FLMI vs. IBHH
FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) and IBHH (iShares iBonds 2028 Term High Yield and Income ETF) are both exchange-traded funds - FLMI is a Municipal Bonds fund actively managed by Franklin Templeton, while IBHH is a High Yield Bonds fund tracking the Bloomberg 2028 Term High Yield and Income Index - Benchmark TR Gross. FLMI is actively managed, while IBHH is passively managed. Over the past 3 years, FLMI returned 6.02%/yr vs 8.48%/yr for IBHH. At a 0.35 correlation, their price movements are largely independent. FLMI charges 0.30%/yr vs 0.35%/yr for IBHH.
Performance
FLMI vs. IBHH - 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 IBHH's 1.66% return.
FLMI
- 1D
- -0.04%
- 1M
- 0.94%
- YTD
- 2.31%
- 6M
- 2.59%
- 1Y
- 8.28%
- 3Y*
- 6.02%
- 5Y*
- 2.20%
- 10Y*
- —
IBHH
- 1D
- -0.06%
- 1M
- 0.40%
- YTD
- 1.66%
- 6M
- 2.20%
- 1Y
- 6.59%
- 3Y*
- 8.48%
- 5Y*
- —
- 10Y*
- —
FLMI vs. IBHH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 2.31% | 5.89% | 4.91% | 7.89% | -5.76% |
IBHH iShares iBonds 2028 Term High Yield and Income ETF | 1.66% | 8.02% | 7.53% | 12.87% | -6.70% |
Correlation
The correlation between FLMI and IBHH is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2022 | 0.35 |
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Return for Risk
FLMI vs. IBHH — Risk / Return Rank
FLMI
IBHH
FLMI vs. IBHH - 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 iBonds 2028 Term High Yield and Income ETF (IBHH). 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 | IBHH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.46 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 5.41 | -2.54 |
| Martin ratioReturn relative to average drawdown | 10.34 | 21.70 | -11.36 |
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 | IBHH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.69 | 2.35 | +0.33 |
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 | 0.73 | -0.08 |
Drawdowns
FLMI vs. IBHH - Drawdown Comparison
The maximum FLMI drawdown since its inception was -14.66%, which is greater than IBHH's maximum drawdown of -12.05%. Use the drawdown chart below to compare losses from any high point for FLMI and IBHH.
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Drawdown Indicators
| FLMI | IBHH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.66% | -12.05% | -2.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -1.22% | -1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -5.31% | -4.66% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | -0.07% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -2.30% | -0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.30% | +0.50% |
Volatility
FLMI vs. IBHH - Volatility Comparison
Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) has a higher volatility of 1.00% compared to iShares iBonds 2028 Term High Yield and Income ETF (IBHH) at 0.77%. This indicates that FLMI's price experiences larger fluctuations and is considered to be riskier than IBHH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLMI | IBHH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 0.77% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 2.08% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 2.82% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 7.26% | -2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.72% | 7.26% | -2.54% |
FLMI vs. IBHH - Expense Ratio Comparison
FLMI has a 0.30% expense ratio, which is lower than IBHH's 0.35% expense ratio.
Dividends
FLMI vs. IBHH - Dividend Comparison
FLMI's dividend yield for the trailing twelve months is around 3.87%, less than IBHH's 6.27% 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% |
IBHH iShares iBonds 2028 Term High Yield and Income ETF | 6.27% | 6.39% | 6.93% | 6.65% | 5.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLMI and IBHH have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLMI has higher volatility (1.00%) compared to IBHH (0.77%). In terms of maximum drawdown, FLMI dropped -14.66% vs IBHH's -12.05%.
On 3-year performance, IBHH leads with 8.48% vs 6.02% for FLMI. On fees, FLMI is cheaper at 0.30% per year. On volatility, IBHH has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBHH has performed better with a 8.48% return vs 6.02%. 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 0.35% for IBHH.
IBHH has the higher dividend yield at 6.27%, compared with 3.87% for FLMI.
FLMI is categorized as Municipal Bonds, while IBHH is High Yield Bonds. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.30% for FLMI and 0.35% for IBHH.
FLMI currently has the higher Sharpe Ratio (2.69 vs 2.35), 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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