FLJP vs. FLMI
FLJP (Franklin FTSE Japan ETF) and FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) are both exchange-traded funds - FLJP is a Japan Equities fund tracking the FTSE Japan RIC Capped Index, while FLMI is a Municipal Bonds fund actively managed by Franklin Templeton. FLJP is passively managed, while FLMI is actively managed. Over the past 5 years, FLJP returned 9.03%/yr vs 2.20%/yr for FLMI. At a 0.07 correlation, their price movements are largely independent. FLJP charges 0.09%/yr vs 0.30%/yr for FLMI.
Performance
FLJP vs. FLMI - Performance Comparison
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Returns By Period
In the year-to-date period, FLJP achieves a 16.23% return, which is significantly higher than FLMI's 2.31% return.
FLJP
- 1D
- 0.33%
- 1M
- 6.40%
- YTD
- 16.23%
- 6M
- 17.97%
- 1Y
- 32.70%
- 3Y*
- 18.66%
- 5Y*
- 9.03%
- 10Y*
- —
FLMI
- 1D
- -0.04%
- 1M
- 0.94%
- YTD
- 2.31%
- 6M
- 2.59%
- 1Y
- 8.28%
- 3Y*
- 6.02%
- 5Y*
- 2.20%
- 10Y*
- —
FLJP vs. FLMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLJP Franklin FTSE Japan ETF | 16.23% | 26.79% | 6.99% | 20.00% | -16.57% | 0.99% | 15.76% | 18.99% | -14.01% | 2.22% |
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% | 0.26% |
Correlation
The correlation between FLJP and FLMI is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017 | 0.07 |
The correlation between FLJP and FLMI shifts across timeframes, from 0.07 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FLJP vs. FLMI — Risk / Return Rank
FLJP
FLMI
FLJP vs. FLMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Japan ETF (FLJP) 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.
| FLJP | FLMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.61 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 2.87 | -0.40 |
| Martin ratioReturn relative to average drawdown | 8.62 | 10.34 | -1.71 |
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
| FLJP | FLMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 2.69 | -0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | 0.50 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.65 | -0.20 |
Drawdowns
FLJP vs. FLMI - Drawdown Comparison
The maximum FLJP drawdown since its inception was -32.49%, which is greater than FLMI's maximum drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for FLJP and FLMI.
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Drawdown Indicators
| FLJP | FLMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.49% | -14.66% | -17.83% |
Max Drawdown (1Y)Largest decline over 1 year | -13.30% | -2.90% | -10.40% |
Max Drawdown (3Y)Largest decline over 3 years | -14.17% | -5.31% | -8.86% |
Max Drawdown (5Y)Largest decline over 5 years | -32.49% | -14.66% | -17.83% |
Current DrawdownCurrent decline from peak | -0.07% | -0.33% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -9.37% | -2.82% | -6.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.80% | 0.80% | +3.00% |
Volatility
FLJP vs. FLMI - Volatility Comparison
Franklin FTSE Japan ETF (FLJP) has a higher volatility of 4.11% compared to Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) at 1.00%. This indicates that FLJP'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
| FLJP | FLMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.11% | 1.00% | +3.11% |
Volatility (6M)Calculated over the trailing 6-month period | 14.72% | 2.03% | +12.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.92% | 3.09% | +15.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.75% | 4.45% | +13.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 4.72% | +13.07% |
FLJP vs. FLMI - Expense Ratio Comparison
FLJP has a 0.09% expense ratio, which is lower than FLMI's 0.30% expense ratio.
Dividends
FLJP vs. FLMI - Dividend Comparison
FLJP's dividend yield for the trailing twelve months is around 4.43%, more than FLMI's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLJP Franklin FTSE Japan ETF | 4.43% | 5.15% | 4.56% | 3.00% | 1.92% | 2.40% | 1.51% | 2.26% | 1.50% | 0.10% |
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
FLJP and FLMI have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLJP has higher volatility (4.11%) compared to FLMI (1.00%). In terms of maximum drawdown, FLJP dropped -32.49% vs FLMI's -14.66%.
On 5-year performance, FLJP leads with 9.03% vs 2.20% for FLMI. On fees, FLJP is cheaper at 0.09% 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, FLJP has performed better with a 9.03% return vs 2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLJP is cheaper with a 0.09% expense ratio, compared with 0.30% for FLMI.
FLJP has the higher dividend yield at 4.43%, compared with 3.87% for FLMI.
FLJP is categorized as Japan Equities, while FLMI is Municipal Bonds. Their fees differ too: 0.09% for FLJP and 0.30% for FLMI.
FLMI currently has the higher Sharpe Ratio (2.69 vs 1.74), 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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