FTSM vs. FLRN
FTSM (First Trust Enhanced Short Maturity ETF) and FLRN (State Street SPDR Bloomberg Investment Grade Floating Rate ETF) are both Ultrashort Bond funds. FTSM is actively managed, while FLRN is passively managed. Over the past 10 years, FTSM returned 2.58%/yr vs 3.05%/yr for FLRN. At a 0.05 correlation, their price movements are largely independent. FTSM charges 0.44%/yr vs 0.15%/yr for FLRN.
Performance
FTSM vs. FLRN - Performance Comparison
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Returns By Period
In the year-to-date period, FTSM achieves a 1.79% return, which is significantly lower than FLRN's 2.32% return. Over the past 10 years, FTSM has underperformed FLRN with an annualized return of 2.58%, while FLRN has yielded a comparatively higher 3.05% annualized return.
FTSM
- 1D
- -0.05%
- 1M
- 0.23%
- 6M
- 1.71%
- YTD
- 1.79%
- 1Y
- 4.01%
- 3Y*
- 4.80%
- 5Y*
- 3.53%
- 10Y*
- 2.58%
FLRN
- 1D
- 0.00%
- 1M
- 0.38%
- 6M
- 2.18%
- YTD
- 2.32%
- 1Y
- 4.65%
- 3Y*
- 5.57%
- 5Y*
- 4.27%
- 10Y*
- 3.05%
FTSM vs. FLRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTSM First Trust Enhanced Short Maturity ETF | 1.79% | 4.66% | 5.22% | 5.12% | 1.02% | -0.01% | 1.12% | 2.82% | 1.94% | 1.57% |
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 2.32% | 5.01% | 6.32% | 6.54% | 1.31% | 0.39% | 0.77% | 4.02% | 1.39% | 1.81% |
Correlation
The correlation between FTSM and FLRN is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2014 | 0.05 |
The correlation between FTSM and FLRN shifts across timeframes, from 0.05 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FTSM vs. FLRN — Risk / Return Rank
FTSM
FLRN
FTSM vs. FLRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Short Maturity ETF (FTSM) and State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN). 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.
| FTSM | FLRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +6.11 | ||
| Omega ratioGain probability vs. loss probability | 3.98 | 3.18 | +0.80 |
| Calmar ratioReturn relative to maximum drawdown | 34.44 | 20.52 | +13.92 |
| Martin ratioReturn relative to average drawdown | 166.45 | 121.58 | +44.87 |
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Drawdowns
FTSM vs. FLRN - Drawdown Comparison
The maximum FTSM drawdown since its inception was -4.12%, smaller than the maximum FLRN drawdown of -14.64%. Use the drawdown chart below to compare losses from any high point for FTSM and FLRN.
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Drawdown Indicators
| FTSM | FLRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -14.64% | +10.52% |
Max Drawdown (1Y)Largest decline over 1 year | -0.12% | -0.23% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -0.15% | -1.43% | +1.28% |
Max Drawdown (5Y)Largest decline over 5 years | -0.65% | -2.16% | +1.51% |
Max Drawdown (10Y)Largest decline over 10 years | -4.12% | -14.64% | +10.52% |
Current DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -1.81% | +1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.04% | -0.02% |
Volatility
FTSM vs. FLRN - Volatility Comparison
First Trust Enhanced Short Maturity ETF (FTSM) and State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) have volatilities of 0.17% and 0.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTSM | FLRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.17% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.38% | 0.54% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.49% | 0.69% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.50% | 1.69% | -1.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.88% | 4.20% | -3.32% |
FTSM vs. FLRN - Expense Ratio Comparison
FTSM has a 0.44% expense ratio, which is higher than FLRN's 0.15% expense ratio.
Dividends
FTSM vs. FLRN - Dividend Comparison
FTSM's dividend yield for the trailing twelve months is around 4.14%, less than FLRN's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 4.44% | 4.89% | 5.67% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% |
FTSM First Trust Enhanced Short Maturity ETF | 4.14% | 4.28% | 4.91% | 4.62% | 1.62% | 0.39% | 1.20% | 2.38% | 2.14% | 1.49% | 1.03% | 0.48% |
Frequently Asked Questions
FTSM and FLRN have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLRN has higher volatility (0.17%) compared to FTSM (0.17%). In terms of maximum drawdown, FTSM dropped -4.12% vs FLRN's -14.64%.
On 10-year performance, FLRN leads with 3.05% vs 2.58% for FTSM. 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.
Over the 10-year period, FLRN has performed better with a 3.05% return vs 2.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLRN is cheaper with a 0.15% expense ratio, compared with 0.44% for FTSM.
FLRN has the higher dividend yield at 4.44%, compared with 4.14% for FTSM.
They also come from different issuers: First Trust and State Street. Their fees differ too: 0.44% for FTSM and 0.15% for FLRN.
FTSM currently has the higher Sharpe Ratio (8.23 vs 6.75), 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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