FMB vs. FEHIX

Last updated Jun 4, 2026

FMB (First Trust Managed Municipal ETF) and FEHIX (First Eagle High Income Fund) are both funds - FMB is a Municipal Bonds fund actively managed by First Trust, while FEHIX is a High Yield Bonds fund managed by First Eagle. Over the past 10 years, FMB returned 2.31%/yr vs 4.45%/yr for FEHIX. At a 0.24 correlation, their price movements are largely independent. FMB charges 0.50%/yr vs 0.80%/yr for FEHIX.

Performance

FMB vs. FEHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Managed Municipal ETF (FMB) and First Eagle High Income Fund (FEHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMB achieves a 1.78% return, which is significantly lower than FEHIX's 2.64% return. Over the past 10 years, FMB has underperformed FEHIX with an annualized return of 2.31%, while FEHIX has yielded a comparatively higher 4.45% annualized return.

FMB

• 1D: -0.04%
• 1M: 0.70%
• YTD: 1.78%
• 6M: 2.21%
• 1Y: 7.15%
• 3Y*: 3.96%
• 5Y*: 0.72%
• 10Y*: 2.31%

FEHIX

• 1D: 0.25%
• 1M: 1.53%
• YTD: 2.64%
• 6M: 2.79%
• 1Y: 4.29%
• 3Y*: 6.04%
• 5Y*: 3.07%
• 10Y*: 4.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FMB vs. FEHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMB First Trust Managed Municipal ETF	1.78%	3.73%	1.94%	6.31%	-9.91%	2.43%	4.44%	8.25%	0.89%	7.22%
FEHIX First Eagle High Income Fund	2.64%	-0.69%	11.47%	8.46%	-8.46%	3.50%	7.33%	8.61%	-0.40%	4.62%

Correlation

The correlation between FMB and FEHIX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since May 16, 2014	0.24

Over the past year, FMB and FEHIX have become more correlated (0.61) than their long-term average of 0.24, meaning their price movements have been converging.

Return for Risk

FMB vs. FEHIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FMB

FMB Risk / Return Rank: 73
FMB Sharpe Ratio Rank: 82
FMB Sortino Ratio Rank: 86
FMB Omega Ratio Rank: 90
FMB Calmar Ratio Rank: 53
FMB Martin Ratio Rank: 55

FEHIX

FEHIX Risk / Return Rank: 10
FEHIX Sharpe Ratio Rank: 11
FEHIX Sortino Ratio Rank: 10
FEHIX Omega Ratio Rank: 13
FEHIX Calmar Ratio Rank: 8
FEHIX Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FMB vs. FEHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Municipal ETF (FMB) and First Eagle High Income Fund (FEHIX). 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.

	FMB	FEHIX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	0.86	+1.84
Sortino ratio: Return per unit of downside risk	3.92	1.24	+2.69
Omega ratio: Gain probability vs. loss probability	1.60	1.19	+0.41
Calmar ratio: Return relative to maximum drawdown	2.63	0.80	+1.83
Martin ratio: Return relative to average drawdown	9.44	2.47	+6.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMB vs. FEHIX - Sharpe Ratio Comparison

The current FMB Sharpe Ratio is 2.70, which is higher than the FEHIX Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of FMB and FEHIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMB	FEHIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	0.86	+1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.57	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.90	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.60	+0.06

Drawdowns

FMB vs. FEHIX - Drawdown Comparison

The maximum FMB drawdown since its inception was -14.16%, smaller than the maximum FEHIX drawdown of -29.59%. Use the drawdown chart below to compare losses from any high point for FMB and FEHIX.

Drawdown Indicators

	FMB	FEHIX	Difference
Max Drawdown Largest peak-to-trough decline	-14.16%	-29.59%	+15.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-5.22%	+2.49%
Max Drawdown (3Y) Largest decline over 3 years	-4.76%	-9.09%	+4.33%
Max Drawdown (5Y) Largest decline over 5 years	-14.16%	-12.56%	-1.60%
Max Drawdown (10Y) Largest decline over 10 years	-14.16%	-16.14%	+1.98%
Current Drawdown Current decline from peak	-0.50%	-0.80%	+0.30%
Average Drawdown Average peak-to-trough decline	-2.61%	-4.15%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	1.69%	-0.93%

Volatility

FMB vs. FEHIX - Volatility Comparison

The current volatility for First Trust Managed Municipal ETF (FMB) is 0.88%, while First Eagle High Income Fund (FEHIX) has a volatility of 1.45%. This indicates that FMB experiences smaller price fluctuations and is considered to be less risky than FEHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMB	FEHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	1.45%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	1.91%	3.09%	-1.18%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	4.89%	-2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.71%	5.41%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	4.97%	-0.42%

FMB vs. FEHIX - Expense Ratio Comparison

FMB has a 0.50% expense ratio, which is lower than FEHIX's 0.80% expense ratio.

Dividends

FMB vs. FEHIX - Dividend Comparison

FMB's dividend yield for the trailing twelve months is around 3.50%, less than FEHIX's 6.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEHIX First Eagle High Income Fund	6.15%	5.92%	5.17%	4.40%	5.00%	3.87%	4.32%	4.40%	5.56%	5.22%	6.09%	7.53%
FMB First Trust Managed Municipal ETF	3.50%	3.37%	3.22%	2.98%	2.47%	1.96%	2.19%	2.47%	2.58%	2.49%	2.93%	3.07%

Frequently Asked Questions

Can I hold both FMB and FEHIX in my portfolio?

FMB and FEHIX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMB or FEHIX?

FEHIX has higher volatility (1.45%) compared to FMB (0.88%). In terms of maximum drawdown, FMB dropped -14.16% vs FEHIX's -29.59%.

Which has better risk-adjusted returns?

FMB currently has the higher Sharpe Ratio (2.70 vs 0.86), 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.