VGVT vs. FLSP

Last updated Jun 25, 2026

VGVT (Vanguard Government Securities Active ETF) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - VGVT is a Intermediate Core Bond fund actively managed by Vanguard, while FLSP is a Long-Short fund actively managed by Franklin Templeton. Both are actively managed. At a correlation of -0.09, they often move in opposite directions. VGVT charges 0.10%/yr vs 0.65%/yr for FLSP.

Performance

VGVT vs. FLSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Government Securities Active ETF (VGVT) and Franklin Liberty Systematic Style Premia ETF (FLSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGVT achieves a 0.62% return, which is significantly lower than FLSP's 2.12% return.

VGVT

• 1D: 0.33%
• 1M: 0.91%
• YTD: 0.62%
• 6M: 0.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLSP

• 1D: 0.15%
• 1M: 0.73%
• YTD: 2.12%
• 6M: 2.16%
• 1Y: 16.54%
• 3Y*: 10.38%
• 5Y*: 8.29%
• 10Y*: —

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

VGVT vs. FLSP - Yearly Performance Comparison

	2026 (YTD)	2025
VGVT Vanguard Government Securities Active ETF	0.62%	3.56%
FLSP Franklin Liberty Systematic Style Premia ETF	2.12%	13.19%

Correlation

The correlation between VGVT and FLSP is -0.09, 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 (All Time) Calculated using the full available price history since Jul 9, 2025	-0.09

Return for Risk

VGVT vs. FLSP — Risk / Return Rank

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

VGVT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FLSP

FLSP Risk / Return Rank: 69
FLSP Sharpe Ratio Rank: 64
FLSP Sortino Ratio Rank: 65
FLSP Omega Ratio Rank: 59
FLSP Calmar Ratio Rank: 84
FLSP Martin Ratio Rank: 74

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.

VGVT vs. FLSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Government Securities Active ETF (VGVT) 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.

	VGVT	FLSP	Difference
Sharpe ratio: Return per unit of total volatility	—	1.87	—
Sortino ratio: Return per unit of downside risk	—	2.68	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	4.12	—
Martin ratio: Return relative to average drawdown	—	12.27	—

Drawdowns

VGVT vs. FLSP - Drawdown Comparison

The maximum VGVT drawdown since its inception was -2.77%, smaller than the maximum FLSP drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for VGVT and FLSP.

Drawdown Indicators

	VGVT	FLSP	Difference
Max Drawdown Largest peak-to-trough decline	-2.77%	-22.75%	+19.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.52%	—
Current Drawdown Current decline from peak	-1.25%	-1.12%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.73%	-6.25%	+5.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.35%	—

Volatility

Volatility by Period

	VGVT	FLSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	9.05%	-5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.25%	13.35%	-10.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.25%	13.48%	-10.23%

VGVT vs. FLSP - Expense Ratio Comparison

VGVT has a 0.10% expense ratio, which is lower than FLSP's 0.65% expense ratio.

Dividends

VGVT vs. FLSP - Dividend Comparison

VGVT's dividend yield for the trailing twelve months is around 3.97%, more than FLSP's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FLSP Franklin Liberty Systematic Style Premia ETF	2.60%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%
VGVT Vanguard Government Securities Active ETF	3.97%	2.29%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGVT and FLSP in my portfolio?

VGVT and FLSP have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGVT or FLSP?

On fees, VGVT is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGVT or FLSP?

VGVT is cheaper with a 0.10% expense ratio, compared with 0.65% for FLSP.

Which ETF pays a higher dividend yield, VGVT or FLSP?

VGVT has the higher dividend yield at 3.97%, compared with 2.60% for FLSP.

What is the main difference between VGVT and FLSP?

VGVT is categorized as Intermediate Core Bond, while FLSP is Long-Short. They also come from different issuers: Vanguard and Franklin Templeton. Their fees differ too: 0.10% for VGVT and 0.65% for FLSP.