FMHI vs. NFTY
FMHI (First Trust Municipal High Income ETF) and NFTY (First Trust India NIFTY 50 Equal Weight ETF) are both exchange-traded funds - FMHI is a Municipal Bonds fund actively managed by First Trust, while NFTY is a India Equities fund tracking the NIFTY 50 Equal Weight Index. FMHI is actively managed, while NFTY is passively managed. Over the past 5 years, FMHI returned 0.58%/yr vs 5.67%/yr for NFTY. At a 0.10 correlation, their price movements are largely independent. FMHI charges 0.55%/yr vs 0.80%/yr for NFTY.
Performance
FMHI vs. NFTY - Performance Comparison
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Returns By Period
In the year-to-date period, FMHI achieves a 2.94% return, which is significantly higher than NFTY's -7.91% return.
FMHI
- 1D
- 0.01%
- 1M
- 0.33%
- 6M
- 2.39%
- YTD
- 2.94%
- 1Y
- 9.13%
- 3Y*
- 4.91%
- 5Y*
- 0.58%
- 10Y*
- —
NFTY
- 1D
- 0.48%
- 1M
- -0.31%
- 6M
- -6.35%
- YTD
- -7.91%
- 1Y
- -8.24%
- 3Y*
- 4.78%
- 5Y*
- 5.67%
- 10Y*
- 7.28%
FMHI vs. NFTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 2.94% | 3.54% | 5.41% | 7.20% | -14.67% | 7.58% | 4.09% | 10.34% | 2.50% | 1.36% |
NFTY First Trust India NIFTY 50 Equal Weight ETF | -7.91% | 5.47% | 5.18% | 24.00% | -3.46% | 26.83% | 10.04% | 0.58% | -1.51% | -0.99% |
Correlation
The correlation between FMHI and NFTY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2017 | 0.10 |
Over the past year, FMHI and NFTY have become more correlated (0.38) than their long-term average of 0.10, meaning their price movements have been converging.
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Return for Risk
FMHI vs. NFTY — Risk / Return Rank
FMHI
NFTY
FMHI vs. NFTY - 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 India NIFTY 50 Equal Weight ETF (NFTY). 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 | NFTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.58 | ||
| Sortino ratioReturn per unit of downside risk | +5.52 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 0.92 | +0.77 |
| Calmar ratioReturn relative to maximum drawdown | 3.91 | -0.51 | +4.42 |
| Martin ratioReturn relative to average drawdown | 17.12 | -1.22 | +18.34 |
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Drawdowns
FMHI vs. NFTY - Drawdown Comparison
The maximum FMHI drawdown since its inception was -18.83%, smaller than the maximum NFTY drawdown of -47.67%. Use the drawdown chart below to compare losses from any high point for FMHI and NFTY.
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Drawdown Indicators
| FMHI | NFTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -47.67% | +28.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.35% | -16.14% | +13.79% |
Max Drawdown (3Y)Largest decline over 3 years | -6.17% | -21.55% | +15.38% |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | -21.55% | +2.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.67% | — |
Current DrawdownCurrent decline from peak | -0.65% | -15.82% | +15.17% |
Average DrawdownAverage peak-to-trough decline | -4.46% | -9.63% | +5.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 6.81% | -6.28% |
Volatility
FMHI vs. NFTY - Volatility Comparison
The current volatility for First Trust Municipal High Income ETF (FMHI) is 0.72%, while First Trust India NIFTY 50 Equal Weight ETF (NFTY) has a volatility of 3.05%. This indicates that FMHI experiences smaller price fluctuations and is considered to be less risky than NFTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMHI | NFTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 3.05% | -2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 12.59% | -10.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.05% | 14.71% | -11.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.77% | 17.40% | -12.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.69% | 20.63% | -14.94% |
FMHI vs. NFTY - Expense Ratio Comparison
FMHI has a 0.55% expense ratio, which is lower than NFTY's 0.80% expense ratio.
Dividends
FMHI vs. NFTY - Dividend Comparison
FMHI's dividend yield for the trailing twelve months is around 4.27%, more than NFTY's 1.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 4.27% | 4.16% | 4.01% | 3.89% | 3.57% | 2.87% | 3.13% | 3.33% | 3.46% | 0.30% | 0.00% | 0.00% |
NFTY First Trust India NIFTY 50 Equal Weight ETF | 1.92% | 1.24% | 1.61% | 0.13% | 5.89% | 1.53% | 0.61% | 0.97% | 0.00% | 4.10% | 3.28% | 4.39% |
Frequently Asked Questions
FMHI and NFTY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NFTY has higher volatility (3.05%) compared to FMHI (0.72%). In terms of maximum drawdown, FMHI dropped -18.83% vs NFTY's -47.67%.
On 5-year performance, NFTY leads with 5.67% vs 0.58% for FMHI. On fees, FMHI is cheaper at 0.55% per year. On volatility, FMHI has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, NFTY has performed better with a 5.67% return vs 0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMHI is cheaper with a 0.55% expense ratio, compared with 0.80% for NFTY.
FMHI has the higher dividend yield at 4.27%, compared with 1.92% for NFTY.
FMHI is categorized as Municipal Bonds, while NFTY is India Equities. Their fees differ too: 0.55% for FMHI and 0.80% for NFTY.
FMHI currently has the higher Sharpe Ratio (3.02 vs -0.56), 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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