ANGL vs. FMHI
ANGL (VanEck Vectors Fallen Angel High Yield Bond ETF) and FMHI (First Trust Municipal High Income ETF) are both exchange-traded funds - ANGL is a High Yield Bonds fund tracking the BofA Merrill Lynch US Fallen Angel High Yield Index, while FMHI is a Municipal Bonds fund actively managed by First Trust. ANGL is passively managed, while FMHI is actively managed. Over the past 5 years, ANGL returned 3.44%/yr vs 0.89%/yr for FMHI. At a 0.25 correlation, their price movements are largely independent. ANGL charges 0.35%/yr vs 0.55%/yr for FMHI.
Performance
ANGL vs. FMHI - Performance Comparison
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Returns By Period
In the year-to-date period, ANGL achieves a 1.55% return, which is significantly lower than FMHI's 2.58% return.
ANGL
- 1D
- -0.21%
- 1M
- 0.49%
- YTD
- 1.55%
- 6M
- 1.64%
- 1Y
- 8.16%
- 3Y*
- 8.46%
- 5Y*
- 3.44%
- 10Y*
- 6.27%
FMHI
- 1D
- -0.02%
- 1M
- 0.94%
- YTD
- 2.58%
- 6M
- 3.12%
- 1Y
- 8.78%
- 3Y*
- 5.50%
- 5Y*
- 0.89%
- 10Y*
- —
ANGL vs. FMHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF | 1.55% | 9.04% | 6.06% | 12.52% | -14.26% | 6.84% | 13.20% | 18.06% | -5.84% | 0.14% |
FMHI First Trust Municipal High Income ETF | 2.58% | 3.54% | 5.41% | 7.20% | -14.67% | 7.58% | 4.09% | 10.34% | 2.50% | 1.08% |
Correlation
The correlation between ANGL and FMHI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.25 |
Over the past year, ANGL and FMHI have become more correlated (0.47) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
ANGL vs. FMHI — Risk / Return Rank
ANGL
FMHI
ANGL vs. FMHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) and First Trust Municipal High Income ETF (FMHI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ANGL | FMHI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.90 | 2.83 | -0.93 |
Sortino ratioReturn per unit of downside risk | 2.73 | 4.40 | -1.67 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.63 | -0.26 |
Calmar ratioReturn relative to maximum drawdown | 2.02 | 3.76 | -1.74 |
Martin ratioReturn relative to average drawdown | 8.49 | 14.13 | -5.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ANGL | FMHI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | 2.83 | -0.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.19 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.56 | +0.18 |
Drawdowns
ANGL vs. FMHI - Drawdown Comparison
The maximum ANGL drawdown since its inception was -29.31%, which is greater than FMHI's maximum drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for ANGL and FMHI.
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Drawdown Indicators
| ANGL | FMHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.31% | -18.83% | -10.48% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -2.35% | -1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -5.48% | -6.17% | +0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -19.25% | -18.83% | -0.42% |
Max Drawdown (10Y)Largest decline over 10 years | -29.31% | — | — |
Current DrawdownCurrent decline from peak | -0.30% | -0.02% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -3.30% | -4.52% | +1.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.62% | +0.34% |
Volatility
ANGL vs. FMHI - Volatility Comparison
VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) has a higher volatility of 1.37% compared to First Trust Municipal High Income ETF (FMHI) at 0.96%. This indicates that ANGL's price experiences larger fluctuations and is considered to be riskier than FMHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ANGL | FMHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 0.96% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 3.46% | 2.10% | +1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.31% | 3.12% | +1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.63% | 4.77% | +2.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.28% | 5.73% | +3.55% |
ANGL vs. FMHI - Expense Ratio Comparison
ANGL has a 0.35% expense ratio, which is lower than FMHI's 0.55% expense ratio.
Dividends
ANGL vs. FMHI - Dividend Comparison
ANGL's dividend yield for the trailing twelve months is around 6.37%, more than FMHI's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF | 6.37% | 6.20% | 6.29% | 5.27% | 4.72% | 3.90% | 4.67% | 5.19% | 5.99% | 5.25% | 5.34% | 5.81% |
FMHI First Trust Municipal High Income ETF | 4.25% | 4.16% | 4.01% | 3.89% | 3.57% | 2.87% | 3.13% | 3.33% | 3.46% | 0.30% | 0.00% | 0.00% |
Frequently Asked Questions
ANGL and FMHI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ANGL has higher volatility (1.37%) compared to FMHI (0.96%). In terms of maximum drawdown, ANGL dropped -29.31% vs FMHI's -18.83%.
On 5-year performance, ANGL leads with 3.44% vs 0.89% for FMHI. On fees, ANGL is cheaper at 0.35% per year. On volatility, FMHI has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ANGL has performed better with a 3.44% return vs 0.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ANGL is cheaper with a 0.35% expense ratio, compared with 0.55% for FMHI.
ANGL has the higher dividend yield at 6.37%, compared with 4.25% for FMHI.
ANGL is categorized as High Yield Bonds, while FMHI is Municipal Bonds. They also come from different issuers: VanEck and First Trust. Their fees differ too: 0.35% for ANGL and 0.55% for FMHI.
FMHI currently has the higher Sharpe Ratio (2.83 vs 1.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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