FMHI vs. HYMB
FMHI (First Trust Municipal High Income ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds. FMHI is actively managed, while HYMB is passively managed. Over the past 5 years, FMHI returned 0.91%/yr vs 0.46%/yr for HYMB. A 0.57 correlation means they provide meaningful diversification when combined. FMHI charges 0.55%/yr vs 0.35%/yr for HYMB.
Performance
FMHI vs. HYMB - 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 HYMB's 3.07% return.
FMHI
- 1D
- 0.10%
- 1M
- 0.99%
- YTD
- 2.68%
- 6M
- 3.23%
- 1Y
- 8.49%
- 3Y*
- 5.36%
- 5Y*
- 0.91%
- 10Y*
- —
HYMB
- 1D
- 0.20%
- 1M
- 1.19%
- YTD
- 3.07%
- 6M
- 3.18%
- 1Y
- 7.38%
- 3Y*
- 5.23%
- 5Y*
- 0.46%
- 10Y*
- 2.47%
FMHI vs. HYMB - 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% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 3.07% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 0.72% |
Correlation
The correlation between FMHI and HYMB is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.57 |
Over the past year, FMHI and HYMB have become more correlated (0.78) than their long-term average of 0.57, meaning their price movements have been converging.
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Return for Risk
FMHI vs. HYMB — Risk / Return Rank
FMHI
HYMB
FMHI vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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 | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.37 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 2.39 | +1.25 |
| Martin ratioReturn relative to average drawdown | 13.66 | 8.46 | +5.20 |
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 | HYMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.75 | 1.83 | +0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.07 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.45 | +0.11 |
Drawdowns
FMHI vs. HYMB - Drawdown Comparison
The maximum FMHI drawdown since its inception was -18.83%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for FMHI and HYMB.
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Drawdown Indicators
| FMHI | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -29.57% | +10.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.35% | -3.11% | +0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -6.17% | -7.44% | +1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | -20.15% | +1.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.57% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.52% | -3.80% | -0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 0.88% | -0.26% |
Volatility
FMHI vs. HYMB - Volatility Comparison
The current volatility for First Trust Municipal High Income ETF (FMHI) is 0.96%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.35%. This indicates that FMHI experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMHI | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 1.35% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 3.14% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.12% | 4.06% | -0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.76% | 6.66% | -1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.73% | 11.35% | -5.62% |
FMHI vs. HYMB - Expense Ratio Comparison
FMHI has a 0.55% expense ratio, which is higher than HYMB's 0.35% expense ratio.
Dividends
FMHI vs. HYMB - Dividend Comparison
FMHI's dividend yield for the trailing twelve months is around 4.24%, less than HYMB's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.54% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
Frequently Asked Questions
FMHI and HYMB have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (1.35%) compared to FMHI (0.96%). In terms of maximum drawdown, FMHI dropped -18.83% vs HYMB's -29.57%.
On 5-year performance, FMHI leads with 0.91% vs 0.46% for HYMB. On fees, HYMB is cheaper at 0.35% 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, FMHI has performed better with a 0.91% return vs 0.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYMB is cheaper with a 0.35% expense ratio, compared with 0.55% for FMHI.
HYMB has the higher dividend yield at 4.54%, compared with 4.24% for FMHI.
They also come from different issuers: First Trust and State Street. Their fees differ too: 0.55% for FMHI and 0.35% for HYMB.
FMHI currently has the higher Sharpe Ratio (2.75 vs 1.83), 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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