First Trust New York High Income Municipal ETF (FMNY) 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 FMNY. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FMNY
FMNY charges 0.65% annually. There are 138 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Schwab Municipal Bond ETF | 0.03% | 4.00B | Oct 2022 | FMNY vs SCMB | |
| Vanguard Tax-Exempt Bond ETF | 0.03% | 47.60B | Aug 2015 | FMNY vs VTEB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | FMNY vs FMUN | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 126.55M | Aug 2025 | FMNY vs TAXS | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 163.46M | Aug 2025 | FMNY vs TAXI |
Best Risk-Adjusted Alternatives to FMNY
FMNY has a PortfoliosLab risk / return rank of 78. There are 72 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 98.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2027 Municipal Bond ETF | 98 | 8.64M | Sep 2024 | FMNY vs MYMG | |
| Allspring Ultra Short Municipal ETF | 97 | 30.06M | Jul 2025 | FMNY vs AUSM | |
| State Street My2026 Municipal Bond ETF | 97 | 8.73M | Sep 2024 | FMNY vs MYMF | |
| First Trust Ultra Short Duration Municipal ETF | 97 | 245.94M | Nov 2018 | FMNY vs FUMB | |
| Goldman Sachs Ultra Short Municipal Income ETF | 97 | 38.99M | Jul 2024 | FMNY vs GUMI |
Top Performing FMNY Alternatives (YTD)
FMNY is at 1.92% YTD. There are 36 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 4.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Rareview Tax Advantaged Income ETF | 4.35% | 18.13M | Oct 2020 | FMNY vs RTAI | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 3.92% | 143.84M | Jun 2013 | FMNY vs RVNU | |
| First Trust Flexible Municipal High Income ETF | 3.78% | 20.73M | Sep 2016 | FMNY vs MFLX | |
| T. Rowe Price High Income Municipal ETF | 3.74% | 25.42M | Nov 2025 | FMNY vs THYM | |
| Overlay Shares Municipal Bond ETF | 3.31% | 30.60M | Sep 2019 | FMNY vs OVM |
Lowest Volatility Alternatives to FMNY
FMNY has 3.26% 1-year volatility. There are 102 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% | 33.31M | Sep 2025 | FMNY vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.70% | 8.73M | Sep 2024 | FMNY vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.71% | 408.07M | Oct 2007 | FMNY vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.74% | 30.06M | Jul 2025 | FMNY vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.82% | 245.94M | Nov 2018 | FMNY vs FUMB |
Lowest Drawdown Alternatives to FMNY
FMNY has a 1-year max drawdown of -2.83%. There are 78 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% | 245.94M | Nov 2018 | FMNY vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 283.20M | Sep 2019 | FMNY vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 38.99M | Jul 2024 | FMNY vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.64M | Sep 2024 | FMNY vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 581.67M | Apr 2019 | FMNY vs IBMO |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, AIRR and span 14 categories. AUM among these funds goes as high as $14B.
Often Compared With FMNY
Investors most often compare FMNY with NYF, PZT, VNYUX. These 20 comparison targets span 13 categories, based on PortfoliosLab usage data.
Compare FMNY with Any Fund or Stock
Compare FMNY with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FMNY with funds that move differently
First Trust New York High Income Municipal ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FMNY.
Explore FMNY Diversifiers