FLMI vs. JMST
FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) and JMST (JPMorgan Ultra-Short Municipal Income ETF) are both exchange-traded funds - FLMI is a Municipal Bonds fund actively managed by Franklin Templeton, while JMST is a Ultrashort Bond fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, FLMI returned 2.20%/yr vs 2.30%/yr for JMST. At a 0.28 correlation, their price movements are largely independent. FLMI charges 0.30%/yr vs 0.18%/yr for JMST.
Performance
FLMI vs. JMST - Performance Comparison
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Returns By Period
In the year-to-date period, FLMI achieves a 2.51% return, which is significantly higher than JMST's 1.11% return.
FLMI
- 1D
- 0.04%
- 1M
- 1.46%
- YTD
- 2.51%
- 6M
- 2.72%
- 1Y
- 8.00%
- 3Y*
- 5.74%
- 5Y*
- 2.20%
- 10Y*
- —
JMST
- 1D
- 0.00%
- 1M
- 0.36%
- YTD
- 1.11%
- 6M
- 1.21%
- 1Y
- 2.93%
- 3Y*
- 3.34%
- 5Y*
- 2.30%
- 10Y*
- —
FLMI vs. JMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 2.51% | 5.89% | 4.91% | 7.89% | -10.23% | 4.06% | 6.11% | 6.71% | 1.69% |
JMST JPMorgan Ultra-Short Municipal Income ETF | 1.11% | 3.35% | 3.31% | 3.56% | 0.07% | 0.31% | 2.00% | 2.09% | 0.70% |
Correlation
The correlation between FLMI and JMST is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018 | 0.28 |
The correlation between FLMI and JMST shifts across timeframes, from 0.23 (1 year) to 0.35 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FLMI vs. JMST — Risk / Return Rank
FLMI
JMST
FLMI vs. JMST - 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 JPMorgan Ultra-Short Municipal Income ETF (JMST). 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 | JMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -3.86 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 2.44 | -0.82 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 11.54 | -8.77 |
| Martin ratioReturn relative to average drawdown | 9.97 | 62.70 | -52.73 |
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Drawdowns
FLMI vs. JMST - Drawdown Comparison
The maximum FLMI drawdown since its inception was -14.66%, which is greater than JMST's maximum drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for FLMI and JMST.
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Drawdown Indicators
| FLMI | JMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.66% | -2.41% | -12.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -0.25% | -2.65% |
Max Drawdown (3Y)Largest decline over 3 years | -5.31% | -0.71% | -4.60% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | -1.15% | -13.51% |
Current DrawdownCurrent decline from peak | -0.13% | 0.00% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -0.12% | -2.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.05% | +0.75% |
Volatility
FLMI vs. JMST - Volatility Comparison
Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) has a higher volatility of 0.66% compared to JPMorgan Ultra-Short Municipal Income ETF (JMST) at 0.19%. This indicates that FLMI's price experiences larger fluctuations and is considered to be riskier than JMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLMI | JMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 0.19% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.06% | 0.43% | +1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.94% | 0.60% | +2.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.43% | 0.83% | +3.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.71% | 1.13% | +3.58% |
FLMI vs. JMST - Expense Ratio Comparison
FLMI has a 0.30% expense ratio, which is higher than JMST's 0.18% expense ratio.
Dividends
FLMI vs. JMST - Dividend Comparison
FLMI's dividend yield for the trailing twelve months is around 3.86%, more than JMST's 2.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 3.86% | 3.89% | 4.08% | 3.71% | 3.08% | 2.22% | 2.09% | 2.71% | 2.41% | 0.34% |
JMST JPMorgan Ultra-Short Municipal Income ETF | 2.65% | 2.84% | 3.32% | 3.09% | 1.10% | 0.27% | 0.87% | 1.63% | 0.28% | 0.00% |
Frequently Asked Questions
FLMI and JMST have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLMI has higher volatility (0.66%) compared to JMST (0.19%). In terms of maximum drawdown, FLMI dropped -14.66% vs JMST's -2.41%.
On 5-year performance, JMST leads with 2.30% vs 2.20% for FLMI. On fees, JMST is cheaper at 0.18% per year. On volatility, JMST has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JMST has performed better with a 2.30% return vs 2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMST is cheaper with a 0.18% expense ratio, compared with 0.30% for FLMI.
FLMI has the higher dividend yield at 3.86%, compared with 2.65% for JMST.
FLMI is categorized as Municipal Bonds, while JMST is Ultrashort Bond. They also come from different issuers: Franklin Templeton and JPMorgan. Their fees differ too: 0.30% for FLMI and 0.18% for JMST.
JMST currently has the higher Sharpe Ratio (4.90 vs 2.74), 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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