FMNY vs IVV
First Trust New York Municipal High Income ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | FMNY | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.03% | |
| AUM | $38M | $907.0B | |
| Dividend Yield | 3.78% | 1.10% | |
| Holdings | 111 | 508 | |
| YTD Return | +0.23% | +12.71% | |
| 1Y Return | +4.78% | +21.89% | |
| 3Y Return (annualized) | +3.61% | +22.08% | |
| 5Y Return (annualized) | +0.10% | +12.96% | |
| Volatility (annualized) | 6.5% | 15.1% | |
| Max Drawdown | -15.9% | -56.5% | |
| Fund Family | First Trust Portfolios (US) | iShares by BlackRock (US) | |
| Category | Fixed Income | Equity | |
| Inception | May 12, 2021 | May 15, 2000 |
FMNY vs IVV Performance
First Trust New York Municipal High Income ETF (FMNY) is a ETF from First Trust Portfolios (US) and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year FMNY returned +4.78% while IVV returned +21.89%. Year to date, FMNY is up 0.23% versus a gain of 12.71% for IVV.
Over three years, FMNY compounded at +3.61% per year against +22.08% for IVV; over five years the annualized figures are +0.10% and +12.96% respectively. Across the full 5-year window we track, IVV has the edge at +7.00% annualized vs +0.34%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 6.5% for FMNY. 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 -15.9% for FMNY and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.65. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FMNY charges 0.49% per year while IVV charges 0.03%. On a $10,000 position that is $49 vs $3 annually, a gap of $46 per year that compounds over a long holding period. On income, FMNY currently yields 3.78% against 1.10% for IVV.
Holdings Overlap
FMNY and IVV share 0 holdings out of 557 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FMNY or IVV?
FMNY has an expense ratio of 0.49% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $46 per year of difference.
Which performed better, FMNY or IVV?
Over the past year FMNY returned +4.78% vs +21.89% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (5 years), FMNY annualized +0.34% vs +7.00% for IVV. Past performance does not guarantee future results.
Which is riskier, FMNY or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 6.5% for FMNY. Worst drawdown: FMNY -15.9% vs IVV -56.5%.
Should I hold both FMNY and IVV?
FMNY and IVV have a monthly-return correlation of 0.65, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FMNY and IVV?
FMNY and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 557 unique securities.
Which pays a higher dividend, FMNY or IVV?
FMNY yields 3.78% while IVV yields 1.10%, so FMNY currently pays the higher dividend yield.
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