FLMI vs. HIMU
FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) and HIMU (iShares High Yield Muni Active ETF) are both exchange-traded funds - FLMI is a Municipal Bonds fund actively managed by Franklin Templeton, while HIMU is a High Yield Muni fund actively managed by iShares. Both are actively managed. Over the past year, FLMI returned 7.87% vs 7.32% for HIMU. A 0.63 correlation means they provide meaningful diversification when combined. FLMI charges 0.30%/yr vs 0.42%/yr for HIMU.
Performance
FLMI vs. HIMU - Performance Comparison
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Returns By Period
In the year-to-date period, FLMI achieves a 2.47% return, which is significantly lower than HIMU's 3.66% return.
FLMI
- 1D
- -0.04%
- 1M
- 1.42%
- YTD
- 2.47%
- 6M
- 2.68%
- 1Y
- 7.87%
- 3Y*
- 5.72%
- 5Y*
- 2.17%
- 10Y*
- —
HIMU
- 1D
- 0.26%
- 1M
- 2.47%
- YTD
- 3.66%
- 6M
- 3.75%
- 1Y
- 7.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLMI vs. HIMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 2.47% | 4.87% |
HIMU iShares High Yield Muni Active ETF | 3.66% | 1.48% |
Correlation
The correlation between FLMI and HIMU is 0.63, 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 | 0.63 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2025 | 0.63 |
The correlation between FLMI and HIMU has been stable across timeframes, ranging from 0.63 to 0.63 - a consistent structural relationship.
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Return for Risk
FLMI vs. HIMU — Risk / Return Rank
FLMI
HIMU
FLMI vs. HIMU - 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 iShares High Yield Muni Active ETF (HIMU). 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 | HIMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.32 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 2.24 | +0.49 |
| Martin ratioReturn relative to average drawdown | 9.81 | 7.03 | +2.77 |
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Drawdowns
FLMI vs. HIMU - Drawdown Comparison
The maximum FLMI drawdown since its inception was -14.66%, which is greater than HIMU's maximum drawdown of -8.01%. Use the drawdown chart below to compare losses from any high point for FLMI and HIMU.
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Drawdown Indicators
| FLMI | HIMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.66% | -8.01% | -6.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -3.29% | +0.39% |
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 | -0.17% | 0.00% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -1.69% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 1.04% | -0.24% |
Volatility
FLMI vs. HIMU - Volatility Comparison
The current volatility for Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) is 0.67%, while iShares High Yield Muni Active ETF (HIMU) has a volatility of 0.99%. This indicates that FLMI experiences smaller price fluctuations and is considered to be less risky than HIMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLMI | HIMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 0.99% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 2.06% | 3.23% | -1.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.93% | 4.42% | -1.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.43% | 7.31% | -2.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.71% | 7.31% | -2.60% |
FLMI vs. HIMU - Expense Ratio Comparison
FLMI has a 0.30% expense ratio, which is lower than HIMU's 0.42% expense ratio.
Dividends
FLMI vs. HIMU - Dividend Comparison
FLMI's dividend yield for the trailing twelve months is around 3.87%, less than HIMU's 5.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
HIMU iShares High Yield Muni Active ETF | 5.10% | 4.57% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLMI and HIMU have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIMU has higher volatility (0.99%) compared to FLMI (0.67%). In terms of maximum drawdown, FLMI dropped -14.66% vs HIMU's -8.01%.
On 1-year performance, FLMI leads with 7.87% vs 7.32% for HIMU. On fees, FLMI is cheaper at 0.30% per year. On volatility, FLMI has been the lower-risk option at 0.67%. 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 7.87% return vs 7.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLMI is cheaper with a 0.30% expense ratio, compared with 0.42% for HIMU.
HIMU has the higher dividend yield at 5.10%, compared with 3.87% for FLMI.
FLMI is categorized as Municipal Bonds, while HIMU is High Yield Muni. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.30% for FLMI and 0.42% for HIMU.
FLMI currently has the higher Sharpe Ratio (2.70 vs 1.66), 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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