FLSP vs. BLV
FLSP (Franklin Liberty Systematic Style Premia ETF) and BLV (Vanguard Long-Term Bond ETF) are both exchange-traded funds - FLSP is a Long-Short fund actively managed by Franklin Templeton, while BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index. FLSP is actively managed, while BLV is passively managed. Over the past 5 years, FLSP returned 8.25%/yr vs -5.04%/yr for BLV. Their -0.05 correlation means they have often moved in opposite directions in the past. FLSP charges 0.65%/yr vs 0.03%/yr for BLV.
Performance
FLSP vs. BLV - Performance Comparison
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Returns By Period
In the year-to-date period, FLSP achieves a 5.20% return, which is significantly higher than BLV's -2.81% return.
FLSP
- 1D
- 1.51%
- 1M
- 3.43%
- 6M
- 4.81%
- YTD
- 5.20%
- 1Y
- 17.32%
- 3Y*
- 10.53%
- 5Y*
- 8.25%
- 10Y*
- —
- ALL TIME*
- 4.56%
BLV
- 1D
- -0.47%
- 1M
- -3.57%
- 6M
- -2.98%
- YTD
- -2.81%
- 1Y
- -0.73%
- 3Y*
- 1.49%
- 5Y*
- -5.04%
- 10Y*
- 0.27%
- ALL TIME*
- 4.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $48.82M | $52.31M | $45.06M | |
| $2.89M | $2.48M | $2.72M |
FLSP vs. BLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FLSP Franklin Liberty Systematic Style Premia ETF | 5.20% | 15.56% | 11.75% | 3.14% | 0.44% | 11.44% | -15.19% | 0.90% |
BLV Vanguard Long-Term Bond ETF | -2.81% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | -0.26% |
Correlation
The correlation between FLSP and BLV is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.16 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019 | -0.05 |
The correlation between FLSP and BLV shifts across timeframes, from -0.16 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLSP vs. BLV — Risk / Return Rank
FLSP
BLV
FLSP vs. BLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Systematic Style Premia ETF (FLSP) and Vanguard Long-Term Bond ETF (BLV). 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.
| FLSP | BLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.98 | ||
| Sortino ratioReturn per unit of downside risk | +2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.02 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 4.48 | 0.07 | +4.41 |
| Martin ratioReturn relative to average drawdown | 13.39 | 0.16 | +13.23 |
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Drawdowns
FLSP vs. BLV - Drawdown Comparison
The maximum FLSP drawdown since its inception was -22.75%, smaller than the maximum BLV drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for FLSP and BLV.
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Drawdown Indicators
| FLSP | BLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.75% | -38.29% | +15.54% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -5.92% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -6.69% | -11.70% | +5.01% |
Max Drawdown (5Y)Largest decline over 5 years | -9.52% | -36.27% | +26.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.29% | — |
Current DrawdownCurrent decline from peak | 0.00% | -26.48% | +26.48% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -9.63% | +3.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 2.63% | -1.28% |
Volatility
FLSP vs. BLV - Volatility Comparison
Franklin Liberty Systematic Style Premia ETF (FLSP) has a higher volatility of 2.98% compared to Vanguard Long-Term Bond ETF (BLV) at 2.12%. This indicates that FLSP's price experiences larger fluctuations and is considered to be riskier than BLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLSP | BLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.98% | 2.12% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 6.55% | 5.96% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.88% | 7.83% | +1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.37% | 12.90% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.42% | 11.95% | +1.47% |
FLSP vs. BLV - Expense Ratio Comparison
FLSP has a 0.65% expense ratio, which is higher than BLV's 0.03% expense ratio.
Dividends
FLSP vs. BLV - Dividend Comparison
FLSP's dividend yield for the trailing twelve months is around 2.52%, less than BLV's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.54% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
FLSP Franklin Liberty Systematic Style Premia ETF | 2.52% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLSP and BLV have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLSP has higher volatility (2.98%) compared to BLV (2.12%). In terms of maximum drawdown, FLSP dropped -22.75% vs BLV's -38.29%.
On 5-year performance, FLSP leads with 8.25% vs -5.04% for BLV. On fees, BLV is cheaper at 0.03% per year. On volatility, BLV has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLSP has performed better with a 8.25% return vs -5.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV is cheaper with a 0.03% expense ratio, compared with 0.65% for FLSP.
BLV has the higher dividend yield at 4.54%, compared with 2.52% for FLSP.
FLSP is categorized as Long-Short, while BLV is Long-Term Bond. They also come from different issuers: Franklin Templeton and Vanguard. Their fees differ too: 0.65% for FLSP and 0.03% for BLV.
FLSP currently has the higher Sharpe Ratio (2.03 vs 0.05), 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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