FLGV vs. JPST

Last updated Jun 4, 2026

FLGV (Franklin Liberty U.S. Treasury Bond ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - FLGV is a Government 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, FLGV returned -0.17%/yr vs 3.61%/yr for JPST. At a 0.46 correlation, their price movements are largely independent. FLGV charges 0.09%/yr vs 0.18%/yr for JPST.

Performance

FLGV vs. JPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty U.S. Treasury Bond ETF (FLGV) 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, FLGV achieves a 0.06% return, which is significantly lower than JPST's 1.40% return.

FLGV

• 1D: -0.17%
• 1M: 0.12%
• YTD: 0.06%
• 6M: -0.23%
• 1Y: 3.99%
• 3Y*: 2.91%
• 5Y*: -0.17%
• 10Y*: —

JPST

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.40%
• 6M: 1.74%
• 1Y: 4.31%
• 3Y*: 5.16%
• 5Y*: 3.61%
• 10Y*: —

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

FLGV vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FLGV Franklin Liberty U.S. Treasury Bond ETF	0.06%	6.22%	0.62%	4.18%	-11.53%	-2.39%	-0.27%
JPST JPMorgan Ultra-Short Income ETF	1.40%	4.99%	5.58%	5.13%	1.14%	0.11%	1.00%

Correlation

The correlation between FLGV and JPST is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 12, 2020	0.46

The correlation between FLGV and JPST shifts across timeframes, from 0.46 (all time) to 0.59 (3 years), reflecting how their relationship changes across market environments.

FLGV vs. JPST - Sectors Allocation Comparison

Sectors	FLGV	JPST
Communication Services	0.9%	5.5%
Basic Materials	-	0.2%
Consumer Cyclical	-	2.5%
Consumer Defensive	-	0.7%
Energy	-	0.4%
Financial Services	-	22.6%
Healthcare	-	1.5%
Industrials	-	2.1%
Real Estate	-	0.7%
Technology	-	1.8%
Utilities	-	2.8%

Return for Risk

FLGV vs. JPST — Risk / Return Rank

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

FLGV

FLGV Risk / Return Rank: 29
FLGV Sharpe Ratio Rank: 30
FLGV Sortino Ratio Rank: 29
FLGV Omega Ratio Rank: 28
FLGV Calmar Ratio Rank: 29
FLGV Martin Ratio Rank: 29

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.

FLGV vs. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Treasury Bond ETF (FLGV) 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.

	FLGV	JPST	Difference
Sharpe ratio: Return per unit of total volatility	1.07	8.09	-7.02
Sortino ratio: Return per unit of downside risk	1.63	17.60	-15.98
Omega ratio: Gain probability vs. loss probability	1.19	3.94	-2.75
Calmar ratio: Return relative to maximum drawdown	1.42	29.16	-27.74
Martin ratio: Return relative to average drawdown	4.20	144.13	-139.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLGV vs. JPST - Sharpe Ratio Comparison

The current FLGV Sharpe Ratio is 1.07, which is lower than the JPST Sharpe Ratio of 8.09. The chart below compares the historical Sharpe Ratios of FLGV 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

	FLGV	JPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	8.09	-7.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	6.32	-6.35
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	3.20	-3.34

Drawdowns

FLGV vs. JPST - Drawdown Comparison

The maximum FLGV drawdown since its inception was -17.63%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for FLGV and JPST.

Drawdown Indicators

	FLGV	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-17.63%	-3.28%	-14.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-0.15%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-5.23%	-0.30%	-4.93%
Max Drawdown (5Y) Largest decline over 5 years	-15.26%	-0.79%	-14.47%
Current Drawdown Current decline from peak	-5.54%	-0.02%	-5.52%
Average Drawdown Average peak-to-trough decline	-8.73%	-0.08%	-8.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.03%	+0.92%

Volatility

FLGV vs. JPST - Volatility Comparison

Franklin Liberty U.S. Treasury Bond ETF (FLGV) has a higher volatility of 1.20% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.15%. This indicates that FLGV'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

	FLGV	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.15%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	0.36%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	0.54%	+3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.43%	0.58%	+4.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	0.93%	+4.22%

FLGV vs. JPST - Expense Ratio Comparison

FLGV has a 0.09% expense ratio, which is lower than JPST's 0.18% 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. JPST - Dividend Comparison

FLGV's dividend yield for the trailing twelve months is around 4.15%, less than JPST's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLGV Franklin Liberty U.S. Treasury Bond ETF	4.15%	4.07%	4.13%	3.46%	2.21%	1.92%	0.97%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both FLGV and JPST in my portfolio?

FLGV and JPST have a correlation of 0.54, 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 JPST?

FLGV has higher volatility (1.20%) compared to JPST (0.15%). In terms of maximum drawdown, FLGV dropped -17.63% vs JPST's -3.28%.

Which ETF is better, FLGV or JPST?

On 5-year performance, JPST leads with 3.61% vs -0.17% for FLGV. On fees, FLGV is cheaper at 0.09% 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, FLGV or JPST?

Over the 5-year period, JPST has performed better with a 3.61% 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 JPST?

FLGV is cheaper with a 0.09% expense ratio, compared with 0.18% for JPST.

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

JPST has the higher dividend yield at 4.26%, compared with 4.15% for FLGV.

What is the main difference between FLGV and JPST?

FLGV is categorized as Government Bonds, while JPST is Ultrashort Bond. They also come from different issuers: Franklin Templeton and JPMorgan. Their fees differ too: 0.09% for FLGV and 0.18% for JPST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.09 vs 1.07), 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.