MFLX vs. CA
Compare and contrast key facts about First Trust Flexible Municipal High Income ETF (MFLX) and Xtrackers California Municipal Bond ETF (CA).
MFLX and CA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MFLX is an actively managed fund by First Trust. It was launched on Sep 27, 2016. CA is a passively managed fund by Xtrackers that tracks the performance of the ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross. It was launched on Dec 13, 2023.
Performance
MFLX vs. CA - Performance Comparison
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MFLX vs. CA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | -0.25% | 3.94% | 3.74% | 2.40% |
CA Xtrackers California Municipal Bond ETF | -0.08% | 3.05% | 1.51% | 0.79% |
Returns By Period
In the year-to-date period, MFLX achieves a -0.25% return, which is significantly lower than CA's -0.08% return.
MFLX
- 1D
- -0.00%
- 1M
- -3.00%
- YTD
- -0.25%
- 6M
- 1.18%
- 1Y
- 3.35%
- 3Y*
- 4.46%
- 5Y*
- 0.01%
- 10Y*
- —
CA
- 1D
- 0.38%
- 1M
- -2.00%
- YTD
- -0.08%
- 6M
- 1.22%
- 1Y
- 3.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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MFLX vs. CA - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than CA's 0.07% expense ratio.
Return for Risk
MFLX vs. CA — Risk / Return Rank
MFLX
CA
MFLX vs. CA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and Xtrackers California Municipal Bond ETF (CA). 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.
| MFLX | CA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.38 | 0.89 | -0.50 |
Sortino ratioReturn per unit of downside risk | 0.58 | 1.17 | -0.59 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.21 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 0.56 | 1.17 | -0.61 |
Martin ratioReturn relative to average drawdown | 1.69 | 3.35 | -1.66 |
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
| MFLX | CA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.38 | 0.89 | -0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.57 | -0.41 |
Correlation
The correlation between MFLX and CA is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
MFLX vs. CA - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.16%, more than CA's 3.20% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 4.16% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% |
CA Xtrackers California Municipal Bond ETF | 3.20% | 3.14% | 3.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
MFLX vs. CA - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, which is greater than CA's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for MFLX and CA.
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Drawdown Indicators
| MFLX | CA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -5.24% | -21.52% |
Max Drawdown (1Y)Largest decline over 1 year | -6.64% | -3.67% | -2.97% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | — | — |
Current DrawdownCurrent decline from peak | -7.12% | -2.00% | -5.12% |
Average DrawdownAverage peak-to-trough decline | -8.23% | -1.30% | -6.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 1.28% | +0.92% |
Volatility
MFLX vs. CA - Volatility Comparison
First Trust Flexible Municipal High Income ETF (MFLX) has a higher volatility of 1.77% compared to Xtrackers California Municipal Bond ETF (CA) at 1.31%. This indicates that MFLX's price experiences larger fluctuations and is considered to be riskier than CA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFLX | CA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.77% | 1.31% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.40% | 1.78% | +0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.77% | 4.40% | +4.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.36% | 4.09% | +6.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.38% | 4.09% | +7.29% |