FLGV vs. VCSH
FLGV (Franklin Liberty U.S. Treasury Bond ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - FLGV is a Government Bonds fund actively managed by Franklin Templeton, while VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index. FLGV is actively managed, while VCSH is passively managed. Over the past 5 years, FLGV returned -0.17%/yr vs 2.37%/yr for VCSH. A 0.79 correlation means they provide meaningful diversification when combined. FLGV charges 0.09%/yr vs 0.04%/yr for VCSH.
Performance
FLGV vs. VCSH - 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 VCSH's 0.72% return.
FLGV
- 1D
- 0.10%
- 1M
- 0.57%
- YTD
- 0.21%
- 6M
- 0.30%
- 1Y
- 3.25%
- 3Y*
- 2.98%
- 5Y*
- -0.17%
- 10Y*
- —
VCSH
- 1D
- 0.10%
- 1M
- 0.35%
- YTD
- 0.72%
- 6M
- 0.95%
- 1Y
- 4.09%
- 3Y*
- 5.59%
- 5Y*
- 2.37%
- 10Y*
- 2.65%
FLGV vs. VCSH - 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% |
VCSH Vanguard Short-Term Corporate Bond ETF | 0.72% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 2.42% |
Correlation
The correlation between FLGV and VCSH is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2020 | 0.79 |
The correlation between FLGV and VCSH has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.
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Return for Risk
FLGV vs. VCSH — Risk / Return Rank
FLGV
VCSH
FLGV vs. VCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Treasury Bond ETF (FLGV) and Vanguard Short-Term Corporate Bond ETF (VCSH). 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 | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.42 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 2.93 | -1.77 |
| Martin ratioReturn relative to average drawdown | 3.18 | 11.86 | -8.68 |
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Drawdowns
FLGV vs. VCSH - Drawdown Comparison
The maximum FLGV drawdown since its inception was -17.63%, which is greater than VCSH's maximum drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for FLGV and VCSH.
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Drawdown Indicators
| FLGV | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.63% | -12.86% | -4.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -1.40% | -1.42% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -1.40% | -3.83% |
Max Drawdown (5Y)Largest decline over 5 years | -15.26% | -9.48% | -5.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.86% | — |
Current DrawdownCurrent decline from peak | -5.40% | -0.24% | -5.16% |
Average DrawdownAverage peak-to-trough decline | -8.70% | -0.96% | -7.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.35% | +0.67% |
Volatility
FLGV vs. VCSH - Volatility Comparison
Franklin Liberty U.S. Treasury Bond ETF (FLGV) has a higher volatility of 1.03% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.69%. This indicates that FLGV's price experiences larger fluctuations and is considered to be riskier than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLGV | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 0.69% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 1.48% | +1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 1.92% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 2.89% | +2.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 3.35% | +1.79% |
FLGV vs. VCSH - Expense Ratio Comparison
FLGV has a 0.09% expense ratio, which is higher than VCSH's 0.04% expense ratio. However, 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. VCSH - Dividend Comparison
FLGV's dividend yield for the trailing twelve months is around 4.14%, less than VCSH's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLGV Franklin Liberty U.S. Treasury Bond ETF | 4.14% | 4.07% | 4.13% | 3.46% | 2.21% | 1.92% | 0.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.45% | 4.35% | 3.96% | 3.09% | 2.01% | 1.81% | 2.27% | 2.87% | 2.65% | 2.26% | 2.10% | 2.08% |
Frequently Asked Questions
FLGV and VCSH have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLGV has higher volatility (1.03%) compared to VCSH (0.69%). In terms of maximum drawdown, FLGV dropped -17.63% vs VCSH's -12.86%.
On 5-year performance, VCSH leads with 2.37% vs -0.17% for FLGV. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VCSH has performed better with a 2.37% return vs -0.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCSH is cheaper with a 0.04% expense ratio, compared with 0.09% for FLGV.
VCSH has the higher dividend yield at 4.45%, compared with 4.14% for FLGV.
FLGV is categorized as Government Bonds, while VCSH is Corporate Bonds. They also come from different issuers: Franklin Templeton and Vanguard. Their fees differ too: 0.09% for FLGV and 0.04% for VCSH.
VCSH currently has the higher Sharpe Ratio (2.14 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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