FLMB vs. FGDL

Last updated Jun 4, 2026

FLMB (Franklin Liberty Federal Tax-Free Bond ETF) and FGDL (Franklin Responsibly Sourced Gold ETF) are both exchange-traded funds - FLMB is a Municipal Bonds fund actively managed by Franklin Templeton, while FGDL is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). FLMB is actively managed, while FGDL is passively managed. Over the past 3 years, FLMB returned 4.38%/yr vs 31.32%/yr for FGDL. At a 0.22 correlation, their price movements are largely independent. FLMB charges 0.30%/yr vs 0.15%/yr for FGDL.

Performance

FLMB vs. FGDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Federal Tax-Free Bond ETF (FLMB) and Franklin Responsibly Sourced Gold ETF (FGDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLMB achieves a 1.89% return, which is significantly lower than FGDL's 2.43% return.

FLMB

• 1D: -0.09%
• 1M: 0.74%
• YTD: 1.89%
• 6M: 2.27%
• 1Y: 8.74%
• 3Y*: 4.38%
• 5Y*: 0.64%
• 10Y*: —

FGDL

• 1D: -1.09%
• 1M: -1.94%
• YTD: 2.43%
• 6M: 4.89%
• 1Y: 31.70%
• 3Y*: 31.32%
• 5Y*: —
• 10Y*: —

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

FLMB vs. FGDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLMB Franklin Liberty Federal Tax-Free Bond ETF	1.89%	3.93%	2.47%	7.72%	-0.01%
FGDL Franklin Responsibly Sourced Gold ETF	2.43%	64.15%	27.31%	12.92%	0.91%

Correlation

The correlation between FLMB and FGDL is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 1, 2022	0.22

Return for Risk

FLMB vs. FGDL — Risk / Return Rank

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

FLMB

FLMB Risk / Return Rank: 70
FLMB Sharpe Ratio Rank: 73
FLMB Sortino Ratio Rank: 81
FLMB Omega Ratio Rank: 83
FLMB Calmar Ratio Rank: 55
FLMB Martin Ratio Rank: 56

FGDL

FGDL Risk / Return Rank: 31
FGDL Sharpe Ratio Rank: 32
FGDL Sortino Ratio Rank: 29
FGDL Omega Ratio Rank: 35
FGDL Calmar Ratio Rank: 33
FGDL Martin Ratio Rank: 28

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.

FLMB vs. FGDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Federal Tax-Free Bond ETF (FLMB) and Franklin Responsibly Sourced Gold ETF (FGDL). 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.

	FLMB	FGDL	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.19	+1.18
Sortino ratio: Return per unit of downside risk	3.61	1.57	+2.04
Omega ratio: Gain probability vs. loss probability	1.50	1.24	+0.26
Calmar ratio: Return relative to maximum drawdown	2.70	1.66	+1.04
Martin ratio: Return relative to average drawdown	9.56	4.03	+5.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLMB vs. FGDL - Sharpe Ratio Comparison

The current FLMB Sharpe Ratio is 2.37, which is higher than the FGDL Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of FLMB and FGDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FLMB	FGDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	1.19	+1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.35	-0.93

Drawdowns

FLMB vs. FGDL - Drawdown Comparison

The maximum FLMB drawdown since its inception was -17.90%, smaller than the maximum FGDL drawdown of -19.23%. Use the drawdown chart below to compare losses from any high point for FLMB and FGDL.

Drawdown Indicators

	FLMB	FGDL	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-19.23%	+1.33%
Max Drawdown (1Y) Largest decline over 1 year	-3.25%	-19.23%	+15.98%
Max Drawdown (3Y) Largest decline over 3 years	-7.33%	-19.23%	+11.90%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	—	—
Current Drawdown Current decline from peak	-0.46%	-18.16%	+17.70%
Average Drawdown Average peak-to-trough decline	-4.17%	-3.83%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	7.88%	-6.96%

Volatility

FLMB vs. FGDL - Volatility Comparison

The current volatility for Franklin Liberty Federal Tax-Free Bond ETF (FLMB) is 1.11%, while Franklin Responsibly Sourced Gold ETF (FGDL) has a volatility of 5.61%. This indicates that FLMB experiences smaller price fluctuations and is considered to be less risky than FGDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLMB	FGDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	5.61%	-4.50%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	23.18%	-20.72%
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	26.78%	-23.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.11%	19.03%	-13.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.58%	19.03%	-13.45%

FLMB vs. FGDL - Expense Ratio Comparison

FLMB has a 0.30% expense ratio, which is higher than FGDL's 0.15% expense ratio.

Dividends

FLMB vs. FGDL - Dividend Comparison

FLMB's dividend yield for the trailing twelve months is around 3.75%, while FGDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGDL Franklin Responsibly Sourced Gold ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FLMB Franklin Liberty Federal Tax-Free Bond ETF	3.75%	3.86%	3.79%	3.49%	2.80%	1.66%	2.07%	2.40%	2.68%	0.54%

Frequently Asked Questions

Can I hold both FLMB and FGDL in my portfolio?

FLMB and FGDL have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLMB or FGDL?

FGDL has higher volatility (5.61%) compared to FLMB (1.11%). In terms of maximum drawdown, FLMB dropped -17.90% vs FGDL's -19.23%.

Which ETF is better, FLMB or FGDL?

On 3-year performance, FGDL leads with 31.32% vs 4.38% for FLMB. On fees, FGDL is cheaper at 0.15% per year. On volatility, FLMB has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLMB or FGDL?

Over the 3-year period, FGDL has performed better with a 31.32% return vs 4.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLMB or FGDL?

FGDL is cheaper with a 0.15% expense ratio, compared with 0.30% for FLMB.

Which ETF pays a higher dividend yield, FLMB or FGDL?

FLMB has the higher dividend yield at 3.75%, compared with 0.00% for FGDL.

What is the main difference between FLMB and FGDL?

FLMB is categorized as Municipal Bonds, while FGDL is Precious Metals. Their fees differ too: 0.30% for FLMB and 0.15% for FGDL.

Which has better risk-adjusted returns?

FLMB currently has the higher Sharpe Ratio (2.37 vs 1.19), 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.