FMHI vs. SDHIX

Last updated Aug 2, 2026

FMHI (First Trust Municipal High Income ETF) and SDHIX (Lord Abbett Short Duration High Income Municipal Bond Fund) are both funds - FMHI is a Municipal Bonds fund actively managed by First Trust, while SDHIX is a High Yield Muni fund managed by Lord Abbett. Over the past 5 years, FMHI returned 0.34%/yr vs 0.93%/yr for SDHIX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. FMHI charges 0.55%/yr vs 0.50%/yr for SDHIX.

Performance

FMHI vs. SDHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Municipal High Income ETF (FMHI) and Lord Abbett Short Duration High Income Municipal Bond Fund (SDHIX). 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 SDHIX's 1.21% 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%

SDHIX

• 1D: -0.14%
• 1M: -1.19%
• 6M: 0.28%
• YTD: 1.21%
• 1Y: 4.46%
• 3Y*: 4.36%
• 5Y*: 0.93%
• 10Y*: 1.92%
• ALL TIME*: 2.01%

*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
SDHIX Lord Abbett Short Duration High Income Municipal Bond Fund	$0.00	$0.00	$0.00

FMHI vs. SDHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMHI First Trust Municipal High Income ETF	1.81%	3.54%	5.41%	7.20%	-14.67%	7.58%	4.09%	10.34%	2.50%	1.36%
SDHIX Lord Abbett Short Duration High Income Municipal Bond Fund	1.21%	5.24%	5.38%	3.71%	-9.77%	3.85%	2.37%	7.27%	2.33%	0.09%

Correlation

The correlation between FMHI and SDHIX is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (All Time) Calculated using the full available price history since Nov 3, 2017	0.54

The correlation between FMHI and SDHIX shifts across timeframes, from 0.54 (all time) to 0.64 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMHI vs. SDHIX — 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

SDHIX

SDHIX Risk / Return Rank: 88
SDHIX Sharpe Ratio Rank: 93
SDHIX Sortino Ratio Rank: 97
SDHIX Omega Ratio Rank: 97
SDHIX Calmar Ratio Rank: 77
SDHIX Martin Ratio Rank: 77

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. SDHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) and Lord Abbett Short Duration High Income Municipal Bond Fund (SDHIX). 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	SDHIX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.47	+0.05
Sortino ratio: Return per unit of downside risk	3.80	4.38	-0.58
Omega ratio: Gain probability vs. loss probability	1.55	1.70	-0.15
Calmar ratio: Return relative to maximum drawdown	3.37	2.51	+0.85
Martin ratio: Return relative to average drawdown	13.03	9.32	+3.72

FMHI vs. SDHIX - Sharpe Ratio Comparison

The current FMHI Sharpe Ratio is 2.51, which is comparable to the SDHIX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of FMHI and SDHIX, 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. SDHIX - Drawdown Comparison

The maximum FMHI drawdown since its inception was -18.83%, which is greater than SDHIX's maximum drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for FMHI and SDHIX.

Drawdown Indicators

	FMHI	SDHIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-13.36%	-5.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-2.08%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-5.70%	-3.34%	-2.36%
Max Drawdown (5Y) Largest decline over 5 years	-18.83%	-13.36%	-5.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.36%	—
Current Drawdown Current decline from peak	-1.74%	-1.19%	-0.55%
Average Drawdown Average peak-to-trough decline	-4.45%	-2.94%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	0.56%	+0.04%

Volatility

FMHI vs. SDHIX - Volatility Comparison

First Trust Municipal High Income ETF (FMHI) has a higher volatility of 1.03% compared to Lord Abbett Short Duration High Income Municipal Bond Fund (SDHIX) at 0.65%. This indicates that FMHI's price experiences larger fluctuations and is considered to be riskier than SDHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMHI	SDHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.65%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	1.68%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	2.13%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.79%	2.83%	+1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.69%	3.03%	+2.66%

FMHI vs. SDHIX - Expense Ratio Comparison

FMHI has a 0.55% expense ratio, which is higher than SDHIX's 0.50% expense ratio.

Dividends

FMHI vs. SDHIX - Dividend Comparison

FMHI's dividend yield for the trailing twelve months is around 4.36%, more than SDHIX's 4.04% 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%
SDHIX Lord Abbett Short Duration High Income Municipal Bond Fund	4.04%	5.00%	4.17%	3.28%	2.21%	1.68%	2.84%	3.00%	2.97%	1.19%

Frequently Asked Questions

Can I hold both FMHI and SDHIX in my portfolio?

FMHI and SDHIX have a correlation of 0.58, 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 SDHIX?

FMHI has higher volatility (1.03%) compared to SDHIX (0.65%). In terms of maximum drawdown, FMHI dropped -18.83% vs SDHIX's -13.36%.

Which has better risk-adjusted returns?

FMHI currently has the higher Sharpe Ratio (2.51 vs 2.47), 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.