FTSD vs. GNMA
FTSD (Franklin Short Duration U.S. Government ETF) and GNMA (iShares GNMA Bond ETF) are both Mortgage Backed Securities funds. FTSD is actively managed, while GNMA is passively managed. Over the past 10 years, FTSD returned 2.10%/yr vs 1.05%/yr for GNMA. Their 0.40 correlation means their historical movements had little consistent relationship. FTSD charges 0.25%/yr vs 0.15%/yr for GNMA.
Performance
FTSD vs. GNMA - Performance Comparison
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Returns By Period
In the year-to-date period, FTSD achieves a 1.24% return, which is significantly higher than GNMA's -0.46% return. Over the past 10 years, FTSD has outperformed GNMA with an annualized return of 2.10%, while GNMA has yielded a comparatively lower 1.05% annualized return.
FTSD
- 1D
- 0.00%
- 1M
- 0.05%
- 6M
- 0.99%
- YTD
- 1.24%
- 1Y
- 3.75%
- 3Y*
- 5.00%
- 5Y*
- 2.57%
- 10Y*
- 2.10%
- ALL TIME*
- 1.80%
GNMA
- 1D
- -0.10%
- 1M
- -1.44%
- 6M
- -0.93%
- YTD
- -0.46%
- 1Y
- 3.15%
- 3Y*
- 4.21%
- 5Y*
- 0.31%
- 10Y*
- 1.05%
- ALL TIME*
- 1.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.17M | $2.80M | $2.13M | |
| $2.87M | $1.71M | $1.66M |
FTSD vs. GNMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTSD Franklin Short Duration U.S. Government ETF | 1.24% | 5.66% | 5.20% | 4.84% | -3.13% | -0.90% | 3.13% | 2.40% | 1.64% | 0.63% |
GNMA iShares GNMA Bond ETF | -0.46% | 8.25% | 1.07% | 5.34% | -10.83% | -1.86% | 3.51% | 5.85% | 0.85% | 1.74% |
Correlation
The correlation between FTSD and GNMA is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2013 | 0.40 |
The correlation between FTSD and GNMA shifts across timeframes, from 0.40 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FTSD vs. GNMA — Risk / Return Rank
FTSD
GNMA
FTSD vs. GNMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Short Duration U.S. Government ETF (FTSD) and iShares GNMA Bond ETF (GNMA). 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.
| FTSD | GNMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.91 | ||
| Sortino ratioReturn per unit of downside risk | +2.97 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.16 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 8.64 | 1.54 | +7.09 |
| Martin ratioReturn relative to average drawdown | 32.41 | 4.10 | +28.31 |
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Drawdowns
FTSD vs. GNMA - Drawdown Comparison
The maximum FTSD drawdown since its inception was -5.32%, smaller than the maximum GNMA drawdown of -17.09%. Use the drawdown chart below to compare losses from any high point for FTSD and GNMA.
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Drawdown Indicators
| FTSD | GNMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.32% | -17.09% | +11.77% |
Max Drawdown (1Y)Largest decline over 1 year | -0.45% | -2.61% | +2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -0.93% | -6.11% | +5.18% |
Max Drawdown (5Y)Largest decline over 5 years | -4.95% | -15.80% | +10.85% |
Max Drawdown (10Y)Largest decline over 10 years | -5.32% | -17.09% | +11.77% |
Current DrawdownCurrent decline from peak | 0.00% | -2.41% | +2.41% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -3.64% | +3.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.12% | 0.98% | -0.86% |
Volatility
FTSD vs. GNMA - Volatility Comparison
The current volatility for Franklin Short Duration U.S. Government ETF (FTSD) is 0.32%, while iShares GNMA Bond ETF (GNMA) has a volatility of 1.24%. This indicates that FTSD experiences smaller price fluctuations and is considered to be less risky than GNMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTSD | GNMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 1.24% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 1.09% | 3.35% | -2.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.36% | 4.26% | -2.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.87% | 6.65% | -4.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.76% | 5.15% | -3.39% |
FTSD vs. GNMA - Expense Ratio Comparison
FTSD has a 0.25% expense ratio, which is higher than GNMA's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FTSD vs. GNMA - Dividend Comparison
FTSD's dividend yield for the trailing twelve months is around 4.48%, more than GNMA's 4.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSD Franklin Short Duration U.S. Government ETF | 4.05% | 4.67% | 4.75% | 4.14% | 1.73% | 1.01% | 1.54% | 2.90% | 2.63% | 2.24% | 1.92% | 1.52% |
GNMA iShares GNMA Bond ETF | 3.94% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
Frequently Asked Questions
FTSD and GNMA have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GNMA has higher volatility (1.24%) compared to FTSD (0.32%). In terms of maximum drawdown, FTSD dropped -5.32% vs GNMA's -17.09%.
On 10-year performance, FTSD leads with 2.10% vs 1.05% for GNMA. On fees, GNMA is cheaper at 0.15% per year. On volatility, FTSD has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FTSD has performed better with a 2.10% return vs 1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNMA is cheaper with a 0.15% expense ratio, compared with 0.25% for FTSD.
FTSD has the higher dividend yield at 4.05%, compared with 3.94% for GNMA.
They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.25% for FTSD and 0.15% for GNMA.
FTSD currently has the higher Sharpe Ratio (2.86 vs 0.95), 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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