GFA.L vs. FLUC.L

Last updated Jul 18, 2026

GFA.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc)) and FLUC.L (Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist)) are both exchange-traded funds - GFA.L is a Global High Yield Bonds fund tracking the ICE Global Fallen Angel High Yield 10% Constrained Index, while FLUC.L is a Corporate Bonds fund tracking the Bloomberg US Corporate - Investment Grade Index. Both are passively managed. Over the past 5 years, GFA.L returned 2.98%/yr vs -0.29%/yr for FLUC.L. At a 0.40 correlation, their price movements are largely independent. GFA.L charges 0.40%/yr vs 0.35%/yr for FLUC.L.

Performance

GFA.L vs. FLUC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.L) and Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) (FLUC.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GFA.L achieves a 3.55% return, which is significantly higher than FLUC.L's -0.38% return.

GFA.L

• 1D: -0.14%
• 1M: -0.18%
• 6M: 3.30%
• YTD: 3.55%
• 1Y: 6.91%
• 3Y*: 8.15%
• 5Y*: 2.98%
• 10Y*: —

FLUC.L

• 1D: 0.08%
• 1M: -0.38%
• 6M: -0.09%
• YTD: -0.38%
• 1Y: 4.18%
• 3Y*: 4.44%
• 5Y*: -0.29%
• 10Y*: —

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

GFA.L vs. FLUC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc)	3.55%	9.97%	6.02%	10.29%	-12.56%	1.93%	16.95%	13.34%	-2.21%
FLUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist)	-0.38%	7.46%	2.08%	7.77%	-15.53%	-2.24%	9.76%	14.52%	0.68%

Correlation

The correlation between GFA.L and FLUC.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 25, 2018	0.40

The correlation between GFA.L and FLUC.L shifts across timeframes, from 0.40 (all time) to 0.53 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GFA.L vs. FLUC.L — Risk / Return Rank

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

GFA.L

GFA.L Risk / Return Rank: 40
GFA.L Sharpe Ratio Rank: 39
GFA.L Sortino Ratio Rank: 36
GFA.L Omega Ratio Rank: 42
GFA.L Calmar Ratio Rank: 45
GFA.L Martin Ratio Rank: 40

FLUC.L

FLUC.L Risk / Return Rank: 33
FLUC.L Sharpe Ratio Rank: 30
FLUC.L Sortino Ratio Rank: 29
FLUC.L Omega Ratio Rank: 28
FLUC.L Calmar Ratio Rank: 40
FLUC.L Martin Ratio Rank: 37

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.

GFA.L vs. FLUC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.L) and Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) (FLUC.L). 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.

	GFA.L	FLUC.L	Difference
Sharpe ratio: Return per unit of total volatility	1.06	0.85	+0.21
Sortino ratio: Return per unit of downside risk	1.50	1.26	+0.23
Omega ratio: Gain probability vs. loss probability	1.21	1.15	+0.06
Calmar ratio: Return relative to maximum drawdown	1.76	1.59	+0.17
Martin ratio: Return relative to average drawdown	4.76	4.39	+0.38

GFA.L vs. FLUC.L - Sharpe Ratio Comparison

The current GFA.L Sharpe Ratio is 1.06, which is comparable to the FLUC.L Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of GFA.L and FLUC.L, 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

GFA.L vs. FLUC.L - Drawdown Comparison

The maximum GFA.L drawdown since its inception was -22.98%, roughly equal to the maximum FLUC.L drawdown of -22.30%. Use the drawdown chart below to compare losses from any high point for GFA.L and FLUC.L.

Drawdown Indicators

	GFA.L	FLUC.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.98%	-22.30%	-0.68%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-2.61%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-5.03%	-6.03%	+1.00%
Max Drawdown (5Y) Largest decline over 5 years	-22.54%	-22.12%	-0.42%
Current Drawdown Current decline from peak	-0.80%	-2.74%	+1.94%
Average Drawdown Average peak-to-trough decline	-4.38%	-6.53%	+2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	0.95%	+0.50%

Volatility

GFA.L vs. FLUC.L - Volatility Comparison

VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.L) and Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) (FLUC.L) have volatilities of 1.33% and 1.37%, 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.

Volatility by Period

	GFA.L	FLUC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.37%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	5.65%	3.75%	+1.90%
Volatility (1Y) Calculated over the trailing 1-year period	6.49%	4.93%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.25%	6.76%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.42%	7.08%	+1.34%

GFA.L vs. FLUC.L - Expense Ratio Comparison

GFA.L has a 0.40% expense ratio, which is higher than FLUC.L's 0.35% expense ratio.

Dividends

GFA.L vs. FLUC.L - Dividend Comparison

GFA.L has not paid dividends to shareholders, while FLUC.L's dividend yield for the trailing twelve months is around 4.22%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist)	4.22%	4.01%	4.26%	3.38%	2.76%	2.17%	2.29%	3.37%	1.61%
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GFA.L and FLUC.L in my portfolio?

GFA.L and FLUC.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GFA.L or FLUC.L?

On fees, FLUC.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GFA.L or FLUC.L?

FLUC.L is cheaper with a 0.35% expense ratio, compared with 0.40% for GFA.L.

What is the main difference between GFA.L and FLUC.L?

GFA.L is categorized as Global High Yield Bonds, while FLUC.L is Corporate Bonds. GFA.L tracks ICE Global Fallen Angel High Yield 10% Constrained Index, while FLUC.L tracks Bloomberg US Corporate - Investment Grade Index. They also come from different issuers: VanEck and Franklin. Their fees differ too: 0.40% for GFA.L and 0.35% for FLUC.L.