FLMB vs. UGA
FLMB (Franklin Liberty Federal Tax-Free Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FLMB is a Municipal Bonds fund actively managed by Franklin Templeton, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FLMB is actively managed, while UGA is passively managed. Over the past 5 years, FLMB returned 0.73%/yr vs 22.22%/yr for UGA. At a correlation of -0.08, they often move in opposite directions. FLMB charges 0.30%/yr vs 0.75%/yr for UGA.
Performance
FLMB vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FLMB achieves a 2.36% return, which is significantly lower than UGA's 59.54% return.
FLMB
- 1D
- 0.19%
- 1M
- 1.91%
- YTD
- 2.36%
- 6M
- 2.59%
- 1Y
- 8.50%
- 3Y*
- 4.18%
- 5Y*
- 0.73%
- 10Y*
- —
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
FLMB vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLMB Franklin Liberty Federal Tax-Free Bond ETF | 2.36% | 3.93% | 2.47% | 7.72% | -12.16% | 0.80% | 7.39% | 8.90% | 0.43% | 0.63% |
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 5.22% |
Correlation
The correlation between FLMB and UGA is -0.27, 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 (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2017 | -0.08 |
The correlation between FLMB and UGA shifts across timeframes, from -0.27 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLMB vs. UGA — Risk / Return Rank
FLMB
UGA
FLMB vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Federal Tax-Free Bond ETF (FLMB) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.31 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 3.10 | -0.47 |
| Martin ratioReturn relative to average drawdown | 9.30 | 9.66 | -0.36 |
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Drawdowns
FLMB vs. UGA - Drawdown Comparison
The maximum FLMB drawdown since its inception was -17.90%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FLMB and UGA.
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Drawdown Indicators
| FLMB | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.90% | -86.59% | +68.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -20.32% | +17.07% |
Max Drawdown (3Y)Largest decline over 3 years | -7.33% | -26.68% | +19.35% |
Max Drawdown (5Y)Largest decline over 5 years | -17.90% | -38.11% | +20.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.00% | -20.32% | +20.32% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -36.69% | +32.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 6.51% | -5.59% |
Volatility
FLMB vs. UGA - Volatility Comparison
The current volatility for Franklin Liberty Federal Tax-Free Bond ETF (FLMB) is 0.80%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that FLMB experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLMB | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 9.45% | -8.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.48% | 30.74% | -28.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.51% | 34.84% | -31.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.11% | 34.47% | -29.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.56% | 37.22% | -31.66% |
FLMB vs. UGA - Expense Ratio Comparison
FLMB has a 0.30% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FLMB vs. UGA - Dividend Comparison
FLMB's dividend yield for the trailing twelve months is around 3.73%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLMB Franklin Liberty Federal Tax-Free Bond ETF | 3.73% | 3.86% | 3.79% | 3.49% | 2.80% | 1.66% | 2.07% | 2.40% | 2.68% | 0.54% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLMB and UGA have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.45%) compared to FLMB (0.80%). In terms of maximum drawdown, FLMB dropped -17.90% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.22% vs 0.73% for FLMB. On fees, FLMB is cheaper at 0.30% per year. On volatility, FLMB has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.22% return vs 0.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLMB is cheaper with a 0.30% expense ratio, compared with 0.75% for UGA.
FLMB has the higher dividend yield at 3.73%, compared with 0.00% for UGA.
FLMB is categorized as Municipal Bonds, while UGA is Oil & Gas. They also come from different issuers: Franklin Templeton and Concierge Technologies. Their fees differ too: 0.30% for FLMB and 0.75% for UGA.
FLMB currently has the higher Sharpe Ratio (2.43 vs 1.82), 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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