FLSP vs. TLT
FLSP (Franklin Liberty Systematic Style Premia ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - FLSP is a Long-Short fund actively managed by Franklin Templeton, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. FLSP is actively managed, while TLT is passively managed. Over the past 5 years, FLSP returned 8.32%/yr vs -6.53%/yr for TLT. At a correlation of -0.09, they often move in opposite directions. FLSP charges 0.65%/yr vs 0.15%/yr for TLT.
Performance
FLSP vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, FLSP achieves a 2.60% return, which is significantly higher than TLT's 0.27% return.
FLSP
- 1D
- 0.62%
- 1M
- 1.40%
- YTD
- 2.60%
- 6M
- 3.94%
- 1Y
- 16.52%
- 3Y*
- 10.62%
- 5Y*
- 8.32%
- 10Y*
- —
TLT
- 1D
- -0.24%
- 1M
- 2.93%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 3.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
FLSP vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FLSP Franklin Liberty Systematic Style Premia ETF | 2.60% | 15.56% | 11.75% | 3.14% | 0.44% | 11.44% | -15.19% | 0.90% |
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | -0.86% |
Correlation
The correlation between FLSP and TLT is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019 | -0.09 |
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Return for Risk
FLSP vs. TLT — Risk / Return Rank
FLSP
TLT
FLSP vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Systematic Style Premia ETF (FLSP) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.06 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 4.06 | 0.38 | +3.67 |
| Martin ratioReturn relative to average drawdown | 11.75 | 0.92 | +10.83 |
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Drawdowns
FLSP vs. TLT - Drawdown Comparison
The maximum FLSP drawdown since its inception was -22.75%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FLSP and TLT.
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Drawdown Indicators
| FLSP | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.75% | -48.35% | +25.60% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -7.58% | +3.55% |
Max Drawdown (3Y)Largest decline over 3 years | -6.69% | -19.18% | +12.49% |
Max Drawdown (5Y)Largest decline over 5 years | -9.52% | -43.70% | +34.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.65% | -40.12% | +39.47% |
Average DrawdownAverage peak-to-trough decline | -6.28% | -13.84% | +7.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 3.14% | -1.75% |
Volatility
FLSP vs. TLT - Volatility Comparison
The current volatility for Franklin Liberty Systematic Style Premia ETF (FLSP) is 1.66%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.83%. This indicates that FLSP experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLSP | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 2.83% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 6.78% | 6.64% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.11% | 9.68% | -0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.36% | 15.85% | -2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.50% | 14.91% | -1.41% |
FLSP vs. TLT - Expense Ratio Comparison
FLSP has a 0.65% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
FLSP vs. TLT - Dividend Comparison
FLSP's dividend yield for the trailing twelve months is around 2.58%, less than TLT's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLSP Franklin Liberty Systematic Style Premia ETF | 2.58% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
FLSP and TLT have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.83%) compared to FLSP (1.66%). In terms of maximum drawdown, FLSP dropped -22.75% vs TLT's -48.35%.
On 5-year performance, FLSP leads with 8.32% vs -6.53% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, FLSP has been the lower-risk option at 1.66%. 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 8.32% return vs -6.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.65% for FLSP.
TLT has the higher dividend yield at 4.56%, compared with 2.58% for FLSP.
FLSP is categorized as Long-Short, while TLT is Government Bonds. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.65% for FLSP and 0.15% for TLT.
FLSP currently has the higher Sharpe Ratio (1.80 vs 0.30), 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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