HYD vs. FLMI
HYD (VanEck Vectors High-Yield Municipal Index ETF) and FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) are both Municipal Bonds funds. HYD is passively managed, while FLMI is actively managed. Over the past 5 years, HYD returned -0.14%/yr vs 2.12%/yr for FLMI. A 0.54 correlation means they provide meaningful diversification when combined. HYD charges 0.35%/yr vs 0.30%/yr for FLMI.
Performance
HYD vs. FLMI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HYD having a 2.52% return and FLMI slightly lower at 2.47%.
HYD
- 1D
- 0.45%
- 1M
- 1.90%
- YTD
- 2.52%
- 6M
- 2.85%
- 1Y
- 7.63%
- 3Y*
- 4.40%
- 5Y*
- -0.14%
- 10Y*
- 1.99%
FLMI
- 1D
- 0.24%
- 1M
- 1.59%
- YTD
- 2.47%
- 6M
- 2.68%
- 1Y
- 7.96%
- 3Y*
- 5.85%
- 5Y*
- 2.12%
- 10Y*
- —
HYD vs. FLMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.52% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 1.03% |
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 2.47% | 5.89% | 4.91% | 7.89% | -10.23% | 4.06% | 6.11% | 6.71% | 0.29% | -0.02% |
Correlation
The correlation between HYD and FLMI is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2017 | 0.54 |
Over the past year, HYD and FLMI have become more correlated (0.74) than their long-term average of 0.54, meaning their price movements have been converging.
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Return for Risk
HYD vs. FLMI — Risk / Return Rank
HYD
FLMI
HYD vs. FLMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) and Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI). 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.
| HYD | FLMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.64 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 2.84 | -0.37 |
| Martin ratioReturn relative to average drawdown | 8.47 | 10.20 | -1.73 |
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Drawdowns
HYD vs. FLMI - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than FLMI's maximum drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for HYD and FLMI.
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Drawdown Indicators
| HYD | FLMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -14.66% | -20.95% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.90% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -5.31% | -1.92% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -14.66% | -6.06% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | — | — |
Current DrawdownCurrent decline from peak | -1.65% | -0.17% | -1.48% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -2.81% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.80% | +0.13% |
Volatility
HYD vs. FLMI - Volatility Comparison
VanEck Vectors High-Yield Municipal Index ETF (HYD) has a higher volatility of 0.90% compared to Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) at 0.67%. This indicates that HYD's price experiences larger fluctuations and is considered to be riskier than FLMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | FLMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.67% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 2.06% | +0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 2.94% | +1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 4.43% | +2.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.60% | 4.71% | +7.89% |
HYD vs. FLMI - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is higher than FLMI's 0.30% expense ratio.
Dividends
HYD vs. FLMI - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.24%, more than FLMI's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.24% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
Frequently Asked Questions
HYD and FLMI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYD has higher volatility (0.90%) compared to FLMI (0.67%). In terms of maximum drawdown, HYD dropped -35.61% vs FLMI's -14.66%.
On 5-year performance, FLMI leads with 2.12% vs -0.14% for HYD. On fees, FLMI is cheaper at 0.30% per year. On volatility, FLMI has been the lower-risk option at 0.67%. 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 2.12% return vs -0.14%. 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 0.35% for HYD.
HYD has the higher dividend yield at 4.24%, compared with 3.87% for FLMI.
They also come from different issuers: VanEck and Franklin Templeton. Their fees differ too: 0.35% for HYD and 0.30% for FLMI.
FLMI currently has the higher Sharpe Ratio (2.80 vs 1.99), 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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