FLMI vs. IBMM

Last updated Apr 1, 2026

Compare and contrast key facts about Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM).

FLMI and IBMM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FLMI is an actively managed fund by Franklin Templeton. It was launched on Aug 31, 2017. IBMM is a passively managed fund by iShares that tracks the performance of the S&P AMT-Free Municipal Series Dec 2024 Index. It was launched on Mar 20, 2018.

Performance

FLMI vs. IBMM - 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 iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). The values are adjusted to include any dividend payments, if applicable.

FLMI vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF	-1.14%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Returns By Period

FLMI

• 1D: 0.28%
• 1M: -2.31%
• YTD: 0.28%
• 6M: 1.94%
• 1Y: 5.54%
• 3Y*: 5.30%
• 5Y*: 2.22%
• 10Y*: —

IBMM

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLMI vs. IBMM - Expense Ratio Comparison

FLMI has a 0.30% expense ratio, which is higher than IBMM's 0.18% expense ratio.

FLMI

Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF

IBMM

iShares iBonds Dec 2024 Term Muni Bond ETF

Return for Risk

FLMI vs. IBMM — Risk / Return Rank

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

FLMI

FLMI Risk / Return Rank: 65
FLMI Sharpe Ratio Rank: 71
FLMI Sortino Ratio Rank: 65
FLMI Omega Ratio Rank: 78
FLMI Calmar Ratio Rank: 56
FLMI 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. IBMM - 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 Dec 2024 Term Muni Bond ETF (IBMM). 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	IBMM	Difference
Sharpe ratio Return per unit of total volatility	1.23	—	—
Sortino ratio Return per unit of downside risk	1.63	—	—
Omega ratio Gain probability vs. loss probability	1.29	—	—
Calmar ratio Return relative to maximum drawdown	1.39	—	—
Martin ratio Return relative to average drawdown	5.10	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FLMI	IBMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	—	—

Dividends

FLMI vs. IBMM - Dividend Comparison

FLMI's dividend yield for the trailing twelve months is around 3.93%, while IBMM has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF	3.93%	3.89%	4.08%	3.71%	3.08%	2.22%	2.09%	2.71%	2.41%	0.34%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FLMI vs. IBMM - Drawdown Comparison

The maximum FLMI drawdown since its inception was -14.66%, which is greater than IBMM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FLMI and IBMM.

Drawdown Indicators

	FLMI	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-14.66%	0.00%	-14.66%
Max Drawdown (1Y) Largest decline over 1 year	-4.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.66%	—	—
Current Drawdown Current decline from peak	-2.31%	0.00%	-2.31%
Average Drawdown Average peak-to-trough decline	-2.86%	0.00%	-2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	—	—

Volatility

Volatility by Period

	FLMI	IBMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.52%	0.00%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.43%	0.00%	+4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	0.00%	+4.75%