DBA vs. FLMI
DBA (Invesco DB Agriculture Fund) and FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index TR, while FLMI is a Municipal Bonds fund actively managed by Franklin Templeton. DBA is passively managed, while FLMI is actively managed. Over the past 5 years, DBA returned 9.87%/yr vs 2.20%/yr for FLMI. At a correlation of -0.03, they often move in opposite directions. DBA charges 0.94%/yr vs 0.30%/yr for FLMI.
Performance
DBA vs. FLMI - Performance Comparison
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Returns By Period
In the year-to-date period, DBA achieves a 5.25% return, which is significantly higher than FLMI's 2.31% return.
DBA
- 1D
- -0.96%
- 1M
- -5.05%
- YTD
- 5.25%
- 6M
- 5.49%
- 1Y
- 4.23%
- 3Y*
- 13.20%
- 5Y*
- 9.87%
- 10Y*
- 3.54%
FLMI
- 1D
- -0.04%
- 1M
- 0.94%
- YTD
- 2.31%
- 6M
- 2.59%
- 1Y
- 8.28%
- 3Y*
- 6.02%
- 5Y*
- 2.20%
- 10Y*
- —
DBA vs. FLMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 5.25% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -0.16% |
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 2.31% | 5.89% | 4.91% | 7.89% | -10.23% | 4.06% | 6.11% | 6.71% | 0.29% | -0.02% |
Correlation
The correlation between DBA and FLMI is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017 | -0.03 |
The correlation between DBA and FLMI shifts across timeframes, from -0.16 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBA vs. FLMI — Risk / Return Rank
DBA
FLMI
DBA vs. FLMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI). 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.
| DBA | FLMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -3.43 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.61 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | 2.87 | -2.34 |
| Martin ratioReturn relative to average drawdown | 1.04 | 10.34 | -9.29 |
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
| DBA | FLMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.39 | 2.69 | -2.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.50 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.65 | -0.57 |
Drawdowns
DBA vs. FLMI - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, which is greater than FLMI's maximum drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for DBA and FLMI.
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Drawdown Indicators
| DBA | FLMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -14.66% | -53.31% |
Max Drawdown (1Y)Largest decline over 1 year | -7.99% | -2.90% | -5.09% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -5.31% | -7.05% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -14.66% | -1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -41.16% | — | — |
Current DrawdownCurrent decline from peak | -25.90% | -0.33% | -25.57% |
Average DrawdownAverage peak-to-trough decline | -41.11% | -2.82% | -38.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 0.80% | +3.27% |
Volatility
DBA vs. FLMI - Volatility Comparison
Invesco DB Agriculture Fund (DBA) has a higher volatility of 4.17% compared to Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) at 1.00%. This indicates that DBA's price experiences larger fluctuations and is considered to be riskier than FLMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBA | FLMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 1.00% | +3.17% |
Volatility (6M)Calculated over the trailing 6-month period | 6.46% | 2.03% | +4.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.77% | 3.09% | +7.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.10% | 4.45% | +9.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.09% | 4.72% | +8.37% |
DBA vs. FLMI - Expense Ratio Comparison
DBA has a 0.94% expense ratio, which is higher than FLMI's 0.30% expense ratio.
Dividends
DBA vs. FLMI - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.40%, less than FLMI's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.40% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% | 0.00% |
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 3.87% | 3.89% | 4.08% | 3.71% | 3.08% | 2.22% | 2.09% | 2.71% | 2.41% | 0.34% |
Frequently Asked Questions
DBA and FLMI have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBA has higher volatility (4.17%) compared to FLMI (1.00%). In terms of maximum drawdown, DBA dropped -67.97% vs FLMI's -14.66%.
On 5-year performance, DBA leads with 9.87% vs 2.20% for FLMI. On fees, FLMI is cheaper at 0.30% per year. On volatility, FLMI has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBA has performed better with a 9.87% return vs 2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLMI is cheaper with a 0.30% expense ratio, compared with 0.94% for DBA.
FLMI has the higher dividend yield at 3.87%, compared with 3.40% for DBA.
DBA is categorized as Agricultural Commodities, while FLMI is Municipal Bonds. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.94% for DBA and 0.30% for FLMI.
FLMI currently has the higher Sharpe Ratio (2.69 vs 0.39), 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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