%	-13.60%
Current Drawdown Current decline from peak	-5.40%	-0.00%	-5.40%
Average Drawdown Average peak-to-trough decline	-8.70%	-0.24%	-8.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	0.11%	+0.91%

Volatility

FLGV vs. FLUD - Volatility Comparison

Franklin Liberty U.S. Treasury Bond ETF (FLGV) has a higher volatility of 1.03% compared to Franklin Ultra Short Bond ETF (FLUD) at 0.39%. This indicates that FLGV's price experiences larger fluctuations and is considered to be riskier than FLUD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLGV	FLUD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.39%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	2.60%	0.78%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	1.61%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	1.34%	+4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	1.26%	+3.88%

FLGV vs. FLUD - Expense Ratio Comparison

FLGV has a 0.09% expense ratio, which is lower than FLUD'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. FLUD - Dividend Comparison

FLGV's dividend yield for the trailing twelve months is around 4.14%, less than FLUD's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FLGV Franklin Liberty U.S. Treasury Bond ETF	4.14%	4.07%	4.13%	3.46%	2.21%	1.92%	0.97%
FLUD Franklin Ultra Short Bond ETF	4.26%	4.51%	4.97%	4.72%	1.39%	0.92%	0.93%

Frequently Asked Questions

Can I hold both FLGV and FLUD in my portfolio?

FLGV and FLUD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLGV or FLUD?

FLGV has higher volatility (1.03%) compared to FLUD (0.39%). In terms of maximum drawdown, FLGV dropped -17.63% vs FLUD's -1.66%.

Which ETF is better, FLGV or FLUD?

On 5-year performance, FLUD leads with 3.65% vs -0.17% for FLGV. On fees, FLGV is cheaper at 0.09% per year. On volatility, FLUD has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLGV or FLUD?

Over the 5-year period, FLUD has performed better with a 3.65% return vs -0.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLGV or FLUD?

FLGV is cheaper with a 0.09% expense ratio, compared with 0.15% for FLUD.

Which ETF pays a higher dividend yield, FLGV or FLUD?

FLUD has the higher dividend yield at 4.26%, compared with 4.14% for FLGV.

What is the main difference between FLGV and FLUD?

FLGV is categorized as Government Bonds, while FLUD is Ultrashort Bond. Their fees differ too: 0.09% for FLGV and 0.15% for FLUD.

Which has better risk-adjusted returns?

FLUD currently has the higher Sharpe Ratio (2.83 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.