FLMB vs. ACTHX
FLMB (Franklin Liberty Federal Tax-Free Bond ETF) and ACTHX (Invesco High Yield Municipal Fund) are both funds - FLMB is a Municipal Bonds fund actively managed by Franklin Templeton, while ACTHX is a High Yield Muni fund managed by Invesco. Over the past 5 years, FLMB returned 0.10%/yr vs 0.06%/yr for ACTHX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. FLMB charges 0.30%/yr vs 1.39%/yr for ACTHX.
Performance
FLMB vs. ACTHX - Performance Comparison
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Returns By Period
In the year-to-date period, FLMB achieves a 0.38% return, which is significantly lower than ACTHX's 1.36% return.
FLMB
- 1D
- -0.19%
- 1M
- -2.17%
- 6M
- -0.12%
- YTD
- 0.38%
- 1Y
- 6.30%
- 3Y*
- 3.54%
- 5Y*
- 0.10%
- 10Y*
- —
- ALL TIME*
- 2.12%
ACTHX
- 1D
- -0.49%
- 1M
- -2.39%
- 6M
- 0.90%
- YTD
- 1.36%
- 1Y
- 6.75%
- 3Y*
- 4.24%
- 5Y*
- 0.06%
- 10Y*
- 2.45%
- ALL TIME*
- 4.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $229.43K | $195.54K | $266.37K |
FLMB vs. ACTHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLMB Franklin Liberty Federal Tax-Free Bond ETF | 0.38% | 3.93% | 2.47% | 7.72% | -12.16% | 0.80% | 7.39% | 8.90% | 0.43% | 0.63% |
ACTHX Invesco High Yield Municipal Fund | 1.36% | 4.38% | 5.54% | 4.34% | -13.94% | 6.29% | 3.25% | 10.12% | 1.44% | 1.87% |
Correlation
The correlation between FLMB and ACTHX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2017 | 0.65 |
The correlation between FLMB and ACTHX has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.
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Return for Risk
FLMB vs. ACTHX — Risk / Return Rank
FLMB
ACTHX
FLMB vs. ACTHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Federal Tax-Free Bond ETF (FLMB) and Invesco High Yield Municipal Fund (ACTHX). 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.
| FLMB | ACTHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.51 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.73 | -0.54 |
| Martin ratioReturn relative to average drawdown | 7.56 | 10.02 | -2.46 |
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Drawdowns
FLMB vs. ACTHX - Drawdown Comparison
The maximum FLMB drawdown since its inception was -17.90%, smaller than the maximum ACTHX drawdown of -27.29%. Use the drawdown chart below to compare losses from any high point for FLMB and ACTHX.
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Drawdown Indicators
| FLMB | ACTHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.90% | -27.29% | +9.39% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -2.98% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -6.44% | -8.79% | +2.35% |
Max Drawdown (5Y)Largest decline over 5 years | -17.88% | -19.83% | +1.95% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.83% | — |
Current DrawdownCurrent decline from peak | -2.26% | -2.50% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -3.54% | -0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.81% | +0.13% |
Volatility
FLMB vs. ACTHX - Volatility Comparison
Franklin Liberty Federal Tax-Free Bond ETF (FLMB) has a higher volatility of 1.16% compared to Invesco High Yield Municipal Fund (ACTHX) at 1.03%. This indicates that FLMB's price experiences larger fluctuations and is considered to be riskier than ACTHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLMB | ACTHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.03% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 2.90% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.56% | 3.78% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.13% | 5.75% | -0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.54% | 5.40% | +0.14% |
FLMB vs. ACTHX - Expense Ratio Comparison
FLMB has a 0.30% expense ratio, which is lower than ACTHX's 1.39% expense ratio.
Dividends
FLMB vs. ACTHX - Dividend Comparison
FLMB's dividend yield for the trailing twelve months is around 4.10%, less than ACTHX's 4.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 4.98% | 7.14% | 5.64% | 4.22% | 4.72% | 3.95% | 4.33% | 4.70% | 4.78% | 4.71% | 5.11% | 4.93% |
FLMB Franklin Liberty Federal Tax-Free Bond ETF | 3.72% | 3.86% | 3.79% | 3.49% | 2.80% | 1.66% | 2.07% | 2.40% | 2.68% | 0.54% | 0.00% | 0.00% |
Frequently Asked Questions
FLMB and ACTHX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLMB has higher volatility (1.16%) compared to ACTHX (1.03%). In terms of maximum drawdown, FLMB dropped -17.90% vs ACTHX's -27.29%.
ACTHX currently has the higher Sharpe Ratio (2.16 vs 2.00), 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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