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 131 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% | 45.70B | Aug 2015 | FMNY vs VTEB | |
| Schwab Municipal Bond ETF | 0.03% | 3.87B | Oct 2022 | FMNY vs SCMB | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 94.44M | Aug 2025 | FMNY vs TAXS | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 144.40M | Aug 2025 | FMNY vs TAXI | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 59.79M | Aug 2025 | FMNY vs TAXT |
Best Risk-Adjusted Alternatives to FMNY
FMNY has a PortfoliosLab risk / return rank of 69. There are 69 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 | 9.88M | Sep 2024 | FMNY vs MYMG | |
| State Street My2026 Municipal Bond ETF | 96 | 8.74M | Sep 2024 | FMNY vs MYMF | |
| First Trust Ultra Short Duration Municipal ETF | 96 | 230.57M | Nov 2018 | FMNY vs FUMB | |
| iShares Short Maturity Municipal Bond ETF | 96 | 1.38B | Mar 2015 | FMNY vs MEAR | |
| iShares Short-Term California Muni Active ETF | 94 | 360.67M | Oct 2007 | FMNY vs CALI |
Top Performing FMNY Alternatives (YTD)
FMNY is at 1.87% YTD. There are 25 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 3.86%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 3.86% | 138.42M | Jun 2013 | FMNY vs RVNU | |
| Overlay Shares Municipal Bond ETF | 3.41% | 30.60M | Sep 2019 | FMNY vs OVM | |
| T. Rowe Price High Income Municipal ETF | 3.16% | 25.30M | Nov 2025 | FMNY vs THYM | |
| First Trust Flexible Municipal High Income ETF | 3.15% | 18.90M | Sep 2016 | FMNY vs MFLX | |
| SPDR Nuveen Bloomberg Barclays High Yield Municipa... | 2.87% | 2.93B | Apr 2011 | FMNY vs HYMB |
Lowest Volatility Alternatives to FMNY
FMNY has 3.29% 1-year volatility. There are 100 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| iShares iBonds Dec 2024 Term Muni Bond ETF | 0.00% | 349.85M | Mar 2018 | FMNY vs IBMM | |
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 27.03M | Sep 2025 | FMNY vs ZMUN | |
| iShares iBonds Dec 2025 Term Muni Bond ETF | 0.71% | 348.98M | Nov 2018 | FMNY vs IBMN | |
| Allspring Ultra Short Municipal ETF | 0.73% | 30.06M | Jul 2025 | FMNY vs AUSM | |
| State Street My2026 Municipal Bond ETF | 0.75% | 8.74M | Sep 2024 | FMNY vs MYMF |
Lowest Drawdown Alternatives to FMNY
FMNY has a 1-year max drawdown of -2.83%. There are 79 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% | 230.57M | Nov 2018 | FMNY vs FUMB | |
| iShares iBonds Dec 2025 Term Muni Bond ETF | -0.25% | 348.98M | Nov 2018 | FMNY vs IBMN | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.33% | 294.75M | Sep 2019 | FMNY vs BSMQ | |
| State Street My2027 Municipal Bond ETF | -0.36% | 9.88M | Sep 2024 | FMNY vs MYMG | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 40.29M | Jul 2024 | FMNY vs GUMI |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, NFTY and span 11 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 10 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