MBND vs. MFLX
MBND (SPDR Nuveen Municipal Bond ETF) and MFLX (First Trust Flexible Municipal High Income ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, MBND returned 0.18%/yr vs -0.88%/yr for MFLX. Their 0.40 correlation means their historical movements had little consistent relationship. MBND charges 0.40%/yr vs 0.88%/yr for MFLX.
Performance
MBND vs. MFLX - Performance Comparison
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Returns By Period
In the year-to-date period, MBND achieves a -0.25% return, which is significantly lower than MFLX's 1.98% return.
MBND
- 1D
- -0.16%
- 1M
- -1.70%
- 6M
- -1.05%
- YTD
- -0.25%
- 1Y
- 3.35%
- 3Y*
- 3.02%
- 5Y*
- 0.18%
- 10Y*
- —
- ALL TIME*
- 0.42%
MFLX
- 1D
- -0.12%
- 1M
- -2.47%
- 6M
- 1.03%
- YTD
- 1.98%
- 1Y
- 7.47%
- 3Y*
- 5.09%
- 5Y*
- -0.88%
- 10Y*
- —
- ALL TIME*
- 1.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $354.99K | $234.86K | $188.93K | |
| $144.82K | $125.46K | $116.25K |
MBND vs. MFLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MBND SPDR Nuveen Municipal Bond ETF | -0.25% | 2.90% | 2.75% | 5.62% | -8.61% | 0.49% |
MFLX First Trust Flexible Municipal High Income ETF | 1.98% | 3.94% | 3.74% | 8.98% | -19.94% | 6.94% |
Correlation
The correlation between MBND and MFLX is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021 | 0.40 |
Over the past year, MBND and MFLX have become more correlated (0.63) than their long-term average of 0.40, meaning their price movements have been converging.
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Return for Risk
MBND vs. MFLX — Risk / Return Rank
MBND
MFLX
MBND vs. MFLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ETF (MBND) 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.
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.
| MBND | MFLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.41 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 2.49 | -1.05 |
| Martin ratioReturn relative to average drawdown | 4.37 | 9.54 | -5.17 |
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Drawdowns
MBND vs. MFLX - Drawdown Comparison
The maximum MBND drawdown since its inception was -13.18%, smaller than the maximum MFLX drawdown of -26.76%. Use the drawdown chart below to compare losses from any high point for MBND and MFLX.
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Drawdown Indicators
| MBND | MFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.18% | -26.76% | +13.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -3.11% | +0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -4.57% | -7.36% | +2.79% |
Max Drawdown (5Y)Largest decline over 5 years | -13.18% | -25.88% | +12.70% |
Current DrawdownCurrent decline from peak | -1.97% | -5.04% | +3.07% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -8.09% | +4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.81% | -0.01% |
Volatility
MBND vs. MFLX - Volatility Comparison
The current volatility for SPDR Nuveen Municipal Bond ETF (MBND) is 0.92%, while First Trust Flexible Municipal High Income ETF (MFLX) has a volatility of 1.08%. This indicates that MBND 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
| MBND | MFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 1.08% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 3.24% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.78% | 4.11% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.53% | 10.33% | -6.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 11.21% | -7.79% |
MBND vs. MFLX - Expense Ratio Comparison
MBND has a 0.40% expense ratio, which is lower than MFLX's 0.88% expense ratio.
Dividends
MBND vs. MFLX - Dividend Comparison
MBND's dividend yield for the trailing twelve months is around 3.52%, less than MFLX's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MBND SPDR Nuveen Municipal Bond ETF | 3.22% | 3.43% | 2.72% | 2.53% | 1.61% | 1.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MFLX First Trust Flexible Municipal High Income ETF | 4.20% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% |
Frequently Asked Questions
MBND and MFLX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFLX has higher volatility (1.08%) compared to MBND (0.92%). In terms of maximum drawdown, MBND dropped -13.18% vs MFLX's -26.76%.
On 5-year performance, MBND leads with 0.18% vs -0.88% for MFLX. On fees, MBND is cheaper at 0.40% per year. On volatility, MBND has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MBND has performed better with a 0.18% return vs -0.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MBND is cheaper with a 0.40% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.20%, compared with 3.22% for MBND.
They also come from different issuers: State Street and First Trust. Their fees differ too: 0.40% for MBND and 0.88% for MFLX.
MFLX currently has the higher Sharpe Ratio (1.90 vs 1.27), 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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