FLMI vs. AMHIX

Last updated Jun 23, 2026

FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) and AMHIX (American High-Income Municipal Bond Fund) are both funds - FLMI is a Municipal Bonds fund actively managed by Franklin Templeton, while AMHIX is a High Yield Muni fund managed by American Funds. Over the past 5 years, FLMI returned 2.20%/yr vs 1.67%/yr for AMHIX. A 0.59 correlation means they provide meaningful diversification when combined. FLMI charges 0.30%/yr vs 0.63%/yr for AMHIX.

Performance

FLMI vs. AMHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) and American High-Income Municipal Bond Fund (AMHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FLMI having a 2.51% return and AMHIX slightly lower at 2.43%.

FLMI

• 1D: 0.04%
• 1M: 1.46%
• YTD: 2.51%
• 6M: 2.72%
• 1Y: 8.00%
• 3Y*: 5.74%
• 5Y*: 2.20%
• 10Y*: —

AMHIX

• 1D: 0.06%
• 1M: 1.83%
• YTD: 2.43%
• 6M: 2.91%
• 1Y: 8.01%
• 3Y*: 6.11%
• 5Y*: 1.67%
• 10Y*: 3.22%

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

FLMI vs. AMHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF	2.51%	5.89%	4.91%	7.89%	-10.23%	4.06%	6.11%	6.71%	0.29%	-0.02%
AMHIX American High-Income Municipal Bond Fund	2.43%	5.70%	6.19%	7.18%	-12.59%	5.28%	4.39%	8.88%	1.59%	1.54%

Correlation

The correlation between FLMI and AMHIX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 5, 2017	0.59

The correlation between FLMI and AMHIX shifts across timeframes, from 0.59 (all time) to 0.69 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FLMI vs. AMHIX — Risk / Return Rank

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

FLMI

FLMI Risk / Return Rank: 78
FLMI Sharpe Ratio Rank: 87
FLMI Sortino Ratio Rank: 92
FLMI Omega Ratio Rank: 93
FLMI Calmar Ratio Rank: 58
FLMI Martin Ratio Rank: 58

AMHIX

AMHIX Risk / Return Rank: 78
AMHIX Sharpe Ratio Rank: 89
AMHIX Sortino Ratio Rank: 93
AMHIX Omega Ratio Rank: 92
AMHIX Calmar Ratio Rank: 63
AMHIX Martin Ratio Rank: 54

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.

FLMI vs. AMHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) and American High-Income Municipal Bond Fund (AMHIX). 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.

	FLMI	AMHIX	Difference
Sharpe ratio: Return per unit of total volatility	2.74	2.68	+0.06
Sortino ratio: Return per unit of downside risk	4.16	4.34	-0.18
Omega ratio: Gain probability vs. loss probability	1.62	1.65	-0.02
Calmar ratio: Return relative to maximum drawdown	2.77	2.91	-0.14
Martin ratio: Return relative to average drawdown	9.97	10.34	-0.37

FLMI vs. AMHIX - Sharpe Ratio Comparison

The current FLMI Sharpe Ratio is 2.74, which is comparable to the AMHIX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of FLMI and AMHIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLMI vs. AMHIX - Drawdown Comparison

The maximum FLMI drawdown since its inception was -14.66%, smaller than the maximum AMHIX drawdown of -21.74%. Use the drawdown chart below to compare losses from any high point for FLMI and AMHIX.

Drawdown Indicators

	FLMI	AMHIX	Difference
Max Drawdown Largest peak-to-trough decline	-14.66%	-21.74%	+7.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-2.76%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-5.31%	-6.25%	+0.94%
Max Drawdown (5Y) Largest decline over 5 years	-14.66%	-17.81%	+3.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.81%	—
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-2.81%	-2.12%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.78%	+0.02%

Volatility

FLMI vs. AMHIX - Volatility Comparison

The current volatility for Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) is 0.66%, while American High-Income Municipal Bond Fund (AMHIX) has a volatility of 0.75%. This indicates that FLMI experiences smaller price fluctuations and is considered to be less risky than AMHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLMI	AMHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.75%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	2.18%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.94%	3.00%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.43%	4.84%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.71%	4.53%	+0.18%

FLMI vs. AMHIX - Expense Ratio Comparison

FLMI has a 0.30% expense ratio, which is lower than AMHIX's 0.63% expense ratio.

Dividends

FLMI vs. AMHIX - Dividend Comparison

FLMI's dividend yield for the trailing twelve months is around 3.86%, which matches AMHIX's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMHIX American High-Income Municipal Bond Fund	3.88%	5.26%	3.80%	3.10%	2.53%	3.23%	3.40%	3.46%	3.67%	4.01%	3.55%	4.03%
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF	3.86%	3.89%	4.08%	3.71%	3.08%	2.22%	2.09%	2.71%	2.41%	0.34%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLMI and AMHIX in my portfolio?

FLMI and AMHIX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLMI or AMHIX?

AMHIX has higher volatility (0.75%) compared to FLMI (0.66%). In terms of maximum drawdown, FLMI dropped -14.66% vs AMHIX's -21.74%.

Which has better risk-adjusted returns?

FLMI currently has the higher Sharpe Ratio (2.74 vs 2.68), 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.