MFLX vs MMD
First Trust Flexible Municipal High Income ETF vs NYLIM MacKay DefinedTerm Muni Opportunities Fund
Which is better, MFLX or MMD?
MFLX has been ahead.
MFLX has a lower expense ratio. MFLX led over 1Y, 3Y, 5Y and the full window.
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 | MFLX | MMD |
|---|---|---|
| Expense Ratio | 0.75%Best | 2.33% |
| AUM | $20M | $478M |
| Dividend Yield | 4.25% | 4.82% |
| Holdings | 160 | 96 |
| YTD Return | -2.99%Best | -3.70% |
| 1Y Return | -2.49%Best | -3.89% |
| 3Y Return (annualized) | +4.27%Best | +2.13% |
| 5Y Return (annualized) | -1.46%Best | -3.67% |
| Volatility (annualized) | 8.6%Best | 12.1% |
| Max Drawdown | -26.9%Best | -30.1% |
| $10,000 over 5 years | $9,291Best | $8,295 |
| Fund Family | First Trust Portfolios (US) | New York Life Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Sep 27, 2016 | Jun 27, 2012 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 29, 2016 to Oct 13, 2026 (10 years).
MFLX vs MMD 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 10 years both funds cover.
MFLX vs MMD Performance
First Trust Flexible Municipal High Income ETF (MFLX) is an ETF from First Trust Portfolios (US) and NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments. Over the past year MFLX returned -2.49% while MMD returned -3.89%. Year to date, MFLX is down 2.99% versus a loss of 3.70% for MMD.
Over three years, MFLX compounded at +4.27% per year against +2.13% for MMD; over five years the annualized figures are -1.46% and -3.67% respectively. Across the full 10-year window we track, MFLX has the edge at -0.14% annualized vs -1.02%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 12.1% compared with 8.6% for MFLX. 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 -26.9% for MFLX and -30.1% for MMD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
MFLX charges 0.75% per year while MMD charges 2.33%. On a $10,000 position that is $75 vs $233 annually, a gap of $158 per year that compounds over a long holding period. On income, MFLX currently yields 4.25% against 4.82% for MMD.
Holdings Overlap
We hold position weights for 36 holdings in MFLX and 34 in MMD, totalling 43.9% and 46.5% 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, 2 positions appear in both.
The two holdings books were reported 77 days apart, MFLX as of Sep 15, 2026 and MMD as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
2 positions in common, counted across the 36 positions we hold weights for in MFLX and 34 in MMD, against full books of 160 and 96.
Top Shared Holdings
| Stock | Weight in MFLX | Weight in MMD | Difference |
|---|---|---|---|
| PR PRCGEN 4.33 07/01Puerto Rico Sales Tax Fing Corp Sales Tax Revenue | 1.17% | 3.53% | 2.36% |
| OH COLAPT 5.5 01/01/Columbus Oh Regl Arpt Auth Revenue | 2.49% | 1.71% | 0.78% |
You are not choosing between two funds in isolation.
Whichever of MFLX and MMD 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, MFLX or MMD?
MFLX has an expense ratio of 0.75% while MMD charges 2.33%. MFLX is the cheaper option, by $158 a year on a $10,000 investment.
Which performed better, MFLX or MMD?
Over the past year MFLX returned -2.49% vs -3.89% for MMD, so MFLX leads on 1-year performance. Over the longest common window we track (10 years), MFLX annualized -0.14% vs -1.02% for MMD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MFLX or MMD?
MMD has been the more volatile fund at 12.1% annualized versus 8.6% for MFLX. Worst drawdown: MFLX -26.9% vs MMD -30.1%.
Should I hold both MFLX and MMD?
MFLX and MMD have a monthly-return correlation of 0.76, 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, MFLX or MMD?
MFLX yields 4.25% while MMD yields 4.82%, so MMD currently pays the higher dividend yield.
Is MMD better than MFLX?
MFLX has a lower expense ratio. MFLX led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.