FMHI vs. MMMA

Last updated Jun 26, 2026

FMHI (First Trust Municipal High Income ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. Their correlation of 0.84 suggests significant overlap in exposure. FMHI charges 0.55%/yr vs 0.35%/yr for MMMA.

Performance

FMHI vs. MMMA - Performance Comparison

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

Returns By Period

In the year-to-date period, FMHI achieves a 3.26% return, which is significantly lower than MMMA's 3.81% return.

FMHI

• 1D: 0.08%
• 1M: 1.46%
• YTD: 3.26%
• 6M: 3.43%
• 1Y: 8.43%
• 3Y*: 5.16%
• 5Y*: 0.88%
• 10Y*: —

MMMA

• 1D: 0.14%
• 1M: 1.40%
• YTD: 3.81%
• 6M: 3.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMHI vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
FMHI First Trust Municipal High Income ETF	3.26%	0.45%
MMMA NYLI MacKay Muni Allocation ETF	3.81%	0.35%

Correlation

The correlation between FMHI and MMMA is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.84

Return for Risk

FMHI vs. MMMA — Risk / Return Rank

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

FMHI

FMHI Risk / Return Rank: 88
FMHI Sharpe Ratio Rank: 92
FMHI Sortino Ratio Rank: 94
FMHI Omega Ratio Rank: 95
FMHI Calmar Ratio Rank: 79
FMHI Martin Ratio Rank: 80

MMMA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) and NYLI MacKay Muni Allocation ETF (MMMA). 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	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.76	—	—
Sortino ratio: Return per unit of downside risk	4.30	—	—
Omega ratio: Gain probability vs. loss probability	1.61	—	—
Calmar ratio: Return relative to maximum drawdown	3.61	—	—
Martin ratio: Return relative to average drawdown	13.57	—	—

Drawdowns

FMHI vs. MMMA - Drawdown Comparison

The maximum FMHI drawdown since its inception was -18.83%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for FMHI and MMMA.

Drawdown Indicators

	FMHI	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-2.79%	-16.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.83%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.49%	-0.55%	-3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	—	—

Volatility

Volatility by Period

	FMHI	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.07%	4.01%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.77%	4.01%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.71%	4.01%	+1.70%

FMHI vs. MMMA - Expense Ratio Comparison

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

Dividends

FMHI vs. MMMA - Dividend Comparison

FMHI's dividend yield for the trailing twelve months is around 4.60%, more than MMMA's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMHI First Trust Municipal High Income ETF	4.60%	4.16%	4.01%	3.89%	3.57%	2.87%	3.13%	3.33%	3.46%	0.30%
MMMA NYLI MacKay Muni Allocation ETF	1.94%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMHI and MMMA in my portfolio?

FMHI and MMMA have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMHI or MMMA?

On fees, MMMA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMHI or MMMA?

MMMA is cheaper with a 0.35% expense ratio, compared with 0.55% for FMHI.

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

FMHI has the higher dividend yield at 4.60%, compared with 1.94% for MMMA.

What is the main difference between FMHI and MMMA?

They also come from different issuers: First Trust and NYLI. Their fees differ too: 0.55% for FMHI and 0.35% for MMMA.