GSST vs. FLBL

Last updated Jun 14, 2026

GSST (Goldman Sachs Ultra Short Bond ETF) and FLBL (Franklin Liberty Senior Loan ETF) are both exchange-traded funds - GSST is a Ultrashort Bond fund actively managed by Goldman Sachs, while FLBL is a High Yield Bonds fund actively managed by Franklin Templeton. Both are actively managed. Over the past 5 years, GSST returned 3.77%/yr vs 5.11%/yr for FLBL. At a 0.03 correlation, their price movements are largely independent. GSST charges 0.16%/yr vs 0.45%/yr for FLBL.

Performance

GSST vs. FLBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Ultra Short Bond ETF (GSST) and Franklin Liberty Senior Loan ETF (FLBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSST achieves a 1.66% return, which is significantly higher than FLBL's 0.47% return.

GSST

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.66%
• 6M: 1.89%
• 1Y: 4.57%
• 3Y*: 5.52%
• 5Y*: 3.77%
• 10Y*: —

FLBL

• 1D: 0.00%
• 1M: -0.50%
• YTD: 0.47%
• 6M: 0.11%
• 1Y: 2.09%
• 3Y*: 6.81%
• 5Y*: 5.11%
• 10Y*: —

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

GSST vs. FLBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GSST Goldman Sachs Ultra Short Bond ETF	1.66%	5.20%	6.01%	6.08%	0.13%	0.05%	1.74%	2.64%
FLBL Franklin Liberty Senior Loan ETF	0.47%	3.59%	8.26%	14.83%	-2.69%	4.35%	2.17%	3.14%

Correlation

The correlation between GSST and FLBL is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Apr 17, 2019	0.03

Return for Risk

GSST vs. FLBL — Risk / Return Rank

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

GSST

GSST Risk / Return Rank: 99
GSST Sharpe Ratio Rank: 99
GSST Sortino Ratio Rank: 99
GSST Omega Ratio Rank: 99
GSST Calmar Ratio Rank: 99
GSST Martin Ratio Rank: 99

FLBL

FLBL Risk / Return Rank: 22
FLBL Sharpe Ratio Rank: 24
FLBL Sortino Ratio Rank: 22
FLBL Omega Ratio Rank: 24
FLBL Calmar Ratio Rank: 18
FLBL Martin Ratio Rank: 20

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.

GSST vs. FLBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Ultra Short Bond ETF (GSST) and Franklin Liberty Senior Loan ETF (FLBL). 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.

	GSST	FLBL	Difference
Sharpe ratio: Return per unit of total volatility	7.94	0.76	+7.18
Sortino ratio: Return per unit of downside risk	16.51	1.08	+15.43
Omega ratio: Gain probability vs. loss probability	3.93	1.15	+2.78
Calmar ratio: Return relative to maximum drawdown	29.85	0.63	+29.23
Martin ratio: Return relative to average drawdown	184.69	2.11	+182.59

GSST vs. FLBL - Sharpe Ratio Comparison

The current GSST Sharpe Ratio is 7.94, which is higher than the FLBL Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of GSST and FLBL, 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

GSST vs. FLBL - Drawdown Comparison

The maximum GSST drawdown since its inception was -3.51%, smaller than the maximum FLBL drawdown of -19.52%. Use the drawdown chart below to compare losses from any high point for GSST and FLBL.

Drawdown Indicators

	GSST	FLBL	Difference
Max Drawdown Largest peak-to-trough decline	-3.51%	-19.52%	+16.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-3.18%	+3.03%
Max Drawdown (3Y) Largest decline over 3 years	-0.25%	-3.91%	+3.66%
Max Drawdown (5Y) Largest decline over 5 years	-1.19%	-6.80%	+5.61%
Current Drawdown Current decline from peak	0.00%	-0.53%	+0.53%
Average Drawdown Average peak-to-trough decline	-0.16%	-1.00%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.94%	-0.92%

Volatility

GSST vs. FLBL - Volatility Comparison

The current volatility for Goldman Sachs Ultra Short Bond ETF (GSST) is 0.13%, while Franklin Liberty Senior Loan ETF (FLBL) has a volatility of 0.67%. This indicates that GSST experiences smaller price fluctuations and is considered to be less risky than FLBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSST	FLBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.67%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	0.41%	2.25%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	0.58%	2.62%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.63%	3.86%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.86%	5.71%	-4.85%

GSST vs. FLBL - Expense Ratio Comparison

GSST has a 0.16% expense ratio, which is lower than FLBL's 0.45% expense ratio.

Dividends

GSST vs. FLBL - Dividend Comparison

GSST's dividend yield for the trailing twelve months is around 4.31%, less than FLBL's 7.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLBL Franklin Liberty Senior Loan ETF	7.61%	7.24%	8.05%	8.37%	5.53%	3.57%	3.22%	3.97%	2.21%
GSST Goldman Sachs Ultra Short Bond ETF	4.31%	4.56%	5.45%	4.98%	1.97%	0.71%	1.12%	1.66%	0.00%

Frequently Asked Questions

Can I hold both GSST and FLBL in my portfolio?

GSST and FLBL have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSST or FLBL?

FLBL has higher volatility (0.67%) compared to GSST (0.13%). In terms of maximum drawdown, GSST dropped -3.51% vs FLBL's -19.52%.

Which ETF is better, GSST or FLBL?

On 5-year performance, FLBL leads with 5.11% vs 3.77% for GSST. On fees, GSST is cheaper at 0.16% per year. On volatility, GSST has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSST or FLBL?

Over the 5-year period, FLBL has performed better with a 5.11% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSST or FLBL?

GSST is cheaper with a 0.16% expense ratio, compared with 0.45% for FLBL.

Which ETF pays a higher dividend yield, GSST or FLBL?

FLBL has the higher dividend yield at 7.61%, compared with 4.31% for GSST.

What is the main difference between GSST and FLBL?

GSST is categorized as Ultrashort Bond, while FLBL is High Yield Bonds. They also come from different issuers: Goldman Sachs and Franklin Templeton. Their fees differ too: 0.16% for GSST and 0.45% for FLBL.

Which has better risk-adjusted returns?

GSST currently has the higher Sharpe Ratio (7.94 vs 0.76), 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.