FLMB vs. PBOG
FLMB (Franklin Liberty Federal Tax-Free Bond ETF) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both exchange-traded funds - FLMB is a Municipal Bonds fund actively managed by Franklin Templeton, while PBOG is a Oil & Gas fund tracking the BITA Global Oil & Gas Select Index. FLMB is actively managed, while PBOG is passively managed. At a correlation of -0.37, they often move in opposite directions. FLMB charges 0.30%/yr vs 0.13%/yr for PBOG.
Performance
FLMB vs. PBOG - 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 PBOG's 32.22% return.
FLMB
- 1D
- -0.09%
- 1M
- 0.74%
- YTD
- 1.89%
- 6M
- 2.27%
- 1Y
- 8.74%
- 3Y*
- 4.38%
- 5Y*
- 0.64%
- 10Y*
- —
PBOG
- 1D
- 1.23%
- 1M
- -2.32%
- YTD
- 32.22%
- 6M
- 29.70%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLMB vs. PBOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FLMB Franklin Liberty Federal Tax-Free Bond ETF | 1.89% | 0.22% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 32.22% | 1.62% |
Correlation
The correlation between FLMB and PBOG is -0.37, 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 (All Time) Calculated using the full available price history since Nov 26, 2025 | -0.37 |
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Return for Risk
FLMB vs. PBOG — Risk / Return Rank
FLMB
PBOG
FLMB vs. PBOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Federal Tax-Free Bond ETF (FLMB) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). 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 | PBOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.50 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | — | — |
| Martin ratioReturn relative to average drawdown | 9.56 | — | — |
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 | PBOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | — | — |
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 | 3.31 | -2.89 |
Drawdowns
FLMB vs. PBOG - Drawdown Comparison
The maximum FLMB drawdown since its inception was -17.90%, which is greater than PBOG's maximum drawdown of -11.45%. Use the drawdown chart below to compare losses from any high point for FLMB and PBOG.
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Drawdown Indicators
| FLMB | PBOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.90% | -11.45% | -6.45% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.33% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.90% | — | — |
Current DrawdownCurrent decline from peak | -0.46% | -6.81% | +6.35% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -3.10% | -1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | — | — |
Volatility
FLMB vs. PBOG - Volatility Comparison
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Volatility by Period
| FLMB | PBOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 23.67% | -19.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.11% | 23.67% | -18.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 23.67% | -18.09% |
FLMB vs. PBOG - Expense Ratio Comparison
FLMB has a 0.30% expense ratio, which is higher than PBOG's 0.13% expense ratio.
Dividends
FLMB vs. PBOG - Dividend Comparison
FLMB's dividend yield for the trailing twelve months is around 3.75%, more than PBOG's 0.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 0.13% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLMB and PBOG have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBOG is cheaper with a 0.13% expense ratio, compared with 0.30% for FLMB.
FLMB has the higher dividend yield at 3.75%, compared with 0.13% for PBOG.
FLMB is categorized as Municipal Bonds, while PBOG is Oil & Gas. They also come from different issuers: Franklin Templeton and Portfolio Building Blocks. Their fees differ too: 0.30% for FLMB and 0.13% for PBOG.
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