FLGV vs. PYLD

Last updated Jun 24, 2026

FLGV (Franklin Liberty U.S. Treasury Bond ETF) and PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) are both exchange-traded funds - FLGV is a Government Bonds fund actively managed by Franklin Templeton, while PYLD is a Multisector Bonds fund actively managed by PIMCO. Both are actively managed. Over the past 3 years, FLGV returned 2.98%/yr vs 8.06%/yr for PYLD. Their correlation of 0.85 suggests significant overlap in exposure. FLGV charges 0.09%/yr vs 0.55%/yr for PYLD.

Performance

FLGV vs. PYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty U.S. Treasury Bond ETF (FLGV) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). 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 PYLD's 1.41% return.

FLGV

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

PYLD

• 1D: 0.23%
• 1M: 0.93%
• YTD: 1.41%
• 6M: 1.60%
• 1Y: 6.83%
• 3Y*: 8.06%
• 5Y*: —
• 10Y*: —

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

FLGV vs. PYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLGV Franklin Liberty U.S. Treasury Bond ETF	0.21%	6.22%	0.62%	1.83%
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	1.41%	9.57%	7.69%	5.46%

Correlation

The correlation between FLGV and PYLD is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.85

The correlation between FLGV and PYLD has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

FLGV vs. PYLD — 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

PYLD

PYLD Risk / Return Rank: 65
PYLD Sharpe Ratio Rank: 72
PYLD Sortino Ratio Rank: 77
PYLD Omega Ratio Rank: 78
PYLD Calmar Ratio Rank: 44
PYLD Martin Ratio Rank: 57

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. PYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Treasury Bond ETF (FLGV) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). 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	PYLD	Difference
Sharpe ratio: Return per unit of total volatility	0.88	2.23	-1.35
Sortino ratio: Return per unit of downside risk	1.34	3.26	-1.91
Omega ratio: Gain probability vs. loss probability	1.15	1.44	-0.29
Calmar ratio: Return relative to maximum drawdown	1.16	2.11	-0.96
Martin ratio: Return relative to average drawdown	3.18	9.56	-6.39

FLGV vs. PYLD - Sharpe Ratio Comparison

The current FLGV Sharpe Ratio is 0.88, which is lower than the PYLD Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FLGV and PYLD, 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. PYLD - Drawdown Comparison

The maximum FLGV drawdown since its inception was -17.63%, which is greater than PYLD's maximum drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for FLGV and PYLD.

Drawdown Indicators

	FLGV	PYLD	Difference
Max Drawdown Largest peak-to-trough decline	-17.63%	-4.52%	-13.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-3.25%	+0.43%
Max Drawdown (3Y) Largest decline over 3 years	-5.23%	-4.52%	-0.71%
Max Drawdown (5Y) Largest decline over 5 years	-15.26%	—	—
Current Drawdown Current decline from peak	-5.40%	-0.30%	-5.10%
Average Drawdown Average peak-to-trough decline	-8.70%	-0.64%	-8.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	0.72%	+0.30%

Volatility

FLGV vs. PYLD - Volatility Comparison

Franklin Liberty U.S. Treasury Bond ETF (FLGV) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) have volatilities of 1.03% and 1.07%, 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.

Volatility by Period

	FLGV	PYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.07%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.60%	2.62%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	3.08%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	3.99%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	3.99%	+1.15%

FLGV vs. PYLD - Expense Ratio Comparison

FLGV has a 0.09% expense ratio, which is lower than PYLD's 0.55% expense ratio.

Dividends

FLGV vs. PYLD - Dividend Comparison

FLGV's dividend yield for the trailing twelve months is around 4.14%, less than PYLD's 6.27% 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%
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	6.27%	6.21%	6.40%	2.72%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLGV and PYLD in my portfolio?

FLGV and PYLD have a correlation of 0.79, 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 PYLD?

PYLD has higher volatility (1.07%) compared to FLGV (1.03%). In terms of maximum drawdown, FLGV dropped -17.63% vs PYLD's -4.52%.

Which ETF is better, FLGV or PYLD?

On 3-year performance, PYLD leads with 8.06% vs 2.98% 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.

Which ETF has performed better, FLGV or PYLD?

Over the 3-year period, PYLD has performed better with a 8.06% return vs 2.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLGV or PYLD?

FLGV is cheaper with a 0.09% expense ratio, compared with 0.55% for PYLD.

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

PYLD has the higher dividend yield at 6.27%, compared with 4.14% for FLGV.

What is the main difference between FLGV and PYLD?

FLGV is categorized as Government Bonds, while PYLD is Multisector Bonds. They also come from different issuers: Franklin Templeton and PIMCO. Their fees differ too: 0.09% for FLGV and 0.55% for PYLD.

Which has better risk-adjusted returns?

PYLD currently has the higher Sharpe Ratio (2.23 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.