SPAB vs. FLCO
SPAB (SPDR Portfolio Aggregate Bond ETF) and FLCO (Franklin Liberty Investment Grade Corporate ETF) are both exchange-traded funds - SPAB is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while FLCO is a Corporate Bonds fund actively managed by Franklin Templeton. SPAB is passively managed, while FLCO is actively managed. Over the past 5 years, SPAB returned 0.07%/yr vs 0.17%/yr for FLCO. Their correlation of 0.82 suggests significant overlap in exposure. SPAB charges 0.03%/yr vs 0.35%/yr for FLCO.
Performance
SPAB vs. FLCO - Performance Comparison
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Returns By Period
In the year-to-date period, SPAB achieves a 0.29% return, which is significantly lower than FLCO's 0.40% return.
SPAB
- 1D
- -0.12%
- 1M
- 0.31%
- YTD
- 0.29%
- 6M
- 0.14%
- 1Y
- 5.24%
- 3Y*
- 3.93%
- 5Y*
- 0.07%
- 10Y*
- 1.54%
FLCO
- 1D
- -0.19%
- 1M
- 0.57%
- YTD
- 0.40%
- 6M
- 0.31%
- 1Y
- 5.64%
- 3Y*
- 4.97%
- 5Y*
- 0.17%
- 10Y*
- —
SPAB vs. FLCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPAB SPDR Portfolio Aggregate Bond ETF | 0.29% | 7.25% | 1.25% | 5.56% | -13.04% | -1.77% | 7.39% | 8.67% | -0.18% | 3.71% |
FLCO Franklin Liberty Investment Grade Corporate ETF | 0.40% | 7.53% | 1.93% | 7.94% | -16.08% | -2.06% | 10.01% | 14.82% | -3.06% | 5.98% |
Correlation
The correlation between SPAB and FLCO is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2016 | 0.82 |
The correlation between SPAB and FLCO shifts across timeframes, from 0.82 (all time) to 0.94 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPAB vs. FLCO — Risk / Return Rank
SPAB
FLCO
SPAB vs. FLCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Aggregate Bond ETF (SPAB) and Franklin Liberty Investment Grade Corporate ETF (FLCO). 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.
| SPAB | FLCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.22 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 2.05 | -0.13 |
| Martin ratioReturn relative to average drawdown | 5.72 | 6.16 | -0.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPAB | FLCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.28 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.02 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.32 | +0.19 |
Drawdowns
SPAB vs. FLCO - Drawdown Comparison
The maximum SPAB drawdown since its inception was -18.56%, smaller than the maximum FLCO drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for SPAB and FLCO.
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Drawdown Indicators
| SPAB | FLCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.56% | -22.71% | +4.15% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -2.76% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -6.59% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -22.48% | +4.52% |
Max Drawdown (10Y)Largest decline over 10 years | -18.56% | — | — |
Current DrawdownCurrent decline from peak | -2.27% | -2.37% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -5.88% | +2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.92% | 0.00% |
Volatility
SPAB vs. FLCO - Volatility Comparison
The current volatility for SPDR Portfolio Aggregate Bond ETF (SPAB) is 1.15%, while Franklin Liberty Investment Grade Corporate ETF (FLCO) has a volatility of 1.44%. This indicates that SPAB experiences smaller price fluctuations and is considered to be less risky than FLCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAB | FLCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.44% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 3.24% | -0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 4.42% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 7.15% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.54% | 6.83% | -1.29% |
SPAB vs. FLCO - Expense Ratio Comparison
SPAB has a 0.03% expense ratio, which is lower than FLCO's 0.35% expense ratio.
Dividends
SPAB vs. FLCO - Dividend Comparison
SPAB's dividend yield for the trailing twelve months is around 4.05%, less than FLCO's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLCO Franklin Liberty Investment Grade Corporate ETF | 4.66% | 4.60% | 4.63% | 3.83% | 3.85% | 2.85% | 3.99% | 3.39% | 3.86% | 3.33% | 0.51% | 0.00% |
SPAB SPDR Portfolio Aggregate Bond ETF | 4.05% | 3.97% | 3.86% | 3.34% | 2.59% | 2.11% | 2.43% | 2.92% | 2.96% | 2.67% | 2.63% | 2.59% |
Frequently Asked Questions
With a correlation of 0.94, SPAB and FLCO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FLCO has higher volatility (1.44%) compared to SPAB (1.15%). In terms of maximum drawdown, SPAB dropped -18.56% vs FLCO's -22.71%.
On 5-year performance, FLCO leads with 0.17% vs 0.07% for SPAB. On fees, SPAB is cheaper at 0.03% per year. On volatility, SPAB has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLCO has performed better with a 0.17% return vs 0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPAB is cheaper with a 0.03% expense ratio, compared with 0.35% for FLCO.
FLCO has the higher dividend yield at 4.66%, compared with 4.05% for SPAB.
SPAB is categorized as Total Bond Market, while FLCO is Corporate Bonds. They also come from different issuers: State Street and Franklin Templeton. Their fees differ too: 0.03% for SPAB and 0.35% for FLCO.
SPAB currently has the higher Sharpe Ratio (1.40 vs 1.28), 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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