TIPX vs. FLHY
TIPX (SPDR Bloomberg Barclays 1-10 Year TIPS ETF) and FLHY (Franklin Liberty High Yield Corporate ETF) are both exchange-traded funds - TIPX is a Inflation-Protected Bonds fund tracking the Bloomberg US Govt Inflation-Linked (1-10 Y), while FLHY is a High Yield Bonds fund actively managed by Franklin Templeton. TIPX is passively managed, while FLHY is actively managed. Over the past 5 years, TIPX returned 2.14%/yr vs 4.65%/yr for FLHY. At a 0.30 correlation, their price movements are largely independent. TIPX charges 0.15%/yr vs 0.40%/yr for FLHY.
Performance
TIPX vs. FLHY - Performance Comparison
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Returns By Period
In the year-to-date period, TIPX achieves a 0.86% return, which is significantly lower than FLHY's 2.04% return.
TIPX
- 1D
- -0.32%
- 1M
- -0.26%
- YTD
- 0.86%
- 6M
- 1.02%
- 1Y
- 3.61%
- 3Y*
- 4.53%
- 5Y*
- 2.14%
- 10Y*
- 2.82%
FLHY
- 1D
- -0.08%
- 1M
- 0.52%
- YTD
- 2.04%
- 6M
- 2.48%
- 1Y
- 7.31%
- 3Y*
- 9.56%
- 5Y*
- 4.65%
- 10Y*
- —
TIPX vs. FLHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 0.86% | 7.15% | 3.08% | 4.43% | -7.58% | 5.42% | 8.51% | 6.60% | -0.11% |
FLHY Franklin Liberty High Yield Corporate ETF | 2.04% | 9.26% | 8.70% | 13.40% | -10.45% | 4.27% | 7.77% | 16.39% | -1.59% |
Correlation
The correlation between TIPX and FLHY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2018 | 0.30 |
The correlation between TIPX and FLHY shifts across timeframes, from 0.30 (all time) to 0.48 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TIPX vs. FLHY — Risk / Return Rank
TIPX
FLHY
TIPX vs. FLHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) and Franklin Liberty High Yield Corporate ETF (FLHY). 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.
| TIPX | FLHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.37 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 3.02 | -0.21 |
| Martin ratioReturn relative to average drawdown | 8.88 | 14.13 | -5.25 |
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Drawdowns
TIPX vs. FLHY - Drawdown Comparison
The maximum TIPX drawdown since its inception was -10.06%, smaller than the maximum FLHY drawdown of -22.58%. Use the drawdown chart below to compare losses from any high point for TIPX and FLHY.
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Drawdown Indicators
| TIPX | FLHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.06% | -22.58% | +12.52% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -2.43% | +1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -2.45% | -4.49% | +2.04% |
Max Drawdown (5Y)Largest decline over 5 years | -10.06% | -15.19% | +5.13% |
Max Drawdown (10Y)Largest decline over 10 years | -10.06% | — | — |
Current DrawdownCurrent decline from peak | -1.14% | -0.10% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -2.53% | +0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.52% | -0.11% |
Volatility
TIPX vs. FLHY - Volatility Comparison
SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) has a higher volatility of 1.02% compared to Franklin Liberty High Yield Corporate ETF (FLHY) at 0.97%. This indicates that TIPX's price experiences larger fluctuations and is considered to be riskier than FLHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIPX | FLHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.97% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.94% | 3.04% | -1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 3.86% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.63% | 6.95% | -2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.37% | 8.09% | -3.72% |
TIPX vs. FLHY - Expense Ratio Comparison
TIPX has a 0.15% expense ratio, which is lower than FLHY's 0.40% expense ratio.
Dividends
TIPX vs. FLHY - Dividend Comparison
TIPX's dividend yield for the trailing twelve months is around 4.58%, less than FLHY's 6.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLHY Franklin Liberty High Yield Corporate ETF | 6.45% | 6.53% | 6.51% | 6.26% | 6.54% | 5.76% | 5.47% | 5.61% | 4.27% | 0.00% | 0.00% | 0.00% |
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 4.58% | 3.78% | 3.57% | 3.57% | 6.08% | 4.26% | 1.73% | 2.53% | 1.90% | 2.84% | 1.04% | 0.06% |
Frequently Asked Questions
TIPX and FLHY have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TIPX has higher volatility (1.02%) compared to FLHY (0.97%). In terms of maximum drawdown, TIPX dropped -10.06% vs FLHY's -22.58%.
On 5-year performance, FLHY leads with 4.65% vs 2.14% for TIPX. On fees, TIPX 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 5-year period, FLHY has performed better with a 4.65% return vs 2.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIPX is cheaper with a 0.15% expense ratio, compared with 0.40% for FLHY.
FLHY has the higher dividend yield at 6.45%, compared with 4.58% for TIPX.
TIPX is categorized as Inflation-Protected Bonds, while FLHY is High Yield Bonds. They also come from different issuers: State Street and Franklin Templeton. Their fees differ too: 0.15% for TIPX and 0.40% for FLHY.
FLHY currently has the higher Sharpe Ratio (1.91 vs 1.36), 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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