FLGV vs. WAIIX

Last updated Jun 4, 2026

FLGV (Franklin Liberty U.S. Treasury Bond ETF) and WAIIX (Western Asset Inflation Indexed Plus Bond Fund) are both funds - FLGV is a Government Bonds fund actively managed by Franklin Templeton, while WAIIX is a Inflation-Protected Bonds fund managed by Franklin Templeton. Over the past 5 years, FLGV returned -0.17%/yr vs 0.54%/yr for WAIIX. A 0.78 correlation means they provide meaningful diversification when combined. FLGV charges 0.09%/yr vs 0.54%/yr for WAIIX.

Performance

FLGV vs. WAIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty U.S. Treasury Bond ETF (FLGV) and Western Asset Inflation Indexed Plus Bond Fund (WAIIX). 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 WAIIX's 1.43% return.

FLGV

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

WAIIX

• 1D: 0.00%
• 1M: 0.10%
• YTD: 1.43%
• 6M: 0.98%
• 1Y: 4.83%
• 3Y*: 3.39%
• 5Y*: 0.54%
• 10Y*: 2.26%

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

FLGV vs. WAIIX - 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%
WAIIX Western Asset Inflation Indexed Plus Bond Fund	1.43%	6.41%	1.05%	3.30%	-12.64%	4.74%	5.85%

Correlation

The correlation between FLGV and WAIIX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 12, 2020	0.78

The correlation between FLGV and WAIIX has been stable across timeframes, ranging from 0.78 to 0.88 - a consistent structural relationship.

Return for Risk

FLGV vs. WAIIX — 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

WAIIX

WAIIX Risk / Return Rank: 27
WAIIX Sharpe Ratio Rank: 22
WAIIX Sortino Ratio Rank: 24
WAIIX Omega Ratio Rank: 22
WAIIX Calmar Ratio Rank: 33
WAIIX Martin Ratio Rank: 32

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. WAIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Treasury Bond ETF (FLGV) and Western Asset Inflation Indexed Plus Bond Fund (WAIIX). 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	WAIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.37	-0.30
Sortino ratio: Return per unit of downside risk	1.63	2.06	-0.44
Omega ratio: Gain probability vs. loss probability	1.19	1.25	-0.06
Calmar ratio: Return relative to maximum drawdown	1.42	2.18	-0.76
Martin ratio: Return relative to average drawdown	4.20	7.31	-3.11
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. WAIIX - Sharpe Ratio Comparison

The current FLGV Sharpe Ratio is 1.07, which is comparable to the WAIIX Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FLGV and WAIIX, 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	WAIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.37	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.08	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	0.64	-0.78

Drawdowns

FLGV vs. WAIIX - Drawdown Comparison

The maximum FLGV drawdown since its inception was -17.63%, which is greater than WAIIX's maximum drawdown of -16.55%. Use the drawdown chart below to compare losses from any high point for FLGV and WAIIX.

Drawdown Indicators

	FLGV	WAIIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.63%	-16.55%	-1.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-2.18%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-5.23%	-5.85%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-15.26%	-15.99%	+0.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-15.99%	—
Current Drawdown Current decline from peak	-5.54%	-2.10%	-3.44%
Average Drawdown Average peak-to-trough decline	-8.73%	-3.83%	-4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.65%	+0.30%

Volatility

FLGV vs. WAIIX - Volatility Comparison

Franklin Liberty U.S. Treasury Bond ETF (FLGV) has a higher volatility of 1.20% compared to Western Asset Inflation Indexed Plus Bond Fund (WAIIX) at 0.93%. This indicates that FLGV's price experiences larger fluctuations and is considered to be riskier than WAIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLGV	WAIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.93%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	2.39%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	3.47%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.43%	6.39%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	5.65%	-0.50%

FLGV vs. WAIIX - Expense Ratio Comparison

FLGV has a 0.09% expense ratio, which is lower than WAIIX's 0.54% expense ratio.

Dividends

FLGV vs. WAIIX - Dividend Comparison

FLGV's dividend yield for the trailing twelve months is around 4.15%, more than WAIIX's 3.45% 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%
WAIIX Western Asset Inflation Indexed Plus Bond Fund	3.45%	4.12%	3.44%	2.80%	6.69%	12.25%	1.38%	2.18%	2.82%	2.03%	1.30%	0.37%

Frequently Asked Questions

Can I hold both FLGV and WAIIX in my portfolio?

FLGV and WAIIX have a correlation of 0.82, 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 WAIIX?

FLGV has higher volatility (1.20%) compared to WAIIX (0.93%). In terms of maximum drawdown, FLGV dropped -17.63% vs WAIIX's -16.55%.

Which has better risk-adjusted returns?

WAIIX currently has the higher Sharpe Ratio (1.37 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.