FMNY vs. SWPPX

Last updated Jun 24, 2026

FMNY (First Trust New York High Income Municipal ETF) and SWPPX (Schwab S&P 500 Index Fund) are both funds - FMNY is a Municipal Bonds fund actively managed by First Trust, while SWPPX is a Large Cap Blend Equities fund tracking the S&P 500 Index. FMNY is actively managed, while SWPPX is passively managed. Over the past 5 years, FMNY returned 0.64%/yr vs 13.58%/yr for SWPPX. At a 0.11 correlation, their price movements are largely independent. FMNY charges 0.65%/yr vs 0.02%/yr for SWPPX.

Performance

FMNY vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust New York High Income Municipal ETF (FMNY) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMNY achieves a 2.11% return, which is significantly lower than SWPPX's 9.75% return.

FMNY

• 1D: 0.02%
• 1M: 1.36%
• YTD: 2.11%
• 6M: 1.98%
• 1Y: 7.29%
• 3Y*: 3.87%
• 5Y*: 0.64%
• 10Y*: —

SWPPX

• 1D: -0.36%
• 1M: 0.10%
• YTD: 9.75%
• 6M: 8.76%
• 1Y: 25.48%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

FMNY vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMNY First Trust New York High Income Municipal ETF	2.11%	3.94%	1.74%	6.14%	-10.65%	1.67%
SWPPX Schwab S&P 500 Index Fund	9.75%	17.87%	24.96%	26.26%	-18.14%	18.35%

Correlation

The correlation between FMNY and SWPPX is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since May 13, 2021	0.11

Return for Risk

FMNY vs. SWPPX — Risk / Return Rank

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

FMNY

FMNY Risk / Return Rank: 70
FMNY Sharpe Ratio Rank: 76
FMNY Sortino Ratio Rank: 80
FMNY Omega Ratio Rank: 85
FMNY Calmar Ratio Rank: 57
FMNY Martin Ratio Rank: 52

SWPPX

SWPPX Risk / Return Rank: 65
SWPPX Sharpe Ratio Rank: 63
SWPPX Sortino Ratio Rank: 56
SWPPX Omega Ratio Rank: 59
SWPPX Calmar Ratio Rank: 68
SWPPX Martin Ratio Rank: 78

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.

FMNY vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) and Schwab S&P 500 Index Fund (SWPPX). 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.

	FMNY	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.14	+0.11
Sortino ratio: Return per unit of downside risk	3.27	2.89	+0.38
Omega ratio: Gain probability vs. loss probability	1.47	1.39	+0.08
Calmar ratio: Return relative to maximum drawdown	2.59	3.02	-0.43
Martin ratio: Return relative to average drawdown	8.28	13.59	-5.31

FMNY vs. SWPPX - Sharpe Ratio Comparison

The current FMNY Sharpe Ratio is 2.25, which is comparable to the SWPPX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of FMNY and SWPPX, 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

FMNY vs. SWPPX - Drawdown Comparison

The maximum FMNY drawdown since its inception was -15.90%, smaller than the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for FMNY and SWPPX.

Drawdown Indicators

	FMNY	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-15.90%	-55.06%	+39.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-8.89%	+6.06%
Max Drawdown (3Y) Largest decline over 3 years	-5.88%	-18.74%	+12.86%
Max Drawdown (5Y) Largest decline over 5 years	-15.90%	-24.51%	+8.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.80%	—
Current Drawdown Current decline from peak	-0.48%	-1.74%	+1.26%
Average Drawdown Average peak-to-trough decline	-5.63%	-9.93%	+4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.97%	-1.09%

Volatility

FMNY vs. SWPPX - Volatility Comparison

The current volatility for First Trust New York High Income Municipal ETF (FMNY) is 0.54%, while Schwab S&P 500 Index Fund (SWPPX) has a volatility of 4.73%. This indicates that FMNY experiences smaller price fluctuations and is considered to be less risky than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMNY	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	4.73%	-4.19%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	9.87%	-7.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	12.53%	-9.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	17.02%	-13.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	18.27%	-14.30%

FMNY vs. SWPPX - Expense Ratio Comparison

FMNY has a 0.65% expense ratio, which is higher than SWPPX's 0.02% expense ratio.

Dividends

FMNY vs. SWPPX - Dividend Comparison

FMNY's dividend yield for the trailing twelve months is around 3.67%, more than SWPPX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMNY First Trust New York High Income Municipal ETF	3.67%	3.64%	3.56%	3.25%	2.34%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SWPPX Schwab S&P 500 Index Fund	1.01%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%

Frequently Asked Questions

Can I hold both FMNY and SWPPX in my portfolio?

FMNY and SWPPX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMNY or SWPPX?

SWPPX has higher volatility (4.73%) compared to FMNY (0.54%). In terms of maximum drawdown, FMNY dropped -15.90% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

FMNY currently has the higher Sharpe Ratio (2.25 vs 2.14), 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.