FLGV vs. SPY
FLGV (Franklin Liberty U.S. Treasury Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FLGV is a Government Bonds fund actively managed by Franklin Templeton, while SPY is a S&P 500 fund tracking the S&P 500 Index. FLGV is actively managed, while SPY is passively managed. Over the past 5 years, FLGV returned -0.20%/yr vs 13.51%/yr for SPY. At a 0.07 correlation, their price movements are largely independent. FLGV charges 0.09%/yr vs 0.09%/yr for SPY.
Performance
FLGV vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, FLGV achieves a 0.11% return, which is significantly lower than SPY's 9.74% return.
FLGV
- 1D
- -0.30%
- 1M
- 0.47%
- YTD
- 0.11%
- 6M
- 0.18%
- 1Y
- 3.40%
- 3Y*
- 2.95%
- 5Y*
- -0.20%
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
FLGV vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FLGV Franklin Liberty U.S. Treasury Bond ETF | 0.11% | 6.22% | 0.62% | 4.18% | -11.53% | -2.39% | -0.27% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.69% |
Correlation
The correlation between FLGV and SPY is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2020 | 0.07 |
The correlation between FLGV and SPY shifts across timeframes, from 0.07 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FLGV vs. SPY — Risk / Return Rank
FLGV
SPY
FLGV vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Treasury Bond ETF (FLGV) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.39 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 3.01 | -1.80 |
| Martin ratioReturn relative to average drawdown | 3.34 | 13.54 | -10.19 |
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Drawdowns
FLGV vs. SPY - Drawdown Comparison
The maximum FLGV drawdown since its inception was -17.63%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FLGV and SPY.
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Drawdown Indicators
| FLGV | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.63% | -55.19% | +37.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -8.88% | +6.06% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -18.76% | +13.53% |
Max Drawdown (5Y)Largest decline over 5 years | -15.26% | -24.50% | +9.24% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -5.49% | -1.75% | -3.74% |
Average DrawdownAverage peak-to-trough decline | -8.70% | -9.04% | +0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.97% | -0.95% |
Volatility
FLGV vs. SPY - Volatility Comparison
The current volatility for Franklin Liberty U.S. Treasury Bond ETF (FLGV) is 1.03%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that FLGV experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLGV | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 4.64% | -3.61% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 9.75% | -7.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 12.43% | -8.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 17.14% | -11.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 17.99% | -12.85% |
FLGV vs. SPY - Expense Ratio Comparison
FLGV has a 0.09% expense ratio, which is lower than SPY's 0.09% 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. SPY - Dividend Comparison
FLGV's dividend yield for the trailing twelve months is around 4.15%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
FLGV and SPY have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to FLGV (1.03%). In terms of maximum drawdown, FLGV dropped -17.63% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.51% vs -0.20% for FLGV. On fees, FLGV is cheaper at 0.09% per year. On volatility, FLGV has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.51% return vs -0.20%. 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 0.09% for SPY.
FLGV has the higher dividend yield at 4.15%, compared with 1.01% for SPY.
FLGV is categorized as Government Bonds, while SPY is S&P 500. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.09% for FLGV and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 0.92), 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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