FMUB vs. FMHI

Last updated Jun 23, 2026

FMUB (Fidelity Municipal Bond Opportunities ETF) and FMHI (First Trust Municipal High Income ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, FMUB returned 7.03% vs 8.19% for FMHI. A 0.75 correlation means they provide meaningful diversification when combined. FMUB charges 0.30%/yr vs 0.55%/yr for FMHI.

Performance

FMUB vs. FMHI - Performance Comparison

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

Returns By Period

In the year-to-date period, FMUB achieves a 2.07% return, which is significantly lower than FMHI's 2.97% return.

FMUB

• 1D: -0.13%
• 1M: 1.40%
• YTD: 2.07%
• 6M: 2.12%
• 1Y: 7.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMHI

• 1D: -0.01%
• 1M: 1.67%
• YTD: 2.97%
• 6M: 3.23%
• 1Y: 8.19%
• 3Y*: 5.06%
• 5Y*: 0.84%
• 10Y*: —

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

FMUB vs. FMHI - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	2.07%	4.69%
FMHI First Trust Municipal High Income ETF	2.97%	2.55%

Correlation

The correlation between FMUB and FMHI is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.75

The correlation between FMUB and FMHI has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

Return for Risk

FMUB vs. FMHI — Risk / Return Rank

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

FMUB

FMUB Risk / Return Rank: 77
FMUB Sharpe Ratio Rank: 85
FMUB Sortino Ratio Rank: 89
FMUB Omega Ratio Rank: 91
FMUB Calmar Ratio Rank: 59
FMUB Martin Ratio Rank: 63

FMHI

FMHI Risk / Return Rank: 83
FMHI Sharpe Ratio Rank: 86
FMHI Sortino Ratio Rank: 92
FMHI Omega Ratio Rank: 92
FMHI Calmar Ratio Rank: 72
FMHI Martin Ratio Rank: 73

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.

FMUB vs. FMHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and First Trust Municipal High Income ETF (FMHI). 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.

	FMUB	FMHI	Difference
Sharpe ratio: Return per unit of total volatility	2.66	2.69	-0.03
Sortino ratio: Return per unit of downside risk	3.88	4.18	-0.31
Omega ratio: Gain probability vs. loss probability	1.56	1.60	-0.03
Calmar ratio: Return relative to maximum drawdown	2.83	3.51	-0.67
Martin ratio: Return relative to average drawdown	11.26	13.19	-1.93

FMUB vs. FMHI - Sharpe Ratio Comparison

The current FMUB Sharpe Ratio is 2.66, which is comparable to the FMHI Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of FMUB and FMHI, 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

FMUB vs. FMHI - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.74%, smaller than the maximum FMHI drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for FMUB and FMHI.

Drawdown Indicators

	FMUB	FMHI	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-18.83%	+16.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-2.35%	-0.14%
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	-0.13%	-0.01%	-0.12%
Average Drawdown Average peak-to-trough decline	-0.47%	-4.50%	+4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.62%	+0.01%

Volatility

FMUB vs. FMHI - Volatility Comparison

Fidelity Municipal Bond Opportunities ETF (FMUB) and First Trust Municipal High Income ETF (FMHI) have volatilities of 0.75% and 0.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUB	FMHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.77%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	2.16%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	3.07%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	4.77%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	5.71%	-2.07%

FMUB vs. FMHI - Expense Ratio Comparison

FMUB has a 0.30% expense ratio, which is lower than FMHI's 0.55% expense ratio.

Dividends

FMUB vs. FMHI - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.42%, less than FMHI's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMHI First Trust Municipal High Income ETF	4.23%	4.16%	4.01%	3.89%	3.57%	2.87%	3.13%	3.33%	3.46%	0.30%
FMUB Fidelity Municipal Bond Opportunities ETF	3.42%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMUB and FMHI in my portfolio?

FMUB and FMHI have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMUB or FMHI?

FMHI has higher volatility (0.77%) compared to FMUB (0.75%). In terms of maximum drawdown, FMUB dropped -2.74% vs FMHI's -18.83%.

Which ETF is better, FMUB or FMHI?

On 1-year performance, FMHI leads with 8.19% vs 7.03% for FMUB. On fees, FMUB is cheaper at 0.30% per year. 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, FMUB or FMHI?

Over the 1-year period, FMHI has performed better with a 8.19% return vs 7.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUB or FMHI?

FMUB is cheaper with a 0.30% expense ratio, compared with 0.55% for FMHI.

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

FMHI has the higher dividend yield at 4.23%, compared with 3.42% for FMUB.

What is the main difference between FMUB and FMHI?

They also come from different issuers: Fidelity and First Trust. Their fees differ too: 0.30% for FMUB and 0.55% for FMHI.

Which has better risk-adjusted returns?

FMHI currently has the higher Sharpe Ratio (2.69 vs 2.66), 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.