FMHI vs. ANGL
FMHI (First Trust Municipal High Income ETF) and ANGL (VanEck Fallen Angel High Yield Bond ETF) are both exchange-traded funds - FMHI is a Municipal Bonds fund actively managed by First Trust, while ANGL is a High Yield Bonds fund tracking the ICE US Fallen Angel High Yield 10% Constrained Index. FMHI is actively managed, while ANGL is passively managed. Over the past 5 years, FMHI returned 0.34%/yr vs 2.87%/yr for ANGL. Their 0.25 correlation means their historical movements had little consistent relationship. FMHI charges 0.55%/yr vs 0.25%/yr for ANGL.
Performance
FMHI vs. ANGL - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with FMHI having a 1.81% return and ANGL slightly lower at 1.76%.
FMHI
- 1D
- -0.17%
- 1M
- -1.74%
- 6M
- 1.23%
- YTD
- 1.81%
- 1Y
- 7.04%
- 3Y*
- 4.76%
- 5Y*
- 0.34%
- 10Y*
- —
- ALL TIME*
- 3.09%
ANGL
- 1D
- -0.03%
- 1M
- -0.82%
- 6M
- 0.99%
- YTD
- 1.76%
- 1Y
- 5.94%
- 3Y*
- 7.84%
- 5Y*
- 2.87%
- 10Y*
- 5.85%
- ALL TIME*
- 6.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.07M | $20.69M | $19.68M | |
| $4.95M | $5.04M | $4.81M |
FMHI vs. ANGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 1.81% | 3.54% | 5.41% | 7.20% | -14.67% | 7.58% | 4.09% | 10.34% | 2.50% | 1.36% |
ANGL VanEck Fallen Angel High Yield Bond ETF | 1.76% | 9.04% | 6.06% | 12.52% | -14.26% | 6.84% | 13.20% | 18.06% | -5.84% | 0.17% |
Correlation
The correlation between FMHI and ANGL is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.52 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2017 | 0.25 |
Over the past year, FMHI and ANGL have become more correlated (0.52) than their long-term average of 0.25, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FMHI vs. ANGL — Risk / Return Rank
FMHI
ANGL
FMHI vs. ANGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) and VanEck Fallen Angel High Yield Bond ETF (ANGL). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FMHI | ANGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.26 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 3.37 | 1.44 | +1.92 |
| Martin ratioReturn relative to average drawdown | 13.03 | 5.94 | +7.09 |
Loading charts...
Drawdowns
FMHI vs. ANGL - Drawdown Comparison
The maximum FMHI drawdown since its inception was -18.83%, smaller than the maximum ANGL drawdown of -29.31%. Use the drawdown chart below to compare losses from any high point for FMHI and ANGL.
Loading charts...
Drawdown Indicators
| FMHI | ANGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -29.31% | +10.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.35% | -4.05% | +1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -5.70% | -5.48% | -0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | -19.25% | +0.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.31% | — |
Current DrawdownCurrent decline from peak | -1.74% | -0.89% | -0.85% |
Average DrawdownAverage peak-to-trough decline | -4.45% | -3.27% | -1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.98% | -0.38% |
Volatility
FMHI vs. ANGL - Volatility Comparison
First Trust Municipal High Income ETF (FMHI) has a higher volatility of 1.03% compared to VanEck Fallen Angel High Yield Bond ETF (ANGL) at 0.91%. This indicates that FMHI's price experiences larger fluctuations and is considered to be riskier than ANGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FMHI | ANGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 0.91% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | 3.61% | -1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 4.34% | -1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.79% | 7.63% | -2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.69% | 9.23% | -3.54% |
FMHI vs. ANGL - Expense Ratio Comparison
FMHI has a 0.55% expense ratio, which is higher than ANGL's 0.25% expense ratio.
Dividends
FMHI vs. ANGL - Dividend Comparison
FMHI's dividend yield for the trailing twelve months is around 4.36%, less than ANGL's 6.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Fallen Angel High Yield Bond ETF | 5.95% | 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 | 4.36% | 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
FMHI and ANGL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMHI has higher volatility (1.03%) compared to ANGL (0.91%). In terms of maximum drawdown, FMHI dropped -18.83% vs ANGL's -29.31%.
On 5-year performance, ANGL leads with 2.87% vs 0.34% for FMHI. On fees, ANGL is cheaper at 0.25% per year. On volatility, ANGL has been the lower-risk option at 0.91%. 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 2.87% return vs 0.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ANGL is cheaper with a 0.25% expense ratio, compared with 0.55% for FMHI.
ANGL has the higher dividend yield at 5.95%, compared with 4.36% for FMHI.
FMHI is categorized as Municipal Bonds, while ANGL is High Yield Bonds. They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.55% for FMHI and 0.25% for ANGL.
FMHI currently has the higher Sharpe Ratio (2.51 vs 1.35), 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.
Find the right allocation for FMHI and ANGL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer