FXN vs. MFSM

Last updated Jun 4, 2026

FXN (First Trust Energy AlphaDEX Fund) and MFSM (MFS Active Intermediate Muni Bond ETF) are both exchange-traded funds - FXN is a Energy Equities fund tracking the StrataQuant Energy Index, while MFSM is a Municipal Bonds fund actively managed by MFS. FXN is passively managed, while MFSM is actively managed. Over the past year, FXN returned 52.01% vs 7.57% for MFSM. At a correlation of -0.16, they often move in opposite directions. FXN charges 0.64%/yr vs 0.34%/yr for MFSM.

Performance

FXN vs. MFSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Energy AlphaDEX Fund (FXN) and MFS Active Intermediate Muni Bond ETF (MFSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXN achieves a 36.03% return, which is significantly higher than MFSM's 1.73% return.

FXN

• 1D: 1.09%
• 1M: -1.59%
• YTD: 36.03%
• 6M: 30.89%
• 1Y: 52.01%
• 3Y*: 16.66%
• 5Y*: 17.30%
• 10Y*: 6.52%

MFSM

• 1D: -0.03%
• 1M: 0.76%
• YTD: 1.73%
• 6M: 2.29%
• 1Y: 7.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXN vs. MFSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FXN First Trust Energy AlphaDEX Fund	36.03%	3.39%	-4.20%
MFSM MFS Active Intermediate Muni Bond ETF	1.73%	5.25%	-1.30%

Correlation

The correlation between FXN and MFSM is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (All Time) Calculated using the full available price history since Dec 6, 2024	-0.16

The correlation between FXN and MFSM shifts across timeframes, from -0.27 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FXN vs. MFSM — Risk / Return Rank

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

FXN

FXN Risk / Return Rank: 67
FXN Sharpe Ratio Rank: 67
FXN Sortino Ratio Rank: 60
FXN Omega Ratio Rank: 56
FXN Calmar Ratio Rank: 83
FXN Martin Ratio Rank: 68

MFSM

MFSM Risk / Return Rank: 78
MFSM Sharpe Ratio Rank: 87
MFSM Sortino Ratio Rank: 91
MFSM Omega Ratio Rank: 92
MFSM Calmar Ratio Rank: 59
MFSM Martin Ratio Rank: 60

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.

FXN vs. MFSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Energy AlphaDEX Fund (FXN) and MFS Active Intermediate Muni Bond ETF (MFSM). 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.

	FXN	MFSM	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.85	-0.62
Sortino ratio: Return per unit of downside risk	2.84	4.36	-1.52
Omega ratio: Gain probability vs. loss probability	1.35	1.62	-0.27
Calmar ratio: Return relative to maximum drawdown	4.42	2.87	+1.55
Martin ratio: Return relative to average drawdown	12.53	10.63	+1.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXN vs. MFSM - Sharpe Ratio Comparison

The current FXN Sharpe Ratio is 2.23, which is comparable to the MFSM Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of FXN and MFSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXN	MFSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.85	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	1.11	-1.05

Drawdowns

FXN vs. MFSM - Drawdown Comparison

The maximum FXN drawdown since its inception was -87.39%, which is greater than MFSM's maximum drawdown of -3.86%. Use the drawdown chart below to compare losses from any high point for FXN and MFSM.

Drawdown Indicators

	FXN	MFSM	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-3.86%	-83.53%
Max Drawdown (1Y) Largest decline over 1 year	-11.82%	-2.65%	-9.17%
Max Drawdown (3Y) Largest decline over 3 years	-31.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.63%	—	—
Current Drawdown Current decline from peak	-3.71%	-0.52%	-3.19%
Average Drawdown Average peak-to-trough decline	-37.99%	-0.88%	-37.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	0.71%	+3.46%

Volatility

FXN vs. MFSM - Volatility Comparison

First Trust Energy AlphaDEX Fund (FXN) has a higher volatility of 7.52% compared to MFS Active Intermediate Muni Bond ETF (MFSM) at 0.92%. This indicates that FXN's price experiences larger fluctuations and is considered to be riskier than MFSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXN	MFSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	0.92%	+6.60%
Volatility (6M) Calculated over the trailing 6-month period	17.08%	1.96%	+15.12%
Volatility (1Y) Calculated over the trailing 1-year period	23.55%	2.67%	+20.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.92%	3.44%	+25.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.00%	3.44%	+31.56%

FXN vs. MFSM - Expense Ratio Comparison

FXN has a 0.64% expense ratio, which is higher than MFSM's 0.34% expense ratio.

Dividends

FXN vs. MFSM - Dividend Comparison

FXN's dividend yield for the trailing twelve months is around 1.76%, less than MFSM's 3.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXN First Trust Energy AlphaDEX Fund	1.76%	2.53%	2.50%	3.09%	2.28%	0.87%	4.71%	1.47%	1.43%	1.17%	1.05%	2.36%
MFSM MFS Active Intermediate Muni Bond ETF	3.55%	3.53%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXN and MFSM in my portfolio?

FXN and MFSM have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXN or MFSM?

FXN has higher volatility (7.52%) compared to MFSM (0.92%). In terms of maximum drawdown, FXN dropped -87.39% vs MFSM's -3.86%.

Which ETF is better, FXN or MFSM?

On 1-year performance, FXN leads with 52.01% vs 7.57% for MFSM. On fees, MFSM is cheaper at 0.34% per year. On volatility, MFSM has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXN or MFSM?

Over the 1-year period, FXN has performed better with a 52.01% return vs 7.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXN or MFSM?

MFSM is cheaper with a 0.34% expense ratio, compared with 0.64% for FXN.

Which ETF pays a higher dividend yield, FXN or MFSM?

MFSM has the higher dividend yield at 3.55%, compared with 1.76% for FXN.

What is the main difference between FXN and MFSM?

FXN is categorized as Energy Equities, while MFSM is Municipal Bonds. They also come from different issuers: First Trust and MFS. Their fees differ too: 0.64% for FXN and 0.34% for MFSM.

Which has better risk-adjusted returns?

MFSM currently has the higher Sharpe Ratio (2.85 vs 2.23), 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.