FLMI vs. EZBC
FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) and EZBC (Franklin Bitcoin ETF) are both exchange-traded funds - FLMI is a Municipal Bonds fund actively managed by Franklin Templeton, while EZBC is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. FLMI is actively managed, while EZBC is passively managed. Over the past year, FLMI returned 8.28% vs -38.68% for EZBC. At a 0.04 correlation, their price movements are largely independent. FLMI charges 0.30%/yr vs 0.19%/yr for EZBC.
Performance
FLMI vs. EZBC - Performance Comparison
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Returns By Period
In the year-to-date period, FLMI achieves a 2.31% return, which is significantly higher than EZBC's -25.36% return.
FLMI
- 1D
- -0.04%
- 1M
- 0.94%
- YTD
- 2.31%
- 6M
- 2.59%
- 1Y
- 8.28%
- 3Y*
- 6.02%
- 5Y*
- 2.20%
- 10Y*
- —
EZBC
- 1D
- -2.73%
- 1M
- -18.42%
- YTD
- -25.36%
- 6M
- -29.82%
- 1Y
- -38.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLMI vs. EZBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 2.31% | 5.89% | 4.86% |
EZBC Franklin Bitcoin ETF | -25.36% | -6.56% | 100.18% |
Correlation
The correlation between FLMI and EZBC is 0.04, 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 | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.04 |
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Return for Risk
FLMI vs. EZBC — Risk / Return Rank
FLMI
EZBC
FLMI vs. EZBC - 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 Franklin Bitcoin ETF (EZBC). 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.
| FLMI | EZBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.58 | ||
| Sortino ratioReturn per unit of downside risk | +5.29 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 0.86 | +0.75 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | -0.79 | +3.66 |
| Martin ratioReturn relative to average drawdown | 10.34 | -1.36 | +11.70 |
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
| FLMI | EZBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.69 | -0.89 | +3.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.30 | +0.35 |
Drawdowns
FLMI vs. EZBC - Drawdown Comparison
The maximum FLMI drawdown since its inception was -14.66%, smaller than the maximum EZBC drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for FLMI and EZBC.
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Drawdown Indicators
| FLMI | EZBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.66% | -49.37% | +34.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -49.37% | +46.47% |
Max Drawdown (3Y)Largest decline over 3 years | -5.31% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | -48.04% | +47.71% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -16.01% | +13.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 28.42% | -27.62% |
Volatility
FLMI vs. EZBC - Volatility Comparison
The current volatility for Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) is 1.00%, while Franklin Bitcoin ETF (EZBC) has a volatility of 9.43%. This indicates that FLMI experiences smaller price fluctuations and is considered to be less risky than EZBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLMI | EZBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 9.43% | -8.43% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 34.44% | -32.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 43.67% | -40.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 50.06% | -45.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.72% | 50.06% | -45.34% |
FLMI vs. EZBC - Expense Ratio Comparison
FLMI has a 0.30% expense ratio, which is higher than EZBC's 0.19% expense ratio.
Dividends
FLMI vs. EZBC - Dividend Comparison
FLMI's dividend yield for the trailing twelve months is around 3.87%, while EZBC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EZBC Franklin Bitcoin ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 3.87% | 3.89% | 4.08% | 3.71% | 3.08% | 2.22% | 2.09% | 2.71% | 2.41% | 0.34% |
Frequently Asked Questions
FLMI and EZBC have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZBC has higher volatility (9.43%) compared to FLMI (1.00%). In terms of maximum drawdown, FLMI dropped -14.66% vs EZBC's -49.37%.
On 1-year performance, FLMI leads with 8.28% vs -38.68% for EZBC. On fees, EZBC is cheaper at 0.19% per year. On volatility, FLMI has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FLMI has performed better with a 8.28% return vs -38.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EZBC is cheaper with a 0.19% expense ratio, compared with 0.30% for FLMI.
FLMI has the higher dividend yield at 3.87%, compared with 0.00% for EZBC.
FLMI is categorized as Municipal Bonds, while EZBC is Cryptocurrency. Their fees differ too: 0.30% for FLMI and 0.19% for EZBC.
FLMI currently has the higher Sharpe Ratio (2.69 vs -0.89), 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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