ITM vs. FMHI

Last updated Jun 25, 2026

ITM (VanEck Intermediate Muni ETF) and FMHI (First Trust Municipal High Income ETF) are both Municipal Bonds funds. ITM is passively managed, while FMHI is actively managed. Over the past 5 years, ITM returned 0.53%/yr vs 0.87%/yr for FMHI. A 0.62 correlation means they provide meaningful diversification when combined. ITM charges 0.24%/yr vs 0.55%/yr for FMHI.

Performance

ITM vs. FMHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Intermediate Muni ETF (ITM) 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, ITM achieves a 0.86% return, which is significantly lower than FMHI's 3.18% return.

ITM

• 1D: 0.06%
• 1M: 1.33%
• YTD: 0.86%
• 6M: 0.73%
• 1Y: 6.78%
• 3Y*: 3.44%
• 5Y*: 0.53%
• 10Y*: 1.81%

FMHI

• 1D: 0.26%
• 1M: 1.88%
• YTD: 3.18%
• 6M: 3.36%
• 1Y: 8.32%
• 3Y*: 5.13%
• 5Y*: 0.87%
• 10Y*: —

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

ITM vs. FMHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITM VanEck Intermediate Muni ETF	0.86%	5.34%	0.73%	5.69%	-9.33%	0.21%	5.87%	8.46%	0.96%	0.25%
FMHI First Trust Municipal High Income ETF	3.18%	3.54%	5.41%	7.20%	-14.67%	7.58%	4.09%	10.34%	2.50%	1.36%

Correlation

The correlation between ITM and FMHI is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 3, 2017	0.62

The correlation between ITM and FMHI shifts across timeframes, from 0.62 (all time) to 0.77 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ITM vs. FMHI — Risk / Return Rank

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

ITM

ITM Risk / Return Rank: 70
ITM Sharpe Ratio Rank: 85
ITM Sortino Ratio Rank: 87
ITM Omega Ratio Rank: 90
ITM Calmar Ratio Rank: 44
ITM Martin Ratio Rank: 42

FMHI

FMHI Risk / Return Rank: 87
FMHI Sharpe Ratio Rank: 91
FMHI Sortino Ratio Rank: 94
FMHI Omega Ratio Rank: 94
FMHI Calmar Ratio Rank: 78
FMHI Martin Ratio Rank: 78

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.

ITM vs. FMHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) 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.

	ITM	FMHI	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.72	-0.31
Sortino ratio: Return per unit of downside risk	3.49	4.25	-0.76
Omega ratio: Gain probability vs. loss probability	1.51	1.61	-0.10
Calmar ratio: Return relative to maximum drawdown	1.99	3.56	-1.58
Martin ratio: Return relative to average drawdown	6.10	13.40	-7.30

ITM vs. FMHI - Sharpe Ratio Comparison

The current ITM Sharpe Ratio is 2.41, which is comparable to the FMHI Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of ITM 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

ITM vs. FMHI - Drawdown Comparison

The maximum ITM drawdown since its inception was -24.75%, which is greater than FMHI's maximum drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for ITM and FMHI.

Drawdown Indicators

	ITM	FMHI	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-18.83%	-5.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-2.35%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	-6.17%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-15.11%	-18.83%	+3.72%
Max Drawdown (10Y) Largest decline over 10 years	-24.75%	—	—
Current Drawdown Current decline from peak	-1.07%	0.00%	-1.07%
Average Drawdown Average peak-to-trough decline	-2.97%	-4.49%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	0.62%	+0.49%

Volatility

ITM vs. FMHI - Volatility Comparison

The current volatility for VanEck Intermediate Muni ETF (ITM) is 0.76%, while First Trust Municipal High Income ETF (FMHI) has a volatility of 0.80%. This indicates that ITM experiences smaller price fluctuations and is considered to be less risky than FMHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITM	FMHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.80%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	2.17%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.83%	3.07%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.30%	4.77%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.09%	5.71%	+1.38%

ITM vs. FMHI - Expense Ratio Comparison

ITM has a 0.24% expense ratio, which is lower than FMHI's 0.55% expense ratio.

Dividends

ITM vs. FMHI - Dividend Comparison

ITM's dividend yield for the trailing twelve months is around 2.92%, less than FMHI's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMHI First Trust Municipal High Income ETF	4.22%	4.16%	4.01%	3.89%	3.57%	2.87%	3.13%	3.33%	3.46%	0.30%	0.00%	0.00%
ITM VanEck Intermediate Muni ETF	2.92%	2.86%	2.73%	2.40%	1.92%	1.70%	2.13%	2.44%	2.33%	2.21%	2.29%	2.28%

Frequently Asked Questions

Can I hold both ITM and FMHI in my portfolio?

ITM and FMHI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITM or FMHI?

FMHI has higher volatility (0.80%) compared to ITM (0.76%). In terms of maximum drawdown, ITM dropped -24.75% vs FMHI's -18.83%.

Which ETF is better, ITM or FMHI?

On 5-year performance, FMHI leads with 0.87% vs 0.53% for ITM. On fees, ITM is cheaper at 0.24% 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, ITM or FMHI?

Over the 5-year period, FMHI has performed better with a 0.87% return vs 0.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITM or FMHI?

ITM is cheaper with a 0.24% expense ratio, compared with 0.55% for FMHI.

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

FMHI has the higher dividend yield at 4.22%, compared with 2.92% for ITM.

What is the main difference between ITM and FMHI?

They also come from different issuers: VanEck and First Trust. Their fees differ too: 0.24% for ITM and 0.55% for FMHI.

Which has better risk-adjusted returns?

FMHI currently has the higher Sharpe Ratio (2.72 vs 2.41), 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.