FMHI vs. FDL
FMHI (First Trust Municipal High Income ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FMHI is a Municipal Bonds fund actively managed by First Trust, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. FMHI is actively managed, while FDL is passively managed. Over the past 5 years, FMHI returned 0.91%/yr vs 12.69%/yr for FDL. At a 0.04 correlation, their price movements are largely independent. FMHI charges 0.55%/yr vs 0.45%/yr for FDL.
Performance
FMHI vs. FDL - Performance Comparison
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Returns By Period
In the year-to-date period, FMHI achieves a 2.68% return, which is significantly lower than FDL's 14.21% return.
FMHI
- 1D
- 0.10%
- 1M
- 0.99%
- YTD
- 2.68%
- 6M
- 3.23%
- 1Y
- 8.49%
- 3Y*
- 5.36%
- 5Y*
- 0.91%
- 10Y*
- —
FDL
- 1D
- 0.78%
- 1M
- 0.32%
- YTD
- 14.21%
- 6M
- 15.52%
- 1Y
- 25.50%
- 3Y*
- 19.57%
- 5Y*
- 12.69%
- 10Y*
- 11.28%
FMHI vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 2.68% | 3.54% | 5.41% | 7.20% | -14.67% | 7.58% | 4.09% | 10.34% | 2.50% | 1.08% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 14.21% | 14.79% | 17.98% | 2.94% | 6.66% | 26.10% | -4.30% | 24.41% | -5.99% | 5.08% |
Correlation
The correlation between FMHI and FDL is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.04 |
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Return for Risk
FMHI vs. FDL — Risk / Return Rank
FMHI
FDL
FMHI vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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.
| FMHI | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.40 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 5.99 | -2.36 |
| Martin ratioReturn relative to average drawdown | 13.66 | 14.59 | -0.93 |
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
| FMHI | FDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.75 | 2.27 | +0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.89 | -0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.45 | +0.11 |
Drawdowns
FMHI vs. FDL - Drawdown Comparison
The maximum FMHI drawdown since its inception was -18.83%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FMHI and FDL.
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Drawdown Indicators
| FMHI | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -65.93% | +47.10% |
Max Drawdown (1Y)Largest decline over 1 year | -2.35% | -4.27% | +1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -6.17% | -12.24% | +6.07% |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | -16.46% | -2.37% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.40% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.41% | +1.41% |
Average DrawdownAverage peak-to-trough decline | -4.52% | -9.66% | +5.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 1.75% | -1.13% |
Volatility
FMHI vs. FDL - Volatility Comparison
The current volatility for First Trust Municipal High Income ETF (FMHI) is 0.96%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 2.95%. This indicates that FMHI experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMHI | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 2.95% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 7.85% | -5.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.12% | 11.30% | -8.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.76% | 14.31% | -9.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.73% | 17.11% | -11.38% |
FMHI vs. FDL - Expense Ratio Comparison
FMHI has a 0.55% expense ratio, which is higher than FDL's 0.45% expense ratio.
Dividends
FMHI vs. FDL - Dividend Comparison
FMHI's dividend yield for the trailing twelve months is around 4.24%, more than FDL's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.65% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
FMHI First Trust Municipal High Income ETF | 4.24% | 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 FDL have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDL has higher volatility (2.95%) compared to FMHI (0.96%). In terms of maximum drawdown, FMHI dropped -18.83% vs FDL's -65.93%.
On 5-year performance, FDL leads with 12.69% vs 0.91% for FMHI. On fees, FDL is cheaper at 0.45% 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, FDL has performed better with a 12.69% return vs 0.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.45% expense ratio, compared with 0.55% for FMHI.
FMHI has the higher dividend yield at 4.24%, compared with 3.65% for FDL.
FMHI is categorized as Municipal Bonds, while FDL is Large Cap Value Equities. Their fees differ too: 0.55% for FMHI and 0.45% for FDL.
FMHI currently has the higher Sharpe Ratio (2.75 vs 2.27), 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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