IGHG vs. FLSP
IGHG (ProShares Investment Grade-Interest Rate Hedged) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - IGHG is a Corporate Bonds fund tracking the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index, while FLSP is a Long-Short fund actively managed by Franklin Templeton. IGHG is passively managed, while FLSP is actively managed. Over the past 5 years, IGHG returned 5.18%/yr vs 8.49%/yr for FLSP. At a 0.11 correlation, their price movements are largely independent. IGHG charges 0.30%/yr vs 0.65%/yr for FLSP.
Performance
IGHG vs. FLSP - Performance Comparison
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Returns By Period
In the year-to-date period, IGHG achieves a 2.08% return, which is significantly lower than FLSP's 2.34% return.
IGHG
- 1D
- 0.08%
- 1M
- -0.02%
- YTD
- 2.08%
- 6M
- 2.05%
- 1Y
- 5.77%
- 3Y*
- 8.31%
- 5Y*
- 5.18%
- 10Y*
- 4.83%
FLSP
- 1D
- -0.58%
- 1M
- 0.95%
- YTD
- 2.34%
- 6M
- 3.30%
- 1Y
- 15.79%
- 3Y*
- 10.46%
- 5Y*
- 8.49%
- 10Y*
- —
IGHG vs. FLSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 2.08% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 0.44% |
FLSP Franklin Liberty Systematic Style Premia ETF | 2.34% | 15.56% | 11.75% | 3.14% | 0.44% | 11.44% | -15.19% | 0.90% |
Correlation
The correlation between IGHG and FLSP is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019 | 0.11 |
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Return for Risk
IGHG vs. FLSP — Risk / Return Rank
IGHG
FLSP
IGHG vs. FLSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Investment Grade-Interest Rate Hedged (IGHG) and Franklin Liberty Systematic Style Premia ETF (FLSP). 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.
| IGHG | FLSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.30 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 3.94 | -0.62 |
| Martin ratioReturn relative to average drawdown | 11.69 | 11.39 | +0.30 |
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Drawdowns
IGHG vs. FLSP - Drawdown Comparison
The maximum IGHG drawdown since its inception was -25.16%, which is greater than FLSP's maximum drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for IGHG and FLSP.
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Drawdown Indicators
| IGHG | FLSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.16% | -22.75% | -2.41% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -4.03% | +2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -3.74% | -6.69% | +2.95% |
Max Drawdown (5Y)Largest decline over 5 years | -8.75% | -9.52% | +0.77% |
Max Drawdown (10Y)Largest decline over 10 years | -25.16% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -0.90% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -6.26% | +3.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 1.39% | -0.90% |
Volatility
IGHG vs. FLSP - Volatility Comparison
The current volatility for ProShares Investment Grade-Interest Rate Hedged (IGHG) is 0.63%, while Franklin Liberty Systematic Style Premia ETF (FLSP) has a volatility of 1.74%. This indicates that IGHG experiences smaller price fluctuations and is considered to be less risky than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGHG | FLSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 1.74% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.48% | 6.77% | -4.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.41% | 9.08% | -5.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 13.35% | -8.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.46% | 13.48% | -6.02% |
IGHG vs. FLSP - Expense Ratio Comparison
IGHG has a 0.30% expense ratio, which is lower than FLSP's 0.65% expense ratio.
Dividends
IGHG vs. FLSP - Dividend Comparison
IGHG's dividend yield for the trailing twelve months is around 5.12%, more than FLSP's 2.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLSP Franklin Liberty Systematic Style Premia ETF | 2.59% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.12% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
Frequently Asked Questions
IGHG and FLSP have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLSP has higher volatility (1.74%) compared to IGHG (0.63%). In terms of maximum drawdown, IGHG dropped -25.16% vs FLSP's -22.75%.
On 5-year performance, FLSP leads with 8.49% vs 5.18% for IGHG. On fees, IGHG is cheaper at 0.30% per year. On volatility, IGHG has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLSP has performed better with a 8.49% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGHG is cheaper with a 0.30% expense ratio, compared with 0.65% for FLSP.
IGHG has the higher dividend yield at 5.12%, compared with 2.59% for FLSP.
IGHG is categorized as Corporate Bonds, while FLSP is Long-Short. They also come from different issuers: ProShares and Franklin Templeton. Their fees differ too: 0.30% for IGHG and 0.65% for FLSP.
FLSP currently has the higher Sharpe Ratio (1.75 vs 1.70), 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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