FTMH vs. IROC

Last updated Jun 23, 2026

FTMH (Franklin Municipal High Yield ETF) and IROC (Invesco Rochester High Yield Municipal ETF) are both High Yield Muni funds. Both are actively managed. A 0.59 correlation means they provide meaningful diversification when combined. FTMH charges 0.35%/yr vs 0.39%/yr for IROC.

Performance

FTMH vs. IROC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Municipal High Yield ETF (FTMH) and Invesco Rochester High Yield Municipal ETF (IROC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTMH achieves a 3.92% return, which is significantly higher than IROC's 3.18% return.

FTMH

• 1D: 0.00%
• 1M: 2.23%
• YTD: 3.92%
• 6M: 4.01%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IROC

• 1D: 0.11%
• 1M: 1.62%
• YTD: 3.18%
• 6M: 3.20%
• 1Y: 7.17%
• 3Y*: 5.07%
• 5Y*: —
• 10Y*: —

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

FTMH vs. IROC - Yearly Performance Comparison

	2026 (YTD)	2025
FTMH Franklin Municipal High Yield ETF	3.92%	-0.43%
IROC Invesco Rochester High Yield Municipal ETF	3.18%	0.58%

Correlation

The correlation between FTMH and IROC is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 27, 2025	0.59

Return for Risk

FTMH vs. IROC — Risk / Return Rank

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

FTMH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

IROC

IROC Risk / Return Rank: 73
IROC Sharpe Ratio Rank: 78
IROC Sortino Ratio Rank: 85
IROC Omega Ratio Rank: 87
IROC Calmar Ratio Rank: 57
IROC Martin Ratio Rank: 57

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.

FTMH vs. IROC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Municipal High Yield ETF (FTMH) and Invesco Rochester High Yield Municipal ETF (IROC). 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.

	FTMH	IROC	Difference
Sharpe ratio: Return per unit of total volatility	—	2.38	—
Sortino ratio: Return per unit of downside risk	—	3.60	—
Omega ratio: Gain probability vs. loss probability	—	1.51	—
Calmar ratio: Return relative to maximum drawdown	—	2.72	—
Martin ratio: Return relative to average drawdown	—	9.77	—

Drawdowns

FTMH vs. IROC - Drawdown Comparison

The maximum FTMH drawdown since its inception was -3.12%, smaller than the maximum IROC drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for FTMH and IROC.

Drawdown Indicators

	FTMH	IROC	Difference
Max Drawdown Largest peak-to-trough decline	-3.12%	-4.79%	+1.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.64%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.79%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.83%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.73%	—

Volatility

Volatility by Period

	FTMH	IROC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.03%	3.03%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.03%	3.48%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.03%	3.48%	+0.55%

FTMH vs. IROC - Expense Ratio Comparison

FTMH has a 0.35% expense ratio, which is lower than IROC's 0.39% expense ratio.

Dividends

FTMH vs. IROC - Dividend Comparison

FTMH's dividend yield for the trailing twelve months is around 2.70%, less than IROC's 5.54% yield.

Position	TTM	2025	2024	2023
FTMH Franklin Municipal High Yield ETF	2.70%	0.86%	0.00%	0.00%
IROC Invesco Rochester High Yield Municipal ETF	5.13%	4.79%	4.08%	3.68%

Frequently Asked Questions

Can I hold both FTMH and IROC in my portfolio?

FTMH and IROC have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTMH or IROC?

On fees, FTMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTMH or IROC?

FTMH is cheaper with a 0.35% expense ratio, compared with 0.39% for IROC.

Which ETF pays a higher dividend yield, FTMH or IROC?

IROC has the higher dividend yield at 5.54%, compared with 2.70% for FTMH.

What is the main difference between FTMH and IROC?

They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.35% for FTMH and 0.39% for IROC.