Franklin Liberty Federal Tax-Free Bond ETF (FLMB) Performance
FLMB total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.8% since Dec 31, 2025
- 1 year
- −1.5% total return
- 5 years
- +0.1% a year
- Since first price
- +1.8% a year since 2017
FLMB trailing returns vs AGG, TLT, SPY
| Period | FLMB total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.4% | +1.0% | +0.9% | +1.5% | −1.0% |
| 3 months | −2.0% | −3.2% | −0.4% | −1.0% | +3.2% |
| 6 months | −3.1% | −5.5% | −1.5% | −3.8% | +7.8% |
| YTD | −1.8% | −4.9% | −1.0% | −3.4% | +12.3% |
| 1 year | −1.5% | −5.5% | −1.1% | −6.9% | +14.4% |
| 3 years | +15.2%+4.8%/yr | +2.3% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +0.3%+0.1%/yr | −15.8% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| Since inceptionSep 5, 2017 | +17.9%+1.8%/yr | −9.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FLMB vs AGG
From Sep 5, 2017: FLMB grew to $11,787, AGG to $11,291.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FLMB returns by calendar year
7 of 8 full years positive. Best 2019 (+8.9%), worst 2022 (−12.2%). 2026 is year to date.
FLMB annual returns table
| Year | FLMB | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −1.8% | −8.5% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.9% | −5.7% | +7.2% | +4.3% | +17.7% |
| 2024 | +2.5% | −2.9% | +1.3% | −8.1% | +24.9% |
| 2023 | +7.7% | −7.5% | +5.7% | +2.8% | +26.2% |
| 2022 | −12.2% | −17.1% | −13.0% | −31.2% | −18.2% |
| 2021 | +0.8% | −3.5% | −1.8% | −4.6% | +28.7% |
| 2020 | +7.4% | −13.9% | +7.5% | +18.2% | +18.3% |
| 2019 | +8.9% | −2.3% | +8.5% | +14.1% | +31.2% |
| 2018 | +0.6% | −2.8% | +0.1% | −1.6% | −4.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FLMB largest drawdowns
Now 4.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 20, 2021 | −17.9% | Oct 26, 2022 | Jan 5, 2026 | 1.3 years | 4.5 years |
| Mar 9, 2020 | −13.9% | Mar 20, 2020 | Jul 22, 2020 | 11 days | 4 months |
| Jul 6, 2026 | −8.5% | Sep 29, 2026 | not yet | 3 months | 4 months so far |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
FLMB risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +3.1% | −0.8% | +1.5% |
| Volatility (annualized) | 7.4% | 8.3% | 6.9% |
| Sharpe ratio | -0.14 | -0.49 | -0.11 |
| Sortino ratio | -0.21 | -0.66 | -0.16 |
| Best month | +7.7% | +7.7% | +7.7% |
| Worst month | −5.4% | −5.4% | −5.4% |
| Best 12 months | +13.6% | +13.6% | +13.6% |
| Worst 12 months | −3.5% | −15.9% | −15.9% |
| Positive months | 58% | 52% | 58% |
| Beta vs S&P 500 | 0.35 | 0.35 | — |
| Correlation with S&P 500 | 0.59 | 0.65 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FLMB rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 97 | −15.9% | +3.7% | +13.6% | 78% |
| 3-year (a year) | 73 | −4.0% | +1.3% | +6.5% | 58% |
| 5-year (a year) | 49 | −0.8% | +0.8% | +2.2% | 88% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
FLMB performance overview
Franklin Liberty Federal Tax-Free Bond ETF (FLMB) returned −1.5% over the past year and +0.1% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +1.8% a year, turning $10,000 into about $11,787. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −17.9%, from Jul 20, 2021 to Oct 26, 2022, and it took 3.2 years to get back to the old high. FLMB finished 7 of its 8 full calendar years with a gain; the best year was 2019 (+8.9%) and the worst 2022 (−12.2%). Volatility has been 6.9% a year.
Related: FLMB chart, FLMB dividends, FLMB bond profile. See the FLMB overview for the latest quote and fund facts.
FLMB performance FAQ
What is the FLMB return over the past year?
FLMB returned −1.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 5.5%.
What is the average annual return of FLMB?
FLMB has returned +0.1% a year over 5 years, +1.8% a year since September 5, 2017 (total return, distributions reinvested).
How much would $10,000 invested in FLMB be worth?
$10,000 invested in FLMB at its first recorded close on September 5, 2017 would be worth about $11,787 on October 23, 2026 with distributions reinvested.
What was the worst year for FLMB?
The worst calendar year was 2022, with a total return of −12.2%. The best was 2019 at +8.9%.
What is the biggest drawdown of FLMB?
The largest peak-to-trough decline was −17.9% between July 20, 2021 and October 26, 2022. It recovered to the old high on January 5, 2026, 3.2 years after the bottom.
How volatile is FLMB?
Over the past 3 years FLMB had an annualized volatility of 7.4% and a Sharpe ratio of -0.14 (excess return over 1–3 month T-bills per unit of risk).