FLMB vs. LVHD
FLMB (Franklin Liberty Federal Tax-Free Bond ETF) and LVHD (Legg Mason Low Volatility High Dividend ETF) are both exchange-traded funds - FLMB is a Municipal Bonds fund actively managed by Franklin Templeton, while LVHD is a Volatility Hedged Equity fund tracking the QS Low Volatility High Dividend Index. FLMB is actively managed, while LVHD is passively managed. Over the past 5 years, FLMB returned 0.64%/yr vs 6.06%/yr for LVHD. At a 0.07 correlation, their price movements are largely independent. FLMB charges 0.30%/yr vs 0.27%/yr for LVHD.
Performance
FLMB vs. LVHD - Performance Comparison
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Returns By Period
In the year-to-date period, FLMB achieves a 1.89% return, which is significantly lower than LVHD's 6.72% return.
FLMB
- 1D
- -0.09%
- 1M
- 0.74%
- YTD
- 1.89%
- 6M
- 2.27%
- 1Y
- 8.74%
- 3Y*
- 4.38%
- 5Y*
- 0.64%
- 10Y*
- —
LVHD
- 1D
- -0.14%
- 1M
- -1.27%
- YTD
- 6.72%
- 6M
- 6.51%
- 1Y
- 9.60%
- 3Y*
- 9.33%
- 5Y*
- 6.06%
- 10Y*
- 8.03%
FLMB vs. LVHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLMB Franklin Liberty Federal Tax-Free Bond ETF | 1.89% | 3.93% | 2.47% | 7.72% | -12.16% | 0.80% | 7.39% | 8.90% | 0.43% | 0.63% |
LVHD Legg Mason Low Volatility High Dividend ETF | 6.72% | 7.50% | 10.18% | -0.95% | -1.82% | 26.90% | -1.28% | 22.91% | -5.58% | 6.53% |
Correlation
The correlation between FLMB and LVHD is 0.08, 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 (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017 | 0.07 |
The correlation between FLMB and LVHD shifts across timeframes, from 0.07 (all time) to 0.18 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FLMB vs. LVHD — Risk / Return Rank
FLMB
LVHD
FLMB vs. LVHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Federal Tax-Free Bond ETF (FLMB) and Legg Mason Low Volatility High Dividend ETF (LVHD). 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 | LVHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.17 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 1.56 | +1.14 |
| Martin ratioReturn relative to average drawdown | 9.56 | 3.98 | +5.58 |
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
| FLMB | LVHD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 1.01 | +1.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.47 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.56 | -0.14 |
Drawdowns
FLMB vs. LVHD - Drawdown Comparison
The maximum FLMB drawdown since its inception was -17.90%, smaller than the maximum LVHD drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for FLMB and LVHD.
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Drawdown Indicators
| FLMB | LVHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.90% | -37.32% | +19.42% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -6.17% | +2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -7.33% | -14.29% | +6.96% |
Max Drawdown (5Y)Largest decline over 5 years | -17.90% | -16.75% | -1.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.32% | — |
Current DrawdownCurrent decline from peak | -0.46% | -4.84% | +4.38% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -4.05% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 2.42% | -1.50% |
Volatility
FLMB vs. LVHD - Volatility Comparison
The current volatility for Franklin Liberty Federal Tax-Free Bond ETF (FLMB) is 1.11%, while Legg Mason Low Volatility High Dividend ETF (LVHD) has a volatility of 2.86%. This indicates that FLMB experiences smaller price fluctuations and is considered to be less risky than LVHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLMB | LVHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 2.86% | -1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 6.64% | -4.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 9.52% | -5.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.11% | 12.87% | -7.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 15.50% | -9.92% |
FLMB vs. LVHD - Expense Ratio Comparison
FLMB has a 0.30% expense ratio, which is higher than LVHD's 0.27% expense ratio.
Dividends
FLMB vs. LVHD - Dividend Comparison
FLMB's dividend yield for the trailing twelve months is around 3.75%, more than LVHD's 3.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
LVHD Legg Mason Low Volatility High Dividend ETF | 3.40% | 3.35% | 4.23% | 3.55% | 3.30% | 2.56% | 3.27% | 3.30% | 3.82% | 3.33% | 2.48% |
Frequently Asked Questions
FLMB and LVHD have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LVHD has higher volatility (2.86%) compared to FLMB (1.11%). In terms of maximum drawdown, FLMB dropped -17.90% vs LVHD's -37.32%.
On 5-year performance, LVHD leads with 6.06% vs 0.64% for FLMB. On fees, LVHD is cheaper at 0.27% 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.
Over the 5-year period, LVHD has performed better with a 6.06% return vs 0.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LVHD is cheaper with a 0.27% expense ratio, compared with 0.30% for FLMB.
FLMB has the higher dividend yield at 3.75%, compared with 3.40% for LVHD.
FLMB is categorized as Municipal Bonds, while LVHD is Volatility Hedged Equity. Their fees differ too: 0.30% for FLMB and 0.27% for LVHD.
FLMB currently has the higher Sharpe Ratio (2.37 vs 1.01), 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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