FMHI vs. FUMB

Last updated Jun 3, 2026

FMHI (First Trust Municipal High Income ETF) and FUMB (First Trust Ultra Short Duration Municipal ETF) are both Municipal Bonds funds from First Trust. Both are actively managed. Over the past 5 years, FMHI returned 0.91%/yr vs 1.96%/yr for FUMB. At a 0.20 correlation, their price movements are largely independent. FMHI charges 0.55%/yr vs 0.45%/yr for FUMB.

Performance

FMHI vs. FUMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Municipal High Income ETF (FMHI) and First Trust Ultra Short Duration Municipal ETF (FUMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMHI achieves a 2.60% return, which is significantly higher than FUMB's 1.10% return.

FMHI

• 1D: 0.17%
• 1M: 0.92%
• YTD: 2.60%
• 6M: 3.13%
• 1Y: 8.61%
• 3Y*: 5.50%
• 5Y*: 0.91%
• 10Y*: —

FUMB

• 1D: 0.00%
• 1M: 0.25%
• YTD: 1.10%
• 6M: 1.33%
• 1Y: 2.58%
• 3Y*: 2.99%
• 5Y*: 1.96%
• 10Y*: —

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

FMHI vs. FUMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FMHI First Trust Municipal High Income ETF	2.60%	3.54%	5.41%	7.20%	-14.67%	7.58%	4.09%	10.34%	1.62%
FUMB First Trust Ultra Short Duration Municipal ETF	1.10%	2.78%	3.05%	2.84%	-0.03%	0.38%	1.25%	1.76%	0.30%

Correlation

The correlation between FMHI and FUMB is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018	0.20

Return for Risk

FMHI vs. FUMB — Risk / Return Rank

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

FMHI

FMHI Risk / Return Rank: 81
FMHI Sharpe Ratio Rank: 83
FMHI Sortino Ratio Rank: 91
FMHI Omega Ratio Rank: 91
FMHI Calmar Ratio Rank: 70
FMHI Martin Ratio Rank: 71

FUMB

FUMB Risk / Return Rank: 96
FUMB Sharpe Ratio Rank: 92
FUMB Sortino Ratio Rank: 96
FUMB Omega Ratio Rank: 96
FUMB Calmar Ratio Rank: 97
FUMB Martin Ratio Rank: 97

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.

FMHI vs. FUMB - 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 Ultra Short Duration Municipal ETF (FUMB). 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	FUMB	Difference
Sharpe ratio Return per unit of total volatility	2.77	3.42	-0.65
Sortino ratio Return per unit of downside risk	4.30	5.41	-1.11
Omega ratio Gain probability vs. loss probability	1.61	1.78	-0.16
Calmar ratio Return relative to maximum drawdown	3.57	12.25	-8.68
Martin ratio Return relative to average drawdown	13.45	46.56	-33.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMHI vs. FUMB - Sharpe Ratio Comparison

The current FMHI Sharpe Ratio is 2.77, which is comparable to the FUMB Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of FMHI and FUMB, 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

	FMHI	FUMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	3.42	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	1.69	-1.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.01	-0.44

Drawdowns

FMHI vs. FUMB - Drawdown Comparison

The maximum FMHI drawdown since its inception was -18.83%, which is greater than FUMB's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for FMHI and FUMB.

Drawdown Indicators

	FMHI	FUMB	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-2.68%	-16.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-0.22%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	-0.60%	-5.57%
Max Drawdown (5Y) Largest decline over 5 years	-18.83%	-1.25%	-17.58%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.52%	-0.19%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.06%	+0.56%

Volatility

FMHI vs. FUMB - Volatility Comparison

First Trust Municipal High Income ETF (FMHI) has a higher volatility of 0.96% compared to First Trust Ultra Short Duration Municipal ETF (FUMB) at 0.21%. This indicates that FMHI's price experiences larger fluctuations and is considered to be riskier than FUMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMHI	FUMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	0.21%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	0.53%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.13%	0.76%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.77%	1.16%	+3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.73%	1.77%	+3.96%

FMHI vs. FUMB - Expense Ratio Comparison

FMHI has a 0.55% expense ratio, which is higher than FUMB's 0.45% expense ratio.

Dividends

FMHI vs. FUMB - Dividend Comparison

FMHI's dividend yield for the trailing twelve months is around 4.25%, more than FUMB's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FUMB First Trust Ultra Short Duration Municipal ETF	2.80%	2.90%	2.86%	2.24%	1.02%	0.43%	0.94%	1.74%	0.15%	0.00%

Frequently Asked Questions

Can I hold both FMHI and FUMB in my portfolio?

FMHI and FUMB have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMHI or FUMB?

FMHI has higher volatility (0.96%) compared to FUMB (0.21%). In terms of maximum drawdown, FMHI dropped -18.83% vs FUMB's -2.68%.

Which ETF is better, FMHI or FUMB?

On 5-year performance, FUMB leads with 1.96% vs 0.91% for FMHI. On fees, FUMB is cheaper at 0.45% per year. On volatility, FUMB has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMHI or FUMB?

Over the 5-year period, FUMB has performed better with a 1.96% return vs 0.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMHI or FUMB?

FUMB is cheaper with a 0.45% expense ratio, compared with 0.55% for FMHI.

Which ETF pays a higher dividend yield, FMHI or FUMB?

FMHI has the higher dividend yield at 4.25%, compared with 2.80% for FUMB.

What is the main difference between FMHI and FUMB?

Their fees differ too: 0.55% for FMHI and 0.45% for FUMB.

Which has better risk-adjusted returns?

FUMB currently has the higher Sharpe Ratio (3.42 vs 2.77), 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.