HYLS vs. FMB
HYLS (First Trust Tactical High Yield ETF) and FMB (First Trust Managed Municipal ETF) are both exchange-traded funds - HYLS is a High Yield Bonds fund actively managed by First Trust, while FMB is a Municipal Bonds fund actively managed by First Trust. Both are actively managed. Over the past 10 years, HYLS returned 4.19%/yr vs 2.03%/yr for FMB. Their 0.18 correlation means their historical movements had little consistent relationship. HYLS charges 1.01%/yr vs 0.50%/yr for FMB.
Performance
HYLS vs. FMB - Performance Comparison
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Returns By Period
In the year-to-date period, HYLS achieves a 0.57% return, which is significantly higher than FMB's 0.43% return. Over the past 10 years, HYLS has outperformed FMB with an annualized return of 4.19%, while FMB has yielded a comparatively lower 2.03% annualized return.
HYLS
- 1D
- -0.05%
- 1M
- -0.20%
- 6M
- 0.66%
- YTD
- 0.57%
- 1Y
- 3.86%
- 3Y*
- 7.28%
- 5Y*
- 2.88%
- 10Y*
- 4.19%
- ALL TIME*
- 4.23%
FMB
- 1D
- -0.08%
- 1M
- -1.95%
- 6M
- -0.43%
- YTD
- 0.43%
- 1Y
- 4.66%
- 3Y*
- 3.18%
- 5Y*
- 0.26%
- 10Y*
- 2.03%
- ALL TIME*
- 2.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.44M | $8.53M | $7.75M | |
| $9.90M | $12.15M | $7.99M |
HYLS vs. FMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYLS First Trust Tactical High Yield ETF | 0.57% | 8.00% | 5.85% | 13.66% | -12.83% | 3.69% | 5.32% | 14.66% | -2.46% | 6.39% |
FMB First Trust Managed Municipal ETF | 0.43% | 3.73% | 1.94% | 6.31% | -9.91% | 2.43% | 4.44% | 8.25% | 0.89% | 7.22% |
Correlation
The correlation between HYLS and FMB is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.39 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 15, 2014 | 0.18 |
Over the past year, HYLS and FMB have become more correlated (0.41) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
HYLS vs. FMB — Risk / Return Rank
HYLS
FMB
HYLS vs. FMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Tactical High Yield ETF (HYLS) and First Trust Managed Municipal ETF (FMB). 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.
| HYLS | FMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.41 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 1.95 | -0.66 |
| Martin ratioReturn relative to average drawdown | 5.43 | 6.46 | -1.04 |
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Drawdowns
HYLS vs. FMB - Drawdown Comparison
The maximum HYLS drawdown since its inception was -22.99%, which is greater than FMB's maximum drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for HYLS and FMB.
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Drawdown Indicators
| HYLS | FMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.99% | -14.16% | -8.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -2.73% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -3.96% | -4.44% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -15.75% | -14.08% | -1.67% |
Max Drawdown (10Y)Largest decline over 10 years | -22.99% | -14.16% | -8.83% |
Current DrawdownCurrent decline from peak | -0.47% | -1.97% | +1.50% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -2.59% | +0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.82% | -0.09% |
Volatility
HYLS vs. FMB - Volatility Comparison
The current volatility for First Trust Tactical High Yield ETF (HYLS) is 0.75%, while First Trust Managed Municipal ETF (FMB) has a volatility of 0.88%. This indicates that HYLS experiences smaller price fluctuations and is considered to be less risky than FMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYLS | FMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.88% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 2.14% | +0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.50% | 2.74% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 3.73% | +2.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.68% | 4.53% | +2.15% |
HYLS vs. FMB - Expense Ratio Comparison
HYLS has a 1.01% expense ratio, which is higher than FMB's 0.50% expense ratio.
Dividends
HYLS vs. FMB - Dividend Comparison
HYLS's dividend yield for the trailing twelve months is around 6.79%, more than FMB's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMB First Trust Managed Municipal ETF | 3.62% | 3.37% | 3.22% | 2.98% | 2.47% | 1.96% | 2.19% | 2.47% | 2.58% | 2.49% | 2.93% | 3.07% |
HYLS First Trust Tactical High Yield ETF | 6.79% | 6.38% | 6.25% | 5.98% | 7.38% | 5.48% | 5.09% | 5.17% | 5.81% | 5.53% | 5.37% | 6.11% |
Frequently Asked Questions
HYLS and FMB have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMB has higher volatility (0.88%) compared to HYLS (0.75%). In terms of maximum drawdown, HYLS dropped -22.99% vs FMB's -14.16%.
On 10-year performance, HYLS leads with 4.19% vs 2.03% for FMB. On fees, FMB is cheaper at 0.50% per year. On volatility, HYLS has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYLS has performed better with a 4.19% return vs 2.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMB is cheaper with a 0.50% expense ratio, compared with 1.01% for HYLS.
HYLS has the higher dividend yield at 6.79%, compared with 3.62% for FMB.
HYLS is categorized as High Yield Bonds, while FMB is Municipal Bonds. Their fees differ too: 1.01% for HYLS and 0.50% for FMB.
FMB currently has the higher Sharpe Ratio (1.94 vs 1.14), 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.
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