FLMI vs. ZMUN
FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. FLMI is actively managed, while ZMUN is passively managed. Their 0.17 correlation means their historical movements had little consistent relationship. Both charge a 0.30% expense ratio.
Performance
FLMI vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, FLMI achieves a 1.16% return, which is significantly lower than ZMUN's 2.05% return.
FLMI
- 1D
- 0.02%
- 1M
- -1.78%
- 6M
- 0.09%
- YTD
- 1.16%
- 1Y
- 6.00%
- 3Y*
- 5.52%
- 5Y*
- 1.64%
- 10Y*
- —
- ALL TIME*
- 2.86%
ZMUN
- 1D
- -0.04%
- 1M
- 0.16%
- 6M
- 1.78%
- YTD
- 2.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.44M | $15.09M | $18.18M | |
| $248.73K | $278.36K | $387.17K |
FLMI vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 1.16% | 1.91% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.05% | 0.67% |
Correlation
The correlation between FLMI and ZMUN is 0.17, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025 | 0.17 |
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Return for Risk
FLMI vs. ZMUN — Risk / Return Rank
FLMI
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FLMI vs. ZMUN - 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 F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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 | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.45 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | — | — |
| Martin ratioReturn relative to average drawdown | 7.06 | — | — |
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Drawdowns
FLMI vs. ZMUN - Drawdown Comparison
The maximum FLMI drawdown since its inception was -14.66%, which is greater than ZMUN's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for FLMI and ZMUN.
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Drawdown Indicators
| FLMI | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.66% | -0.13% | -14.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.60% | — | — |
Current DrawdownCurrent decline from peak | -1.78% | -0.04% | -1.74% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -0.02% | -2.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | — | — |
Volatility
FLMI vs. ZMUN - Volatility Comparison
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Volatility by Period
| FLMI | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.93% | 0.54% | +2.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 0.54% | +3.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.70% | 0.54% | +4.16% |
FLMI vs. ZMUN - Expense Ratio Comparison
Both FLMI and ZMUN have an expense ratio of 0.30%.
Dividends
FLMI vs. ZMUN - Dividend Comparison
FLMI's dividend yield for the trailing twelve months is around 3.99%, more than ZMUN's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 3.99% | 3.89% | 4.08% | 3.71% | 3.08% | 2.22% | 2.09% | 2.71% | 2.41% | 0.34% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.92% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLMI and ZMUN have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
FLMI and ZMUN have the same expense ratio: 0.30% per year.
FLMI has the higher dividend yield at 3.99%, compared with 2.92% for ZMUN.
They also come from different issuers: Franklin Templeton and F/m.
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