LTCN vs. FMNY

Last updated Jun 24, 2026

LTCN (Grayscale Litecoin Trust) and FMNY (First Trust New York High Income Municipal ETF) are both exchange-traded funds - LTCN is a Cryptocurrency fund tracking the CoinDesk Litecoin Price Index, while FMNY is a Municipal Bonds fund actively managed by First Trust. LTCN is passively managed, while FMNY is actively managed. Over the past 5 years, LTCN returned -50.51%/yr vs 0.64%/yr for FMNY. At a 0.01 correlation, their price movements are largely independent. LTCN charges 2.50%/yr vs 0.65%/yr for FMNY.

Performance

LTCN vs. FMNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Litecoin Trust (LTCN) and First Trust New York High Income Municipal ETF (FMNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LTCN achieves a -46.57% return, which is significantly lower than FMNY's 2.11% return.

LTCN

• 1D: -5.87%
• 1M: -20.86%
• YTD: -46.57%
• 6M: -48.46%
• 1Y: -51.64%
• 3Y*: -10.51%
• 5Y*: -50.51%
• 10Y*: —

FMNY

• 1D: 0.02%
• 1M: 1.36%
• YTD: 2.11%
• 6M: 1.98%
• 1Y: 7.29%
• 3Y*: 3.87%
• 5Y*: 0.64%
• 10Y*: —

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

LTCN vs. FMNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
LTCN Grayscale Litecoin Trust	-46.57%	-54.37%	-18.79%	650.00%	-77.17%	-97.67%
FMNY First Trust New York High Income Municipal ETF	2.11%	3.94%	1.74%	6.14%	-10.65%	1.67%

Correlation

The correlation between LTCN and FMNY is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since May 13, 2021	0.01

Return for Risk

LTCN vs. FMNY — Risk / Return Rank

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

LTCN

LTCN Risk / Return Rank: 3
LTCN Sharpe Ratio Rank: 3
LTCN Sortino Ratio Rank: 3
LTCN Omega Ratio Rank: 3
LTCN Calmar Ratio Rank: 3
LTCN Martin Ratio Rank: 4

FMNY

FMNY Risk / Return Rank: 70
FMNY Sharpe Ratio Rank: 76
FMNY Sortino Ratio Rank: 80
FMNY Omega Ratio Rank: 85
FMNY Calmar Ratio Rank: 57
FMNY Martin Ratio Rank: 52

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.

LTCN vs. FMNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Litecoin Trust (LTCN) and First Trust New York High Income Municipal ETF (FMNY). 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.

	LTCN	FMNY	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	2.25	-2.99
Sortino ratio: Return per unit of downside risk	-0.99	3.27	-4.26
Omega ratio: Gain probability vs. loss probability	0.89	1.47	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.72	2.59	-3.31
Martin ratio: Return relative to average drawdown	-1.13	8.28	-9.41

LTCN vs. FMNY - Sharpe Ratio Comparison

The current LTCN Sharpe Ratio is -0.74, which is lower than the FMNY Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of LTCN and FMNY, 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

LTCN vs. FMNY - Drawdown Comparison

The maximum LTCN drawdown since its inception was -99.58%, which is greater than FMNY's maximum drawdown of -15.90%. Use the drawdown chart below to compare losses from any high point for LTCN and FMNY.

Drawdown Indicators

	LTCN	FMNY	Difference
Max Drawdown Largest peak-to-trough decline	-99.58%	-15.90%	-83.68%
Max Drawdown (1Y) Largest decline over 1 year	-71.90%	-2.83%	-69.07%
Max Drawdown (3Y) Largest decline over 3 years	-93.43%	-5.88%	-87.55%
Max Drawdown (5Y) Largest decline over 5 years	-97.71%	-15.90%	-81.81%
Current Drawdown Current decline from peak	-99.38%	-0.48%	-98.90%
Average Drawdown Average peak-to-trough decline	-89.66%	-5.63%	-84.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.80%	0.88%	+44.92%

Volatility

LTCN vs. FMNY - Volatility Comparison

Grayscale Litecoin Trust (LTCN) has a higher volatility of 15.99% compared to First Trust New York High Income Municipal ETF (FMNY) at 0.54%. This indicates that LTCN's price experiences larger fluctuations and is considered to be riskier than FMNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LTCN	FMNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.99%	0.54%	+15.45%
Volatility (6M) Calculated over the trailing 6-month period	41.37%	2.35%	+39.02%
Volatility (1Y) Calculated over the trailing 1-year period	70.10%	3.25%	+66.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.29%	4.00%	+101.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.59%	3.97%	+137.62%

LTCN vs. FMNY - Expense Ratio Comparison

LTCN has a 2.50% expense ratio, which is higher than FMNY's 0.65% expense ratio.

Dividends

LTCN vs. FMNY - Dividend Comparison

LTCN has not paid dividends to shareholders, while FMNY's dividend yield for the trailing twelve months is around 3.67%.

Position	TTM	2025	2024	2023	2022	2021
FMNY First Trust New York High Income Municipal ETF	3.67%	3.64%	3.56%	3.25%	2.34%	0.72%
LTCN Grayscale Litecoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LTCN and FMNY in my portfolio?

LTCN and FMNY have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTCN or FMNY?

LTCN has higher volatility (15.99%) compared to FMNY (0.54%). In terms of maximum drawdown, LTCN dropped -99.58% vs FMNY's -15.90%.

Which ETF is better, LTCN or FMNY?

On 5-year performance, FMNY leads with 0.64% vs -50.51% for LTCN. On fees, FMNY is cheaper at 0.65% per year. On volatility, FMNY has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTCN or FMNY?

Over the 5-year period, FMNY has performed better with a 0.64% return vs -50.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTCN or FMNY?

FMNY is cheaper with a 0.65% expense ratio, compared with 2.50% for LTCN.

Which ETF pays a higher dividend yield, LTCN or FMNY?

FMNY has the higher dividend yield at 3.67%, compared with 0.00% for LTCN.

What is the main difference between LTCN and FMNY?

LTCN is categorized as Cryptocurrency, while FMNY is Municipal Bonds. They also come from different issuers: Grayscale and First Trust. Their fees differ too: 2.50% for LTCN and 0.65% for FMNY.

Which has better risk-adjusted returns?

FMNY currently has the higher Sharpe Ratio (2.25 vs -0.74), 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.