VFLO vs. ARMGX

Last updated Apr 2, 2026

Compare and contrast key facts about Victoryshares Free Cash Flow ETF (VFLO) and Western Asset Ultra-Short Income Fund (ARMGX).

VFLO is a passively managed fund by Victory that tracks the performance of the Victory U.S. Large Cap Free Cash Flow Index. It was launched on Jun 21, 2023. ARMGX is managed by Legg Mason. It was launched on Jun 22, 1992.

Performance

VFLO vs. ARMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victoryshares Free Cash Flow ETF (VFLO) and Western Asset Ultra-Short Income Fund (ARMGX). The values are adjusted to include any dividend payments, if applicable.

VFLO vs. ARMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VFLO Victoryshares Free Cash Flow ETF	0.86%	17.51%	21.83%	14.59%
ARMGX Western Asset Ultra-Short Income Fund	0.39%	4.20%	4.67%	3.06%

Returns By Period

In the year-to-date period, VFLO achieves a 0.86% return, which is significantly higher than ARMGX's 0.39% return.

VFLO

• 1D: 0.48%
• 1M: -2.19%
• YTD: 0.86%
• 6M: 5.82%
• 1Y: 17.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARMGX

• 1D: 0.11%
• 1M: -0.22%
• YTD: 0.39%
• 6M: 1.41%
• 1Y: 3.53%
• 3Y*: 4.43%
• 5Y*: 2.54%
• 10Y*: 2.25%

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

VFLO vs. ARMGX - Expense Ratio Comparison

VFLO has a 0.39% expense ratio, which is lower than ARMGX's 1.32% expense ratio.

ARMGX

Western Asset Ultra-Short Income Fund

VFLO

Victoryshares Free Cash Flow ETF

Return for Risk

VFLO vs. ARMGX — Risk / Return Rank

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

VFLO

VFLO Risk / Return Rank: 50
VFLO Sharpe Ratio Rank: 47
VFLO Sortino Ratio Rank: 49
VFLO Omega Ratio Rank: 48
VFLO Calmar Ratio Rank: 48
VFLO Martin Ratio Rank: 60

ARMGX

ARMGX Risk / Return Rank: 99
ARMGX Sharpe Ratio Rank: 98
ARMGX Sortino Ratio Rank: 99
ARMGX Omega Ratio Rank: 99
ARMGX Calmar Ratio Rank: 99
ARMGX Martin Ratio Rank: 99

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.

VFLO vs. ARMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victoryshares Free Cash Flow ETF (VFLO) and Western Asset Ultra-Short Income Fund (ARMGX). 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.

	VFLO	ARMGX	Difference
Sharpe ratio Return per unit of total volatility	0.89	3.01	-2.12
Sortino ratio Return per unit of downside risk	1.37	6.38	-5.01
Omega ratio Gain probability vs. loss probability	1.19	2.39	-1.19
Calmar ratio Return relative to maximum drawdown	1.30	7.09	-5.80
Martin ratio Return relative to average drawdown	6.09	32.59	-26.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFLO vs. ARMGX - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 0.89, which is lower than the ARMGX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of VFLO and ARMGX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VFLO	ARMGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	3.01	-2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	1.11	+0.16

Correlation

The correlation between VFLO and ARMGX is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VFLO vs. ARMGX - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.41%, less than ARMGX's 2.81% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFLO Victoryshares Free Cash Flow ETF	1.41%	1.60%	1.20%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ARMGX Western Asset Ultra-Short Income Fund	2.81%	3.00%	2.43%	2.23%	1.37%	0.17%	1.45%	2.32%	1.92%	1.37%	0.96%	0.48%

Drawdowns

VFLO vs. ARMGX - Drawdown Comparison

The maximum VFLO drawdown since its inception was -17.79%, smaller than the maximum ARMGX drawdown of -21.79%. Use the drawdown chart below to compare losses from any high point for VFLO and ARMGX.

Drawdown Indicators

	VFLO	ARMGX	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-21.79%	+4.00%
Max Drawdown (1Y) Largest decline over 1 year	-13.49%	-0.55%	-12.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-3.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.09%	—
Current Drawdown Current decline from peak	-2.19%	-0.22%	-1.97%
Average Drawdown Average peak-to-trough decline	-2.52%	-1.54%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	0.12%	+2.75%

Volatility

VFLO vs. ARMGX - Volatility Comparison

Victoryshares Free Cash Flow ETF (VFLO) has a higher volatility of 4.27% compared to Western Asset Ultra-Short Income Fund (ARMGX) at 0.27%. This indicates that VFLO's price experiences larger fluctuations and is considered to be riskier than ARMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFLO	ARMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	0.27%	+4.00%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	0.84%	+9.37%
Volatility (1Y) Calculated over the trailing 1-year period	19.67%	1.22%	+18.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	1.24%	+14.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	1.61%	+14.14%