FMHI vs. HYMU

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Municipal High Income ETF (FMHI) and BlackRock High Yield Muni Income Bond ETF (HYMU).

FMHI and HYMU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FMHI is an actively managed fund by First Trust. It was launched on Nov 1, 2017. HYMU is an actively managed fund by BlackRock. It was launched on Mar 16, 2021.

Performance

FMHI vs. HYMU - Performance Comparison

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

FMHI vs. HYMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMHI First Trust Municipal High Income ETF	0.67%	3.54%	5.41%	7.20%	-14.67%	5.95%
HYMU BlackRock High Yield Muni Income Bond ETF	0.29%	2.58%	6.99%	9.67%	-15.96%	6.71%

Returns By Period

In the year-to-date period, FMHI achieves a 0.67% return, which is significantly higher than HYMU's 0.29% return.

FMHI

• 1D: 0.40%
• 1M: -1.21%
• YTD: 0.67%
• 6M: 2.57%
• 1Y: 3.67%
• 3Y*: 4.81%
• 5Y*: 1.07%
• 10Y*: —

HYMU

• 1D: 0.50%
• 1M: -1.14%
• YTD: 0.29%
• 6M: 1.40%
• 1Y: 1.57%
• 3Y*: 5.45%
• 5Y*: 1.45%
• 10Y*: —

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

FMHI vs. HYMU - Expense Ratio Comparison

FMHI has a 0.55% expense ratio, which is higher than HYMU's 0.35% expense ratio.

FMHI

First Trust Municipal High Income ETF

HYMU

BlackRock High Yield Muni Income Bond ETF

Return for Risk

FMHI vs. HYMU — Risk / Return Rank

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

FMHI

FMHI Risk / Return Rank: 34
FMHI Sharpe Ratio Rank: 38
FMHI Sortino Ratio Rank: 31
FMHI Omega Ratio Rank: 44
FMHI Calmar Ratio Rank: 32
FMHI Martin Ratio Rank: 26

HYMU

HYMU Risk / Return Rank: 18
HYMU Sharpe Ratio Rank: 16
HYMU Sortino Ratio Rank: 14
HYMU Omega Ratio Rank: 18
HYMU Calmar Ratio Rank: 18
HYMU Martin Ratio Rank: 22

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. HYMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) and BlackRock High Yield Muni Income Bond ETF (HYMU). 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	HYMU	Difference
Sharpe ratio Return per unit of total volatility	0.76	0.20	+0.56
Sortino ratio Return per unit of downside risk	0.98	0.30	+0.68
Omega ratio Gain probability vs. loss probability	1.18	1.07	+0.11
Calmar ratio Return relative to maximum drawdown	0.86	0.31	+0.55
Martin ratio Return relative to average drawdown	2.21	1.53	+0.67
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. HYMU - Sharpe Ratio Comparison

The current FMHI Sharpe Ratio is 0.76, which is higher than the HYMU Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of FMHI and HYMU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FMHI	HYMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	0.20	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.21	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.23	+0.30

Correlation

The correlation between FMHI and HYMU is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FMHI vs. HYMU - Dividend Comparison

FMHI's dividend yield for the trailing twelve months is around 4.25%, less than HYMU's 4.51% yield.

	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%
HYMU BlackRock High Yield Muni Income Bond ETF	4.51%	4.55%	4.35%	4.35%	4.01%	2.97%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FMHI vs. HYMU - Drawdown Comparison

The maximum FMHI drawdown since its inception was -18.83%, smaller than the maximum HYMU drawdown of -22.55%. Use the drawdown chart below to compare losses from any high point for FMHI and HYMU.

Drawdown Indicators

	FMHI	HYMU	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-22.55%	+3.72%
Max Drawdown (1Y) Largest decline over 1 year	-4.89%	-6.54%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-18.83%	-22.55%	+3.72%
Current Drawdown Current decline from peak	-1.41%	-1.39%	-0.02%
Average Drawdown Average peak-to-trough decline	-4.60%	-6.97%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.37%	+0.54%

Volatility

FMHI vs. HYMU - Volatility Comparison

First Trust Municipal High Income ETF (FMHI) has a higher volatility of 1.42% compared to BlackRock High Yield Muni Income Bond ETF (HYMU) at 1.29%. This indicates that FMHI's price experiences larger fluctuations and is considered to be riskier than HYMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMHI	HYMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	1.29%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	1.81%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	4.88%	7.95%	-3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	7.08%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.77%	7.05%	-1.28%