First Trust Municipal High Income ETF (FMHI) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FMHI. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FMHI
FMHI charges 0.55% annually. There are 135 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Vanguard Tax-Exempt Bond ETF | 0.03% | 48.80B | Aug 2015 | FMHI vs VTEB | |
| Schwab Municipal Bond ETF | 0.03% | 3.93B | Oct 2022 | FMHI vs SCMB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | FMHI vs FMUN | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 130.20M | Aug 2025 | FMHI vs TAXS | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.01M | Aug 2025 | FMHI vs TAXT |
Best Risk-Adjusted Alternatives to FMHI
FMHI has a PortfoliosLab risk / return rank of 91. There are 12 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2026 Municipal Bond ETF | 97 | 8.74M | Sep 2024 | FMHI vs MYMF | |
| State Street My2027 Municipal Bond ETF | 97 | 8.63M | Sep 2024 | FMHI vs MYMG | |
| Allspring Ultra Short Municipal ETF | 97 | 30.06M | Jul 2025 | FMHI vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 97 | 246.47M | Nov 2018 | FMHI vs FUMB | |
| Goldman Sachs Ultra Short Municipal Income ETF | 97 | 54.13M | Jul 2024 | FMHI vs GUMI |
Top Performing FMHI Alternatives (YTD)
FMHI is at 1.81% YTD. There are 8 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 3.71%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| X-Square Municipal Income Tax Free ETF | 3.71% | 4.54M | May 2023 | FMHI vs ZTAX | |
| NYLI MacKay Muni Allocation ETF | 2.42% | 28.01M | Dec 2025 | FMHI vs MMMA | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 2.38% | 142.95M | Jun 2013 | FMHI vs RVNU | |
| Overlay Shares Municipal Bond ETF | 2.26% | 30.60M | Sep 2019 | FMHI vs OVM | |
| T. Rowe Price High Income Municipal ETF | 2.25% | 26.19M | Nov 2025 | FMHI vs THYM |
Lowest Volatility Alternatives to FMHI
FMHI has 3.14% 1-year volatility. There are 96 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 34.95M | Sep 2025 | FMHI vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.69% | 8.74M | Sep 2024 | FMHI vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.72% | 445.30M | Oct 2007 | FMHI vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.76% | 30.06M | Jul 2025 | FMHI vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.84% | 246.47M | Nov 2018 | FMHI vs FUMB |
Lowest Drawdown Alternatives to FMHI
FMHI has a 1-year max drawdown of -2.35%. There are 43 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 246.47M | Nov 2018 | FMHI vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 270.83M | Sep 2019 | FMHI vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 54.13M | Jul 2024 | FMHI vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.63M | Sep 2024 | FMHI vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 576.01M | Apr 2019 | FMHI vs IBMO |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, AIRR and span 16 categories. AUM among these funds goes as high as $25B.
Often Compared With FMHI
Investors most often compare FMHI with LDSF, XMPT, MUST. These 20 comparison targets span 8 categories, based on PortfoliosLab usage data.
Compare FMHI with Any Fund or Stock
Compare FMHI with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FMHI with funds that move differently
First Trust Municipal High Income ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FMHI.
Explore FMHI Diversifiers