FLMI vs. MFLX
FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) and MFLX (First Trust Flexible Municipal High Income ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, FLMI returned 2.22%/yr vs -0.02%/yr for MFLX. At a 0.31 correlation, their price movements are largely independent. FLMI charges 0.30%/yr vs 0.88%/yr for MFLX.
Performance
FLMI vs. MFLX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FLMI achieves a 2.39% return, which is significantly lower than MFLX's 3.39% return.
FLMI
- 1D
- 0.08%
- 1M
- 0.98%
- YTD
- 2.39%
- 6M
- 2.77%
- 1Y
- 8.23%
- 3Y*
- 5.83%
- 5Y*
- 2.22%
- 10Y*
- —
MFLX
- 1D
- 0.06%
- 1M
- 1.27%
- YTD
- 3.39%
- 6M
- 3.87%
- 1Y
- 9.08%
- 3Y*
- 5.59%
- 5Y*
- -0.02%
- 10Y*
- —
FLMI vs. MFLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 2.39% | 5.89% | 4.91% | 7.89% | -10.23% | 4.06% | 6.11% | 6.71% | 0.29% | -0.02% |
MFLX First Trust Flexible Municipal High Income ETF | 3.39% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | -1.31% |
Correlation
The correlation between FLMI and MFLX is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017 | 0.31 |
Over the past year, FLMI and MFLX have become more correlated (0.57) than their long-term average of 0.31, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FLMI vs. MFLX — Risk / Return Rank
FLMI
MFLX
FLMI vs. MFLX - 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 First Trust Flexible Municipal High Income ETF (MFLX). 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 | MFLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.48 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 2.93 | -0.08 |
| Martin ratioReturn relative to average drawdown | 10.27 | 11.77 | -1.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FLMI | MFLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.67 | 2.24 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | -0.00 | +0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.19 | +0.46 |
Drawdowns
FLMI vs. MFLX - Drawdown Comparison
The maximum FLMI drawdown since its inception was -14.66%, smaller than the maximum MFLX drawdown of -26.76%. Use the drawdown chart below to compare losses from any high point for FLMI and MFLX.
Loading charts...
Drawdown Indicators
| FLMI | MFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.66% | -26.76% | +12.10% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -3.11% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -5.31% | -8.18% | +2.87% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | -25.88% | +11.22% |
Current DrawdownCurrent decline from peak | -0.25% | -3.72% | +3.47% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -8.17% | +5.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.77% | +0.03% |
Volatility
FLMI vs. MFLX - Volatility Comparison
The current volatility for Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) is 1.00%, while First Trust Flexible Municipal High Income ETF (MFLX) has a volatility of 1.41%. This indicates that FLMI experiences smaller price fluctuations and is considered to be less risky than MFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FLMI | MFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 1.41% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 2.98% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 4.08% | -0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 10.36% | -5.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.72% | 11.29% | -6.57% |
FLMI vs. MFLX - Expense Ratio Comparison
FLMI has a 0.30% expense ratio, which is lower than MFLX's 0.88% expense ratio.
Dividends
FLMI vs. MFLX - Dividend Comparison
FLMI's dividend yield for the trailing twelve months is around 3.87%, less than MFLX's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
MFLX First Trust Flexible Municipal High Income ETF | 4.07% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% |
Frequently Asked Questions
FLMI and MFLX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFLX has higher volatility (1.41%) compared to FLMI (1.00%). In terms of maximum drawdown, FLMI dropped -14.66% vs MFLX's -26.76%.
On 5-year performance, FLMI leads with 2.22% vs -0.02% for MFLX. On fees, FLMI is cheaper at 0.30% per year. On volatility, FLMI has been the lower-risk option at 1.00%. 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 -0.02%. 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 0.88% for MFLX.
MFLX has the higher dividend yield at 4.07%, compared with 3.87% for FLMI.
They also come from different issuers: Franklin Templeton and First Trust. Their fees differ too: 0.30% for FLMI and 0.88% for MFLX.
FLMI currently has the higher Sharpe Ratio (2.67 vs 2.24), 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.
Find the right allocation for FLMI and MFLX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer