FLMI vs. PVI
Compare and contrast key facts about Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) and Invesco VRDO Tax-Free ETF (PVI).
FLMI and PVI 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. PVI is a passively managed fund by Invesco that tracks the performance of the ICE US Municipal AMT-Free VRDO Constrained Index. It was launched on Nov 15, 2007.
Performance
FLMI vs. PVI - Performance Comparison
Loading graphics...
FLMI vs. PVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 0.28% | 5.89% | 4.91% | 7.89% | -10.23% | 4.06% | 6.11% | 6.71% | 0.29% | -0.02% |
PVI Invesco VRDO Tax-Free ETF | 0.29% | 3.12% | 2.43% | 2.74% | 0.89% | -0.07% | 0.17% | 1.18% | 1.21% | 0.16% |
Returns By Period
The year-to-date returns for both investments are quite close, with FLMI having a 0.28% return and PVI slightly higher at 0.29%.
FLMI
- 1D
- 0.28%
- 1M
- -2.31%
- YTD
- 0.28%
- 6M
- 1.94%
- 1Y
- 5.54%
- 3Y*
- 5.30%
- 5Y*
- 2.22%
- 10Y*
- —
PVI
- 1D
- 0.20%
- 1M
- 0.59%
- YTD
- 0.29%
- 6M
- 1.29%
- 1Y
- 2.40%
- 3Y*
- 2.67%
- 5Y*
- 1.87%
- 10Y*
- 1.26%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
FLMI vs. PVI - Expense Ratio Comparison
FLMI has a 0.30% expense ratio, which is higher than PVI's 0.25% expense ratio.
Return for Risk
FLMI vs. PVI — Risk / Return Rank
FLMI
PVI
FLMI vs. PVI - 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 Invesco VRDO Tax-Free ETF (PVI). 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 | PVI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.23 | 0.87 | +0.37 |
Sortino ratioReturn per unit of downside risk | 1.63 | 1.32 | +0.30 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.17 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.39 | 2.48 | -1.09 |
Martin ratioReturn relative to average drawdown | 5.10 | 8.39 | -3.29 |
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 graphics...
Sharpe Ratios by Period
| FLMI | PVI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 0.87 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.97 | -0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.74 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.53 | +0.08 |
Correlation
The correlation between FLMI and PVI is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FLMI vs. PVI - Dividend Comparison
FLMI's dividend yield for the trailing twelve months is around 3.93%, more than PVI's 2.19% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
PVI Invesco VRDO Tax-Free ETF | 2.19% | 2.22% | 2.72% | 3.36% | 0.56% | 0.00% | 0.36% | 1.15% | 1.14% | 0.56% | 0.13% | 0.00% |
Drawdowns
FLMI vs. PVI - Drawdown Comparison
The maximum FLMI drawdown since its inception was -14.66%, which is greater than PVI's maximum drawdown of -4.10%. Use the drawdown chart below to compare losses from any high point for FLMI and PVI.
Loading graphics...
Drawdown Indicators
| FLMI | PVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.66% | -4.10% | -10.56% |
Max Drawdown (1Y)Largest decline over 1 year | -4.19% | -0.99% | -3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | -1.17% | -13.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -1.17% | — |
Current DrawdownCurrent decline from peak | -2.31% | -0.12% | -2.19% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -0.28% | -2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.29% | +0.85% |
Volatility
FLMI vs. PVI - Volatility Comparison
Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) has a higher volatility of 1.42% compared to Invesco VRDO Tax-Free ETF (PVI) at 0.74%. This indicates that FLMI's price experiences larger fluctuations and is considered to be riskier than PVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| FLMI | PVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 0.74% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 1.99% | 1.93% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.52% | 2.79% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.43% | 1.93% | +2.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.75% | 1.72% | +3.03% |