HYD vs. MFLX
HYD (VanEck Vectors High-Yield Municipal Index ETF) and MFLX (First Trust Flexible Municipal High Income ETF) are both Municipal Bonds funds. HYD is passively managed, while MFLX is actively managed. Over the past 5 years, HYD returned -0.10%/yr vs -0.03%/yr for MFLX. At a 0.32 correlation, their price movements are largely independent. HYD charges 0.35%/yr vs 0.88%/yr for MFLX.
Performance
HYD vs. MFLX - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.11% return, which is significantly lower than MFLX's 3.33% return.
HYD
- 1D
- -0.06%
- 1M
- 1.05%
- YTD
- 2.11%
- 6M
- 2.99%
- 1Y
- 8.23%
- 3Y*
- 4.73%
- 5Y*
- -0.10%
- 10Y*
- 2.00%
MFLX
- 1D
- -0.06%
- 1M
- 1.21%
- YTD
- 3.33%
- 6M
- 3.84%
- 1Y
- 9.22%
- 3Y*
- 5.48%
- 5Y*
- -0.03%
- 10Y*
- —
HYD vs. MFLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.11% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
MFLX First Trust Flexible Municipal High Income ETF | 3.33% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | 5.57% |
Correlation
The correlation between HYD and MFLX 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 (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2016 | 0.32 |
Over the past year, HYD and MFLX have become more correlated (0.59) than their long-term average of 0.32, meaning their price movements have been converging.
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Return for Risk
HYD vs. MFLX — Risk / Return Rank
HYD
MFLX
HYD vs. MFLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) and First Trust Flexible Municipal High Income ETF (MFLX). 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.
| HYD | MFLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.49 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 2.97 | -0.39 |
| Martin ratioReturn relative to average drawdown | 8.87 | 11.95 | -3.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYD | MFLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | 2.27 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | -0.00 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.19 | +0.26 |
Drawdowns
HYD vs. MFLX - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than MFLX's maximum drawdown of -26.76%. Use the drawdown chart below to compare losses from any high point for HYD and MFLX.
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Drawdown Indicators
| HYD | MFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -26.76% | -8.85% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -3.11% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -8.18% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -25.88% | +5.16% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | — | — |
Current DrawdownCurrent decline from peak | -2.05% | -3.78% | +1.73% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -8.17% | +3.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.77% | +0.16% |
Volatility
HYD vs. MFLX - Volatility Comparison
The current volatility for VanEck Vectors High-Yield Municipal Index ETF (HYD) is 1.14%, while First Trust Flexible Municipal High Income ETF (MFLX) has a volatility of 1.41%. This indicates that HYD experiences smaller price fluctuations and is considered to be less risky than MFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | MFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.41% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 2.98% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 4.08% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.45% | 10.36% | -3.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.60% | 11.29% | +1.31% |
HYD vs. MFLX - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is lower than MFLX's 0.88% expense ratio.
Dividends
HYD vs. MFLX - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.26%, more than MFLX's 4.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.26% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
MFLX First Trust Flexible Municipal High Income ETF | 4.08% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% | 0.00% |
Frequently Asked Questions
HYD and MFLX 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.
MFLX has higher volatility (1.41%) compared to HYD (1.14%). In terms of maximum drawdown, HYD dropped -35.61% vs MFLX's -26.76%.
On 5-year performance, MFLX leads with -0.03% vs -0.10% for HYD. On fees, HYD is cheaper at 0.35% per year. On volatility, HYD has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MFLX has performed better with a -0.03% return vs -0.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYD is cheaper with a 0.35% expense ratio, compared with 0.88% for MFLX.
HYD has the higher dividend yield at 4.26%, compared with 4.08% for MFLX.
They also come from different issuers: VanEck and First Trust. Their fees differ too: 0.35% for HYD and 0.88% for MFLX.
MFLX currently has the higher Sharpe Ratio (2.27 vs 2.06), 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.
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