FLMI vs MUNI
Franklin Dynamic Municipal Bond ETF vs PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund
Which is better, FLMI or MUNI?
Nearly the same fund. FLMI costs less.
FLMI has a lower expense ratio. FLMI led over 3Y, 5Y and the full window, MUNI over 1Y. The two have moved almost in lockstep, correlation 0.96.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FLMI | MUNI |
|---|---|---|
| Expense Ratio | 0.30%Best | 0.35% |
| AUM | $2.3B | $3.4B |
| Dividend Yield | 4.21% | 3.46% |
| Holdings | 2,834 | 474 |
| YTD Return | -3.08% | -2.53%Best |
| 1Y Return | -1.83% | -1.60%Best |
| 3Y Return (annualized) | +5.08%Best | +3.35% |
| 5Y Return (annualized) | +1.09%Best | +0.61% |
| Volatility (annualized) | 5.7% | 4.5%Best |
| Max Drawdown | -14.7% | -11.2%Best |
| $10,000 over 5 years | $10,557Best | $10,309 |
| Fund Family | Franklin Templeton Investments (US) | PIMCO (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Aug 31, 2017 | Nov 30, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 5, 2017 to Oct 14, 2026 (9.1 years).
FLMI vs MUNI growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 9.1 years both funds cover.
FLMI vs MUNI Performance
Franklin Dynamic Municipal Bond ETF (FLMI) is an ETF from Franklin Templeton Investments (US) and PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (MUNI) is an ETF from PIMCO (US). Over the past year FLMI returned -1.83% while MUNI returned -1.60%. Year to date, FLMI is down 3.08% versus a loss of 2.53% for MUNI.
Over three years, FLMI compounded at +5.08% per year against +3.35% for MUNI; over five years the annualized figures are +1.09% and +0.61% respectively. Across the full 9-year window we track, FLMI has the edge at +1.46% annualized vs +0.89%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FLMI has been the more volatile fund, with annualized monthly volatility of 5.7% compared with 4.5% for MUNI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -14.7% for FLMI and -11.2% for MUNI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FLMI charges 0.30% per year while MUNI charges 0.35%. On a $10,000 position that is $30 vs $35 annually, a gap of $5 per year that compounds over a long holding period. On income, FLMI currently yields 4.21% against 3.46% for MUNI.
Holdings Overlap
We hold position weights for 220 holdings in FLMI and 280 in MUNI, totalling 25.9% and 69.7% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 220 positions we hold weights for in FLMI and 280 in MUNI, against full books of 2,834 and 474.
You are not choosing between two funds in isolation.
Whichever of FLMI and MUNI you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FLMI or MUNI?
FLMI has an expense ratio of 0.30% while MUNI charges 0.35%. FLMI is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, FLMI or MUNI?
Over the past year FLMI returned -1.83% vs -1.60% for MUNI, so MUNI leads on 1-year performance. Over the longest common window we track (9 years), FLMI annualized +1.46% vs +0.89% for MUNI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FLMI or MUNI?
FLMI has been the more volatile fund at 5.7% annualized versus 4.5% for MUNI. Worst drawdown: FLMI -14.7% vs MUNI -11.2%.
Should I hold both FLMI and MUNI?
FLMI and MUNI have a monthly-return correlation of 0.96, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, FLMI or MUNI?
FLMI yields 4.21% while MUNI yields 3.46%, so FLMI currently pays the higher dividend yield.
Is MUNI better than FLMI?
FLMI has a lower expense ratio. FLMI led over 3Y, 5Y and the full window, MUNI over 1Y. The two have moved almost in lockstep, correlation 0.96. Which one suits a particular account depends on what it is for. This is information, not a recommendation.