FLUD vs. FLCB

Last updated Jun 23, 2026

FLUD (Franklin Ultra Short Bond ETF) and FLCB (Franklin U.S. Core Bond ETF) are both exchange-traded funds - FLUD is a Ultrashort Bond fund actively managed by Franklin Templeton, while FLCB is a Intermediate Core Bond fund actively managed by Franklin Templeton. Both are actively managed. Over the past 5 years, FLUD returned 3.65%/yr vs -0.05%/yr for FLCB. At a 0.16 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

FLUD vs. FLCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Ultra Short Bond ETF (FLUD) and Franklin U.S. Core Bond ETF (FLCB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLUD achieves a 1.60% return, which is significantly higher than FLCB's 0.41% return.

FLUD

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.60%
• 6M: 1.77%
• 1Y: 4.25%
• 3Y*: 5.23%
• 5Y*: 3.65%
• 10Y*: —

FLCB

• 1D: -0.19%
• 1M: 0.59%
• YTD: 0.41%
• 6M: 0.53%
• 1Y: 4.54%
• 3Y*: 3.97%
• 5Y*: -0.05%
• 10Y*: —

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

FLUD vs. FLCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FLUD Franklin Ultra Short Bond ETF	1.60%	5.36%	5.44%	5.95%	0.16%	0.09%	0.71%
FLCB Franklin U.S. Core Bond ETF	0.41%	6.95%	1.59%	5.72%	-13.54%	-1.73%	1.13%

Correlation

The correlation between FLUD and FLCB is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jul 16, 2020	0.16

The correlation between FLUD and FLCB shifts across timeframes, from 0.09 (3 years) to 0.19 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FLUD vs. FLCB — Risk / Return Rank

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

FLUD

FLUD Risk / Return Rank: 92
FLUD Sharpe Ratio Rank: 85
FLUD Sortino Ratio Rank: 92
FLUD Omega Ratio Rank: 91
FLUD Calmar Ratio Rank: 97
FLUD Martin Ratio Rank: 97

FLCB

FLCB Risk / Return Rank: 33
FLCB Sharpe Ratio Rank: 35
FLCB Sortino Ratio Rank: 34
FLCB Omega Ratio Rank: 32
FLCB Calmar Ratio Rank: 33
FLCB 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.

FLUD vs. FLCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Ultra Short Bond ETF (FLUD) and Franklin U.S. Core Bond ETF (FLCB). 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.

	FLUD	FLCB	Difference
Sharpe ratio: Return per unit of total volatility	2.66	1.20	+1.46
Sortino ratio: Return per unit of downside risk	4.19	1.77	+2.43
Omega ratio: Gain probability vs. loss probability	1.57	1.21	+0.36
Calmar ratio: Return relative to maximum drawdown	9.76	1.60	+8.16
Martin ratio: Return relative to average drawdown	38.93	4.60	+34.33

FLUD vs. FLCB - Sharpe Ratio Comparison

The current FLUD Sharpe Ratio is 2.66, which is higher than the FLCB Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of FLUD and FLCB, 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

FLUD vs. FLCB - Drawdown Comparison

The maximum FLUD drawdown since its inception was -1.66%, smaller than the maximum FLCB drawdown of -18.82%. Use the drawdown chart below to compare losses from any high point for FLUD and FLCB.

Drawdown Indicators

	FLUD	FLCB	Difference
Max Drawdown Largest peak-to-trough decline	-1.66%	-18.82%	+17.16%
Max Drawdown (1Y) Largest decline over 1 year	-0.44%	-2.85%	+2.41%
Max Drawdown (3Y) Largest decline over 3 years	-0.59%	-6.16%	+5.57%
Max Drawdown (5Y) Largest decline over 5 years	-1.66%	-18.48%	+16.82%
Current Drawdown Current decline from peak	-0.08%	-2.22%	+2.14%
Average Drawdown Average peak-to-trough decline	-0.24%	-6.59%	+6.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.99%	-0.88%

Volatility

FLUD vs. FLCB - Volatility Comparison

The current volatility for Franklin Ultra Short Bond ETF (FLUD) is 0.39%, while Franklin U.S. Core Bond ETF (FLCB) has a volatility of 1.01%. This indicates that FLUD experiences smaller price fluctuations and is considered to be less risky than FLCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLUD	FLCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	1.01%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	0.78%	2.82%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	1.61%	3.81%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.34%	5.75%	-4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.26%	5.49%	-4.23%

FLUD vs. FLCB - Expense Ratio Comparison

Both FLUD and FLCB have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FLUD vs. FLCB - Dividend Comparison

FLUD's dividend yield for the trailing twelve months is around 4.27%, which matches FLCB's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FLCB Franklin U.S. Core Bond ETF	4.30%	4.19%	4.10%	3.40%	2.73%	2.28%	3.24%	0.73%
FLUD Franklin Ultra Short Bond ETF	4.27%	4.51%	4.97%	4.72%	1.39%	0.92%	0.93%	0.00%

Frequently Asked Questions

Can I hold both FLUD and FLCB in my portfolio?

FLUD and FLCB have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLUD or FLCB?

FLCB has higher volatility (1.01%) compared to FLUD (0.39%). In terms of maximum drawdown, FLUD dropped -1.66% vs FLCB's -18.82%.

Which ETF is better, FLUD or FLCB?

On 5-year performance, FLUD leads with 3.65% vs -0.05% for FLCB. Both ETFs have the same 0.15% expense ratio. On volatility, FLUD has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLUD or FLCB?

Over the 5-year period, FLUD has performed better with a 3.65% return vs -0.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLUD or FLCB?

FLUD and FLCB have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, FLUD or FLCB?

FLCB has the higher dividend yield at 4.30%, compared with 4.27% for FLUD.

What is the main difference between FLUD and FLCB?

FLUD is categorized as Ultrashort Bond, while FLCB is Intermediate Core Bond.

Which has better risk-adjusted returns?

FLUD currently has the higher Sharpe Ratio (2.66 vs 1.20), 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.