FMHI vs. RMCA

Last updated Aug 2, 2026

FMHI (First Trust Municipal High Income ETF) and RMCA (Rockefeller California Municipal Bond ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, FMHI returned 7.04% vs 6.13% for RMCA. Their 0.78 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.55% expense ratio.

Performance

FMHI vs. RMCA - Performance Comparison

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

Returns By Period

In the year-to-date period, FMHI achieves a 1.81% return, which is significantly higher than RMCA's 1.37% return.

FMHI

• 1D: -0.17%
• 1M: -1.74%
• 6M: 1.23%
• YTD: 1.81%
• 1Y: 7.04%
• 3Y*: 4.76%
• 5Y*: 0.34%
• 10Y*: —
• ALL TIME*: 3.09%

RMCA

• 1D: -0.17%
• 1M: -1.98%
• 6M: 0.95%
• YTD: 1.37%
• 1Y: 6.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.77%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMHI First Trust Municipal High Income ETF	$4.95M	$5.04M	$4.81M
RMCA Rockefeller California Municipal Bond ETF	$104.37K	$81.30K	$95.44K

FMHI vs. RMCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMHI First Trust Municipal High Income ETF	1.81%	3.54%	0.20%
RMCA Rockefeller California Municipal Bond ETF	1.37%	2.35%	-0.24%

Correlation

The correlation between FMHI and RMCA is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (All Time) Calculated using the full available price history since Aug 13, 2024	0.78

The correlation between FMHI and RMCA has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

FMHI vs. RMCA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FMHI

FMHI Risk / Return Rank: 91
FMHI Sharpe Ratio Rank: 93
FMHI Sortino Ratio Rank: 94
FMHI Omega Ratio Rank: 95
FMHI Calmar Ratio Rank: 86
FMHI Martin Ratio Rank: 88

RMCA

RMCA Risk / Return Rank: 85
RMCA Sharpe Ratio Rank: 84
RMCA Sortino Ratio Rank: 87
RMCA Omega Ratio Rank: 90
RMCA Calmar Ratio Rank: 81
RMCA Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FMHI vs. RMCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) and Rockefeller California Municipal Bond ETF (RMCA). 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	RMCA	Difference
Sharpe ratio: Return per unit of total volatility	2.51	1.98	+0.54
Sortino ratio: Return per unit of downside risk	3.80	2.97	+0.83
Omega ratio: Gain probability vs. loss probability	1.55	1.42	+0.13
Calmar ratio: Return relative to maximum drawdown	3.37	3.01	+0.36
Martin ratio: Return relative to average drawdown	13.03	10.58	+2.45

FMHI vs. RMCA - Sharpe Ratio Comparison

The current FMHI Sharpe Ratio is 2.51, which is comparable to the RMCA Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FMHI and RMCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FMHI vs. RMCA - Drawdown Comparison

The maximum FMHI drawdown since its inception was -18.83%, which is greater than RMCA's maximum drawdown of -5.95%. Use the drawdown chart below to compare losses from any high point for FMHI and RMCA.

Drawdown Indicators

	FMHI	RMCA	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-5.95%	-12.88%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-2.35%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-5.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.83%	—	—
Current Drawdown Current decline from peak	-1.74%	-2.08%	+0.34%
Average Drawdown Average peak-to-trough decline	-4.45%	-1.55%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	0.67%	-0.07%

Volatility

FMHI vs. RMCA - Volatility Comparison

First Trust Municipal High Income ETF (FMHI) has a higher volatility of 1.03% compared to Rockefeller California Municipal Bond ETF (RMCA) at 0.97%. This indicates that FMHI's price experiences larger fluctuations and is considered to be riskier than RMCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMHI	RMCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.97%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	2.63%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	3.59%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.79%	5.24%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.69%	5.24%	+0.45%

FMHI vs. RMCA - Expense Ratio Comparison

Both FMHI and RMCA have an expense ratio of 0.55%.

Dividends

FMHI vs. RMCA - Dividend Comparison

FMHI's dividend yield for the trailing twelve months is around 4.36%, less than RMCA's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMHI First Trust Municipal High Income ETF	4.36%	4.16%	4.01%	3.89%	3.57%	2.87%	3.13%	3.33%	3.46%	0.30%
RMCA Rockefeller California Municipal Bond ETF	4.44%	4.51%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMHI and RMCA in my portfolio?

FMHI and RMCA have a correlation of 0.85, 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 RMCA?

FMHI has higher volatility (1.03%) compared to RMCA (0.97%). In terms of maximum drawdown, FMHI dropped -18.83% vs RMCA's -5.95%.

Which ETF is better, FMHI or RMCA?

On 1-year performance, FMHI leads with 7.04% vs 6.13% for RMCA. Both ETFs have the same 0.55% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMHI or RMCA?

Over the 1-year period, FMHI has performed better with a 7.04% return vs 6.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMHI or RMCA?

FMHI and RMCA have the same expense ratio: 0.55% per year.

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

RMCA has the higher dividend yield at 4.44%, compared with 4.36% for FMHI.

What is the main difference between FMHI and RMCA?

They also come from different issuers: First Trust and Rockefeller.

Which has better risk-adjusted returns?

FMHI currently has the higher Sharpe Ratio (2.51 vs 1.98), 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.