FLRN vs. UYLD

Last updated Jul 17, 2026

FLRN (State Street SPDR Bloomberg Investment Grade Floating Rate ETF) and UYLD (Angel Oak Ultrashort Income ETF) are both Ultrashort Bond funds. FLRN is passively managed, while UYLD is actively managed. Over the past 3 years, FLRN returned 5.53%/yr vs 5.84%/yr for UYLD. At a 0.01 correlation, their price movements are largely independent. FLRN charges 0.15%/yr vs 0.29%/yr for UYLD.

Performance

FLRN vs. UYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) and Angel Oak Ultrashort Income ETF (UYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLRN achieves a 2.28% return, which is significantly lower than UYLD's 2.45% return.

FLRN

• 1D: 0.00%
• 1M: 0.34%
• 6M: 2.05%
• YTD: 2.28%
• 1Y: 4.55%
• 3Y*: 5.53%
• 5Y*: 4.27%
• 10Y*: 3.04%

UYLD

• 1D: 0.05%
• 1M: 0.41%
• 6M: 2.31%
• YTD: 2.45%
• 1Y: 4.96%
• 3Y*: 5.84%
• 5Y*: —
• 10Y*: —

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

FLRN vs. UYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF	2.28%	5.01%	6.32%	6.54%	1.27%
UYLD Angel Oak Ultrashort Income ETF	2.45%	5.36%	6.10%	6.90%	1.09%

Correlation

The correlation between FLRN and UYLD is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Oct 25, 2022	0.01

The correlation between FLRN and UYLD shifts across timeframes, from 0.01 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FLRN vs. UYLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FLRN

FLRN Risk / Return Rank: 99
FLRN Sharpe Ratio Rank: 99
FLRN Sortino Ratio Rank: 99
FLRN Omega Ratio Rank: 99
FLRN Calmar Ratio Rank: 99
FLRN Martin Ratio Rank: 99

UYLD

UYLD Risk / Return Rank: 99
UYLD Sharpe Ratio Rank: 99
UYLD Sortino Ratio Rank: 99
UYLD Omega Ratio Rank: 99
UYLD Calmar Ratio Rank: 99
UYLD Martin Ratio Rank: 99

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.

FLRN vs. UYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) and Angel Oak Ultrashort Income ETF (UYLD). 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	UYLD	Difference
Sharpe ratio: Return per unit of total volatility	6.62	7.83	-1.21
Sortino ratio: Return per unit of downside risk	11.93	21.17	-9.24
Omega ratio: Gain probability vs. loss probability	3.13	4.32	-1.19
Calmar ratio: Return relative to maximum drawdown	20.07	36.47	-16.40
Martin ratio: Return relative to average drawdown	118.41	218.02	-99.60

FLRN vs. UYLD - Sharpe Ratio Comparison

The current FLRN Sharpe Ratio is 6.62, which is comparable to the UYLD Sharpe Ratio of 7.83. The chart below compares the historical Sharpe Ratios of FLRN and UYLD, 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

FLRN vs. UYLD - Drawdown Comparison

The maximum FLRN drawdown since its inception was -14.64%, which is greater than UYLD's maximum drawdown of -0.54%. Use the drawdown chart below to compare losses from any high point for FLRN and UYLD.

Drawdown Indicators

	FLRN	UYLD	Difference
Max Drawdown Largest peak-to-trough decline	-14.64%	-0.54%	-14.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.23%	-0.14%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-1.43%	-0.54%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-2.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.64%	—	—
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.81%	-0.03%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.02%	+0.02%

Volatility

FLRN vs. UYLD - Volatility Comparison

State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) has a higher volatility of 0.17% compared to Angel Oak Ultrashort Income ETF (UYLD) at 0.13%. This indicates that FLRN's price experiences larger fluctuations and is considered to be riskier than UYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLRN	UYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	0.13%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	0.50%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	0.69%	0.64%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.69%	0.99%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.20%	0.99%	+3.21%

FLRN vs. UYLD - Expense Ratio Comparison

FLRN has a 0.15% expense ratio, which is lower than UYLD's 0.29% expense ratio.

Dividends

FLRN vs. UYLD - Dividend Comparison

FLRN's dividend yield for the trailing twelve months is around 4.45%, less than UYLD's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF	4.45%	4.89%	5.67%	5.68%	1.95%	0.39%	1.22%	2.76%	2.39%	1.64%	1.06%	0.63%
UYLD Angel Oak Ultrashort Income ETF	5.00%	5.07%	4.97%	5.92%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLRN and UYLD in my portfolio?

FLRN and UYLD have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLRN or UYLD?

FLRN has higher volatility (0.17%) compared to UYLD (0.13%). In terms of maximum drawdown, FLRN dropped -14.64% vs UYLD's -0.54%.

Which ETF is better, FLRN or UYLD?

On 3-year performance, UYLD leads with 5.84% vs 5.53% for FLRN. 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.

Which ETF has performed better, FLRN or UYLD?

Over the 3-year period, UYLD has performed better with a 5.84% return vs 5.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLRN or UYLD?

FLRN is cheaper with a 0.15% expense ratio, compared with 0.29% for UYLD.

Which ETF pays a higher dividend yield, FLRN or UYLD?

UYLD has the higher dividend yield at 5.00%, compared with 4.45% for FLRN.

What is the main difference between FLRN and UYLD?

They also come from different issuers: State Street and Angel Oak. Their fees differ too: 0.15% for FLRN and 0.29% for UYLD.

Which has better risk-adjusted returns?

UYLD currently has the higher Sharpe Ratio (7.83 vs 6.62), 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.