FMHI vs MFLX
First Trust Municipal High Income ETF vs First Trust Flexible Municipal High Income ETF
Which is better, FMHI or MFLX?
Each has led over a different period.
FMHI led over 1Y, 5Y and the full window, MFLX over 3Y.
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 | FMHI | MFLX |
|---|---|---|
| Expense Ratio | 0.49%Tie | 0.49%Tie |
| AUM | $1.1B | $20M |
| Dividend Yield | 4.55% | 4.40% |
| Holdings | 2,277 | 241 |
| YTD Return | +1.11% | +1.19%Best |
| 1Y Return | +1.08%Best | +0.92% |
| 3Y Return (annualized) | +5.24% | +5.84%Best |
| 5Y Return (annualized) | +0.27%Best | -0.81% |
| Volatility (annualized) | 7.3%Best | 8.8% |
| Max Drawdown | -18.8%Best | -26.9% |
| $10,000 over 5 years | $10,136Best | $9,602 |
| Fund Family | First Trust Portfolios (US) | First Trust Portfolios (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 2, 2017 | Sep 27, 2016 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 3, 2017 to Nov 11, 2026 (9 years).
FMHI vs MFLX 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 years both funds cover.
FMHI vs MFLX Performance
First Trust Municipal High Income ETF (FMHI) is an ETF from First Trust Portfolios (US) and First Trust Flexible Municipal High Income ETF (MFLX) is an ETF from First Trust Portfolios (US). Over the past year FMHI returned +1.08% while MFLX returned +0.92%. Year to date, FMHI is up 1.11% versus a gain of 1.19% for MFLX.
Over three years, FMHI compounded at +5.24% per year against +5.84% for MFLX; over five years the annualized figures are +0.27% and -0.81% respectively. Across the full 9-year window we track, FMHI has the edge at +1.64% annualized vs +1.11%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MFLX has been the more volatile fund, with annualized monthly volatility of 8.8% compared with 7.3% for FMHI. 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 -18.8% for FMHI and -26.9% for MFLX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FMHI charges 0.49% per year while MFLX charges 0.49%. On a $10,000 position that is $49 vs $49 annually. On income, FMHI currently yields 4.55% against 4.40% for MFLX.
Holdings Overlap
We hold position weights for 468 holdings in FMHI and 35 in MFLX, totalling 57.6% and 43.2% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 23 positions appear in both.
23 positions in common, counted across the 468 positions we hold weights for in FMHI and 35 in MFLX, against full books of 2,277 and 241.
Top Shared Holdings
| Stock | Weight in FMHI | Weight in MFLX | Difference |
|---|---|---|---|
| OH COLAPT 5.5 01/01/Columbus Ohio Regl Arpt 5.5 01Jan50 | 0.37% | 2.50% | 2.13% |
| IN INPGEN 6 03/01/20Indianapolis In Local Public Impt Bond Bank 6%, Due 03/01/2053 | 0.17% | 1.53% | 1.36% |
| WA SKAMED 5.5 12/01/Skagit County Public Hospital District No. 1 | 0.18% | 1.42% | 1.24% |
| VA VBFMED 5.5 12/01/Virginia St Small Business Fin Auth 5.50%, Due 12/01/2054 | 0.29% | 1.22% | 0.93% |
| NY DUTMFH 5 10/01/20Dutchess Cnty Ny Local Dev Corp N/C, 5%, Due 10/01/2040 | 0.04% | 1.47% | 1.43% |
| IA IASGEN 12/01/2050Iowa St Fin Auth Midwstrn Disa Iowa Finance Authority | 0.14% | 1.35% | 1.21% |
| WI PUBTRN 5.75 06/30Public Fin Auth Wi Toll Revenu Pubtrn 06/60 Fixed Oid 5.75 | 0.27% | 1.22% | 0.95% |
| PR PRC 4 07/01/2035Commonwealth of Puerto Rico 4.00% 07/01/2035 | 0.29% | 1.19% | 0.90% |
| NY SOBGEN 5.75 12/01Suffolk Regional Off-Track Betting Co 5.75% 12-01-44 | 0.20% | 1.26% | 1.06% |
| VT VTSDEV 4 05/01/20Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Series 2021A | 0.02% | 1.44% | 1.42% |
You are not choosing between two funds in isolation.
Whichever of FMHI and MFLX 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, FMHI or MFLX?
FMHI has an expense ratio of 0.49% while MFLX charges 0.49%. At the precision these are quoted to, they cost the same.
Which performed better, FMHI or MFLX?
Over the past year FMHI returned +1.08% vs +0.92% for MFLX, so FMHI leads on 1-year performance. Over the longest common window we track (9 years), FMHI annualized +1.64% vs +1.11% for MFLX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMHI or MFLX?
MFLX has been the more volatile fund at 8.8% annualized versus 7.3% for FMHI. Worst drawdown: FMHI -18.8% vs MFLX -26.9%.
Should I hold both FMHI and MFLX?
FMHI and MFLX have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FMHI or MFLX?
FMHI yields 4.55% while MFLX yields 4.40%, so FMHI currently pays the higher dividend yield.
Is MFLX better than FMHI?
FMHI led over 1Y, 5Y and the full window, MFLX over 3Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.