FMHI vs. ENFR
FMHI (First Trust Municipal High Income ETF) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - FMHI is a Municipal Bonds fund actively managed by First Trust, while ENFR is a Energy Equities fund tracking the Alerian Midstream Energy Select Index. FMHI is actively managed, while ENFR is passively managed. Over the past 5 years, FMHI returned 0.84%/yr vs 19.69%/yr for ENFR. At a 0.01 correlation, their price movements are largely independent. FMHI charges 0.55%/yr vs 0.35%/yr for ENFR.
Performance
FMHI vs. ENFR - Performance Comparison
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Returns By Period
In the year-to-date period, FMHI achieves a 2.97% return, which is significantly lower than ENFR's 23.07% return.
FMHI
- 1D
- -0.01%
- 1M
- 1.67%
- YTD
- 2.97%
- 6M
- 3.23%
- 1Y
- 8.19%
- 3Y*
- 5.06%
- 5Y*
- 0.84%
- 10Y*
- —
ENFR
- 1D
- 1.01%
- 1M
- -5.94%
- YTD
- 23.07%
- 6M
- 24.76%
- 1Y
- 24.84%
- 3Y*
- 28.26%
- 5Y*
- 19.69%
- 10Y*
- 11.81%
FMHI vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 2.97% | 3.54% | 5.41% | 7.20% | -14.67% | 7.58% | 4.09% | 10.34% | 2.50% | 1.36% |
ENFR Alerian Energy Infrastructure ETF | 23.07% | 5.88% | 42.17% | 15.63% | 17.48% | 39.97% | -24.14% | 21.60% | -18.67% | 3.72% |
Correlation
The correlation between FMHI and ENFR is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2017 | 0.01 |
The correlation between FMHI and ENFR shifts across timeframes, from -0.19 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMHI vs. ENFR — Risk / Return Rank
FMHI
ENFR
FMHI vs. ENFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) and Alerian Energy Infrastructure ETF (ENFR). 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 | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.29 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.51 | 2.89 | +0.62 |
| Martin ratioReturn relative to average drawdown | 13.19 | 7.40 | +5.79 |
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Drawdowns
FMHI vs. ENFR - Drawdown Comparison
The maximum FMHI drawdown since its inception was -18.83%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for FMHI and ENFR.
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Drawdown Indicators
| FMHI | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -68.28% | +49.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.35% | -8.64% | +6.29% |
Max Drawdown (3Y)Largest decline over 3 years | -6.17% | -15.58% | +9.41% |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | -20.29% | +1.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.64% | — |
Current DrawdownCurrent decline from peak | -0.01% | -6.12% | +6.11% |
Average DrawdownAverage peak-to-trough decline | -4.50% | -15.94% | +11.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 3.36% | -2.74% |
Volatility
FMHI vs. ENFR - Volatility Comparison
The current volatility for First Trust Municipal High Income ETF (FMHI) is 0.77%, while Alerian Energy Infrastructure ETF (ENFR) has a volatility of 5.42%. This indicates that FMHI experiences smaller price fluctuations and is considered to be less risky than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMHI | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 5.42% | -4.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.16% | 11.57% | -9.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.07% | 14.82% | -11.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.77% | 19.24% | -14.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.71% | 24.68% | -18.97% |
FMHI vs. ENFR - Expense Ratio Comparison
FMHI has a 0.55% expense ratio, which is higher than ENFR's 0.35% expense ratio.
Dividends
FMHI vs. ENFR - Dividend Comparison
FMHI's dividend yield for the trailing twelve months is around 4.23%, more than ENFR's 4.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 4.08% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
FMHI First Trust Municipal High Income ETF | 4.23% | 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 ENFR have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENFR has higher volatility (5.42%) compared to FMHI (0.77%). In terms of maximum drawdown, FMHI dropped -18.83% vs ENFR's -68.28%.
On 5-year performance, ENFR leads with 19.69% vs 0.84% for FMHI. On fees, ENFR is cheaper at 0.35% per year. On volatility, FMHI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ENFR has performed better with a 19.69% return vs 0.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ENFR is cheaper with a 0.35% expense ratio, compared with 0.55% for FMHI.
FMHI has the higher dividend yield at 4.23%, compared with 4.08% for ENFR.
FMHI is categorized as Municipal Bonds, while ENFR is Energy Equities. They also come from different issuers: First Trust and SS&C. Their fees differ too: 0.55% for FMHI and 0.35% for ENFR.
FMHI currently has the higher Sharpe Ratio (2.69 vs 1.69), 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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