FLMI vs. INMU
FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) and INMU (BlackRock Intermediate Muni Income Bond ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, FLMI returned 2.22%/yr vs 1.80%/yr for INMU. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.30% expense ratio.
Performance
FLMI vs. INMU - Performance Comparison
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Returns By Period
In the year-to-date period, FLMI achieves a 2.39% return, which is significantly higher than INMU's 1.81% return.
FLMI
- 1D
- 0.08%
- 1M
- 0.98%
- YTD
- 2.39%
- 6M
- 2.77%
- 1Y
- 8.23%
- 3Y*
- 5.83%
- 5Y*
- 2.22%
- 10Y*
- —
INMU
- 1D
- 0.08%
- 1M
- 0.61%
- YTD
- 1.81%
- 6M
- 2.11%
- 1Y
- 7.08%
- 3Y*
- 4.84%
- 5Y*
- 1.80%
- 10Y*
- —
FLMI vs. INMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 2.39% | 5.89% | 4.91% | 7.89% | -10.23% | 3.96% |
INMU BlackRock Intermediate Muni Income Bond ETF | 1.81% | 5.52% | 2.77% | 6.50% | -7.78% | 2.84% |
Correlation
The correlation between FLMI and INMU is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2021 | 0.63 |
The correlation between FLMI and INMU has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.
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Return for Risk
FLMI vs. INMU — Risk / Return Rank
FLMI
INMU
FLMI vs. INMU - 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 BlackRock Intermediate Muni Income Bond ETF (INMU). 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 | INMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.64 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 2.75 | +0.10 |
| Martin ratioReturn relative to average drawdown | 10.27 | 9.40 | +0.88 |
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 | INMU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.67 | 2.84 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.50 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.60 | +0.05 |
Drawdowns
FLMI vs. INMU - Drawdown Comparison
The maximum FLMI drawdown since its inception was -14.66%, which is greater than INMU's maximum drawdown of -10.67%. Use the drawdown chart below to compare losses from any high point for FLMI and INMU.
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Drawdown Indicators
| FLMI | INMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.66% | -10.67% | -3.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -2.58% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.31% | -4.88% | -0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | -10.67% | -3.99% |
Current DrawdownCurrent decline from peak | -0.25% | -0.58% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -2.81% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.75% | +0.05% |
Volatility
FLMI vs. INMU - Volatility Comparison
Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) has a higher volatility of 1.00% compared to BlackRock Intermediate Muni Income Bond ETF (INMU) at 0.81%. This indicates that FLMI's price experiences larger fluctuations and is considered to be riskier than INMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLMI | INMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 0.81% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 1.87% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 2.51% | +0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 3.60% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.72% | 3.54% | +1.18% |
FLMI vs. INMU - Expense Ratio Comparison
Both FLMI and INMU have an expense ratio of 0.30%.
Dividends
FLMI vs. INMU - Dividend Comparison
FLMI's dividend yield for the trailing twelve months is around 3.87%, more than INMU's 3.35% 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% |
INMU BlackRock Intermediate Muni Income Bond ETF | 3.35% | 3.48% | 3.47% | 3.44% | 1.92% | 1.14% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLMI and INMU have a correlation of 0.62, 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 INMU (0.81%). In terms of maximum drawdown, FLMI dropped -14.66% vs INMU's -10.67%.
On 5-year performance, FLMI leads with 2.22% vs 1.80% for INMU. Both ETFs have the same 0.30% expense ratio. On volatility, INMU has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLMI has performed better with a 2.22% return vs 1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLMI and INMU have the same expense ratio: 0.30% per year.
FLMI has the higher dividend yield at 3.87%, compared with 3.35% for INMU.
They also come from different issuers: Franklin Templeton and BlackRock.
INMU currently has the higher Sharpe Ratio (2.84 vs 2.67), 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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