USHY vs. FLBL
USHY (iShares Broad USD High Yield Corporate Bond ETF) and FLBL (Franklin Liberty Senior Loan ETF) are both High Yield Bonds funds. USHY is passively managed, while FLBL is actively managed. Over the past 5 years, USHY returned 4.21%/yr vs 5.11%/yr for FLBL. At a 0.42 correlation, their price movements are largely independent. USHY charges 0.15%/yr vs 0.45%/yr for FLBL.
Performance
USHY vs. FLBL - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 1.75% return, which is significantly higher than FLBL's 0.47% return.
USHY
- 1D
- 0.03%
- 1M
- 0.68%
- YTD
- 1.75%
- 6M
- 2.37%
- 1Y
- 7.19%
- 3Y*
- 8.94%
- 5Y*
- 4.21%
- 10Y*
- —
FLBL
- 1D
- 0.00%
- 1M
- -0.50%
- YTD
- 0.47%
- 6M
- 0.11%
- 1Y
- 2.09%
- 3Y*
- 6.81%
- 5Y*
- 5.11%
- 10Y*
- —
USHY vs. FLBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.75% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -1.99% |
FLBL Franklin Liberty Senior Loan ETF | 0.47% | 3.59% | 8.26% | 14.83% | -2.69% | 4.35% | 2.17% | 7.67% | -1.39% |
Correlation
The correlation between USHY and FLBL is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2018 | 0.42 |
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Return for Risk
USHY vs. FLBL — Risk / Return Rank
USHY
FLBL
USHY vs. FLBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) 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.
| USHY | FLBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.15 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 0.63 | +2.23 |
| Martin ratioReturn relative to average drawdown | 12.77 | 2.11 | +10.67 |
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Drawdowns
USHY vs. FLBL - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, which is greater than FLBL's maximum drawdown of -19.52%. Use the drawdown chart below to compare losses from any high point for USHY and FLBL.
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Drawdown Indicators
| USHY | FLBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -19.52% | -2.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -3.18% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -3.91% | -0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -6.80% | -8.76% |
Current DrawdownCurrent decline from peak | 0.00% | -0.53% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -1.00% | -1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.94% | -0.40% |
Volatility
USHY vs. FLBL - Volatility Comparison
iShares Broad USD High Yield Corporate Bond ETF (USHY) has a higher volatility of 1.20% compared to Franklin Liberty Senior Loan ETF (FLBL) at 0.67%. This indicates that USHY's price experiences larger fluctuations and is considered to be riskier than FLBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USHY | FLBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 0.67% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 2.25% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 2.62% | +1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.35% | 3.86% | +3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.24% | 5.71% | +2.53% |
USHY vs. FLBL - Expense Ratio Comparison
USHY has a 0.15% expense ratio, which is lower than FLBL's 0.45% expense ratio.
Dividends
USHY vs. FLBL - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.90%, less than FLBL's 7.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLBL Franklin Liberty Senior Loan ETF | 7.61% | 7.24% | 8.05% | 8.37% | 5.53% | 3.57% | 3.22% | 3.97% | 2.21% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
USHY and FLBL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (1.20%) compared to FLBL (0.67%). In terms of maximum drawdown, USHY dropped -22.44% vs FLBL's -19.52%.
On 5-year performance, FLBL leads with 5.11% vs 4.21% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, FLBL has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLBL has performed better with a 5.11% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.45% for FLBL.
FLBL has the higher dividend yield at 7.61%, compared with 6.90% for USHY.
They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.15% for USHY and 0.45% for FLBL.
USHY currently has the higher Sharpe Ratio (1.88 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.
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