FLRN vs. RAVI
FLRN (SPDR Bloomberg Barclays Investment Grade Floating Rate ETF) and RAVI (FlexShares Ultra-Short Income ETF) are both exchange-traded funds - FLRN is a Corporate Bonds fund tracking the Bloomberg US Floating Rate Notes (<5 Y), while RAVI is a Ultrashort Bond fund actively managed by FlexShares. FLRN is passively managed, while RAVI is actively managed. Over the past 10 years, FLRN returned 3.03%/yr vs 2.68%/yr for RAVI. At a 0.06 correlation, their price movements are largely independent. FLRN charges 0.15%/yr vs 0.25%/yr for RAVI.
Performance
FLRN vs. RAVI - Performance Comparison
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Returns By Period
In the year-to-date period, FLRN achieves a 1.93% return, which is significantly higher than RAVI's 1.66% return. Over the past 10 years, FLRN has outperformed RAVI with an annualized return of 3.03%, while RAVI has yielded a comparatively lower 2.68% annualized return.
FLRN
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.93%
- 6M
- 2.15%
- 1Y
- 4.81%
- 3Y*
- 5.60%
- 5Y*
- 4.20%
- 10Y*
- 3.03%
RAVI
- 1D
- 0.07%
- 1M
- 0.40%
- YTD
- 1.66%
- 6M
- 1.94%
- 1Y
- 4.50%
- 3Y*
- 5.20%
- 5Y*
- 3.52%
- 10Y*
- 2.68%
FLRN vs. RAVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 1.93% | 5.01% | 6.32% | 6.54% | 1.31% | 0.39% | 0.77% | 4.02% | 1.39% | 1.81% |
RAVI FlexShares Ultra-Short Income ETF | 1.66% | 4.98% | 5.67% | 5.55% | 0.15% | -0.04% | 2.06% | 3.49% | 1.65% | 1.22% |
Correlation
The correlation between FLRN and RAVI is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.06 |
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Return for Risk
FLRN vs. RAVI — Risk / Return Rank
FLRN
RAVI
FLRN vs. RAVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) and FlexShares Ultra-Short Income ETF (RAVI). 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.
| FLRN | RAVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.16 | ||
| Sortino ratioReturn per unit of downside risk | -12.52 | ||
| Omega ratioGain probability vs. loss probability | 3.33 | 5.64 | -2.32 |
| Calmar ratioReturn relative to maximum drawdown | 21.24 | 38.65 | -17.42 |
| Martin ratioReturn relative to average drawdown | 127.12 | 231.44 | -104.32 |
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Drawdowns
FLRN vs. RAVI - Drawdown Comparison
The maximum FLRN drawdown since its inception was -14.64%, which is greater than RAVI's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for FLRN and RAVI.
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Drawdown Indicators
| FLRN | RAVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.64% | -3.72% | -10.92% |
Max Drawdown (1Y)Largest decline over 1 year | -0.23% | -0.12% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -1.43% | -0.36% | -1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -2.16% | -3.28% | +1.12% |
Max Drawdown (10Y)Largest decline over 10 years | -14.64% | -3.72% | -10.92% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.82% | -0.17% | -1.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.02% | +0.02% |
Volatility
FLRN vs. RAVI - Volatility Comparison
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) has a higher volatility of 0.16% compared to FlexShares Ultra-Short Income ETF (RAVI) at 0.10%. This indicates that FLRN's price experiences larger fluctuations and is considered to be riskier than RAVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLRN | RAVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.16% | 0.10% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.53% | 0.30% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.69% | 0.40% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.69% | 1.41% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 1.28% | +2.92% |
FLRN vs. RAVI - Expense Ratio Comparison
FLRN has a 0.15% expense ratio, which is lower than RAVI's 0.25% 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
FLRN vs. RAVI - Dividend Comparison
FLRN's dividend yield for the trailing twelve months is around 4.50%, more than RAVI's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 4.50% | 4.89% | 5.67% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% |
RAVI FlexShares Ultra-Short Income ETF | 4.38% | 4.59% | 5.34% | 4.55% | 1.70% | 0.90% | 1.29% | 2.53% | 2.22% | 1.28% | 0.90% | 0.00% |
Frequently Asked Questions
FLRN and RAVI have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLRN has higher volatility (0.16%) compared to RAVI (0.10%). In terms of maximum drawdown, FLRN dropped -14.64% vs RAVI's -3.72%.
On 10-year performance, FLRN leads with 3.03% vs 2.68% for RAVI. On fees, FLRN is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FLRN has performed better with a 3.03% return vs 2.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLRN is cheaper with a 0.15% expense ratio, compared with 0.25% for RAVI.
FLRN has the higher dividend yield at 4.50%, compared with 4.38% for RAVI.
FLRN is categorized as Corporate Bonds, while RAVI is Ultrashort Bond. They also come from different issuers: State Street and FlexShares. Their fees differ too: 0.15% for FLRN and 0.25% for RAVI.
RAVI currently has the higher Sharpe Ratio (11.19 vs 7.03), 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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