TNGY vs. FLMI

Last updated Jun 24, 2026

TNGY (Tortoise Energy Fund) and FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) are both exchange-traded funds - TNGY is a Energy Equities fund actively managed by Tortoise Capital, while FLMI is a Municipal Bonds fund actively managed by Franklin Templeton. Both are actively managed. Over the past year, TNGY returned 12.82% vs 7.87% for FLMI. At a correlation of -0.23, they often move in opposite directions. TNGY charges 0.85%/yr vs 0.30%/yr for FLMI.

Performance

TNGY vs. FLMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise Energy Fund (TNGY) and Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNGY achieves a 10.84% return, which is significantly higher than FLMI's 2.47% return.

TNGY

• 1D: 0.92%
• 1M: -5.44%
• YTD: 10.84%
• 6M: 11.42%
• 1Y: 12.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLMI

• 1D: -0.04%
• 1M: 1.42%
• YTD: 2.47%
• 6M: 2.68%
• 1Y: 7.87%
• 3Y*: 5.72%
• 5Y*: 2.17%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TNGY vs. FLMI - Yearly Performance Comparison

	2026 (YTD)	2025
TNGY Tortoise Energy Fund	10.84%	-2.37%
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF	2.47%	5.40%

Correlation

The correlation between TNGY and FLMI is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Jun 16, 2025	-0.23

Return for Risk

TNGY vs. FLMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TNGY

TNGY Risk / Return Rank: 25
TNGY Sharpe Ratio Rank: 24
TNGY Sortino Ratio Rank: 22
TNGY Omega Ratio Rank: 22
TNGY Calmar Ratio Rank: 28
TNGY Martin Ratio Rank: 29

FLMI

FLMI Risk / Return Rank: 78
FLMI Sharpe Ratio Rank: 87
FLMI Sortino Ratio Rank: 91
FLMI Omega Ratio Rank: 93
FLMI Calmar Ratio Rank: 59
FLMI Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TNGY vs. FLMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Energy Fund (TNGY) 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.

	TNGY	FLMI	Difference
Sharpe ratio: Return per unit of total volatility	0.80	2.70	-1.89
Sortino ratio: Return per unit of downside risk	1.15	4.10	-2.95
Omega ratio: Gain probability vs. loss probability	1.14	1.61	-0.47
Calmar ratio: Return relative to maximum drawdown	1.31	2.73	-1.41
Martin ratio: Return relative to average drawdown	3.85	9.81	-5.95

TNGY vs. FLMI - Sharpe Ratio Comparison

The current TNGY Sharpe Ratio is 0.80, which is lower than the FLMI Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of TNGY and FLMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TNGY vs. FLMI - Drawdown Comparison

The maximum TNGY drawdown since its inception was -9.79%, smaller than the maximum FLMI drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for TNGY and FLMI.

Drawdown Indicators

	TNGY	FLMI	Difference
Max Drawdown Largest peak-to-trough decline	-9.79%	-14.66%	+4.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-2.90%	-6.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.66%	—
Current Drawdown Current decline from peak	-7.56%	-0.17%	-7.39%
Average Drawdown Average peak-to-trough decline	-3.58%	-2.81%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	0.80%	+2.54%

Volatility

TNGY vs. FLMI - Volatility Comparison

Tortoise Energy Fund (TNGY) has a higher volatility of 6.56% compared to Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI) at 0.67%. This indicates that TNGY'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.

Volatility by Period

	TNGY	FLMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	0.67%	+5.89%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	2.06%	+10.72%
Volatility (1Y) Calculated over the trailing 1-year period	16.01%	2.93%	+13.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.44%	4.43%	+12.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	4.71%	+11.73%

TNGY vs. FLMI - Expense Ratio Comparison

TNGY has a 0.85% expense ratio, which is higher than FLMI's 0.30% expense ratio.

Dividends

TNGY vs. FLMI - Dividend Comparison

TNGY's dividend yield for the trailing twelve months is around 3.55%, less than FLMI's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TNGY Tortoise Energy Fund	3.55%	2.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TNGY and FLMI in my portfolio?

TNGY and FLMI have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNGY or FLMI?

TNGY has higher volatility (6.56%) compared to FLMI (0.67%). In terms of maximum drawdown, TNGY dropped -9.79% vs FLMI's -14.66%.

Which ETF is better, TNGY or FLMI?

On 1-year performance, TNGY leads with 12.82% vs 7.87% for FLMI. 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.

Which ETF has performed better, TNGY or FLMI?

Over the 1-year period, TNGY has performed better with a 12.82% return vs 7.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNGY or FLMI?

FLMI is cheaper with a 0.30% expense ratio, compared with 0.85% for TNGY.

Which ETF pays a higher dividend yield, TNGY or FLMI?

FLMI has the higher dividend yield at 3.87%, compared with 3.55% for TNGY.

What is the main difference between TNGY and FLMI?

TNGY is categorized as Energy Equities, while FLMI is Municipal Bonds. They also come from different issuers: Tortoise Capital and Franklin Templeton. Their fees differ too: 0.85% for TNGY and 0.30% for FLMI.

Which has better risk-adjusted returns?

FLMI currently has the higher Sharpe Ratio (2.70 vs 0.80), 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.