MFLX vs. FMB
MFLX (First Trust Flexible Municipal High Income ETF) and FMB (First Trust Managed Municipal ETF) are both Municipal Bonds funds from First Trust. Both are actively managed. Over the past 5 years, MFLX returned -0.06%/yr vs 0.72%/yr for FMB. At a 0.34 correlation, their price movements are largely independent. MFLX charges 0.88%/yr vs 0.50%/yr for FMB.
Performance
MFLX vs. FMB - Performance Comparison
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Returns By Period
In the year-to-date period, MFLX achieves a 3.15% return, which is significantly higher than FMB's 1.76% return.
MFLX
- 1D
- -0.23%
- 1M
- 0.53%
- YTD
- 3.15%
- 6M
- 3.63%
- 1Y
- 8.70%
- 3Y*
- 5.61%
- 5Y*
- -0.06%
- 10Y*
- —
FMB
- 1D
- -0.10%
- 1M
- 0.43%
- YTD
- 1.76%
- 6M
- 2.21%
- 1Y
- 6.87%
- 3Y*
- 3.84%
- 5Y*
- 0.72%
- 10Y*
- 2.30%
MFLX vs. FMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 3.15% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | 5.57% |
FMB First Trust Managed Municipal ETF | 1.76% | 3.73% | 1.94% | 6.31% | -9.91% | 2.43% | 4.44% | 8.25% | 0.89% | 7.22% |
Correlation
The correlation between MFLX and FMB is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2016 | 0.34 |
Over the past year, MFLX and FMB have become more correlated (0.60) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
MFLX vs. FMB — Risk / Return Rank
MFLX
FMB
MFLX vs. FMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) 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.
| MFLX | FMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.57 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.53 | +0.28 |
| Martin ratioReturn relative to average drawdown | 11.28 | 9.07 | +2.22 |
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 | FMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.14 | 2.60 | -0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 0.20 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.51 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.67 | -0.48 |
Drawdowns
MFLX vs. FMB - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, which is greater than FMB's maximum drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for MFLX and FMB.
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Drawdown Indicators
| MFLX | FMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -14.16% | -12.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.73% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | -4.76% | -3.42% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -14.16% | -11.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.16% | — |
Current DrawdownCurrent decline from peak | -3.95% | -0.51% | -3.44% |
Average DrawdownAverage peak-to-trough decline | -8.17% | -2.61% | -5.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.76% | +0.01% |
Volatility
MFLX vs. FMB - Volatility Comparison
First Trust Flexible Municipal High Income ETF (MFLX) has a higher volatility of 1.36% compared to First Trust Managed Municipal ETF (FMB) at 0.88%. This indicates that MFLX's price experiences larger fluctuations and is considered to be riskier 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
| MFLX | FMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 0.88% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 1.91% | +1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 2.65% | +1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.35% | 3.71% | +6.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.29% | 4.55% | +6.74% |
MFLX vs. FMB - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than FMB's 0.50% expense ratio.
Dividends
MFLX vs. FMB - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.08%, more than FMB's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMB First Trust Managed Municipal ETF | 3.50% | 3.37% | 3.22% | 2.98% | 2.47% | 1.96% | 2.19% | 2.47% | 2.58% | 2.49% | 2.93% | 3.07% |
MFLX First Trust Flexible Municipal High Income ETF | 4.08% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% | 0.00% |
Frequently Asked Questions
MFLX and FMB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFLX has higher volatility (1.36%) compared to FMB (0.88%). In terms of maximum drawdown, MFLX dropped -26.76% vs FMB's -14.16%.
On 5-year performance, FMB leads with 0.72% vs -0.06% for MFLX. On fees, FMB is cheaper at 0.50% per year. On volatility, FMB has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FMB has performed better with a 0.72% return vs -0.06%. 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 0.88% for MFLX.
MFLX has the higher dividend yield at 4.08%, compared with 3.50% for FMB.
Their fees differ too: 0.88% for MFLX and 0.50% for FMB.
FMB currently has the higher Sharpe Ratio (2.60 vs 2.14), 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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