ZMUN vs. FLMI
ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) are both Municipal Bonds funds. ZMUN is passively managed, while FLMI is actively managed. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.30% expense ratio.
Performance
ZMUN vs. FLMI - Performance Comparison
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Returns By Period
In the year-to-date period, ZMUN achieves a 1.88% return, which is significantly lower than FLMI's 2.54% return.
ZMUN
- 1D
- 0.05%
- 1M
- 0.20%
- 6M
- 1.76%
- YTD
- 1.88%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLMI
- 1D
- 0.04%
- 1M
- 0.26%
- 6M
- 1.96%
- YTD
- 2.54%
- 1Y
- 7.67%
- 3Y*
- 5.91%
- 5Y*
- 2.02%
- 10Y*
- —
ZMUN vs. FLMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.88% | 0.67% |
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 2.54% | 1.91% |
Correlation
The correlation between ZMUN and FLMI is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025 | 0.20 |
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Return for Risk
ZMUN vs. FLMI — Risk / Return Rank
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FLMI
ZMUN vs. FLMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m Ultrashort Tax-Free Municipal ETF (ZMUN) 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.
| ZMUN | FLMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.58 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.60 | — |
| Martin ratioReturn relative to average drawdown | — | 9.52 | — |
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Drawdowns
ZMUN vs. FLMI - Drawdown Comparison
The maximum ZMUN drawdown since its inception was -0.13%, smaller than the maximum FLMI drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for ZMUN and FLMI.
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Drawdown Indicators
| ZMUN | FLMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.13% | -14.66% | +14.53% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.90% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.31% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.66% | — |
Current DrawdownCurrent decline from peak | -0.07% | -0.44% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -0.02% | -2.79% | +2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.80% | — |
Volatility
ZMUN vs. FLMI - Volatility Comparison
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Volatility by Period
| ZMUN | FLMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.62% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.10% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.54% | 2.94% | -2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.54% | 4.43% | -3.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.54% | 4.70% | -4.16% |
ZMUN vs. FLMI - Expense Ratio Comparison
Both ZMUN and FLMI have an expense ratio of 0.30%.
Dividends
ZMUN vs. FLMI - Dividend Comparison
ZMUN's dividend yield for the trailing twelve months is around 2.60%, less than FLMI's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 3.90% | 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 | 2.60% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZMUN and FLMI have a correlation of 0.20, 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.
ZMUN and FLMI have the same expense ratio: 0.30% per year.
FLMI has the higher dividend yield at 3.90%, compared with 2.60% for ZMUN.
They also come from different issuers: F/m Investments and Franklin Templeton.
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