MFLX vs. FTNJ
MFLX (First Trust Flexible Municipal High Income ETF) and FTNJ (Franklin New Jersey Municipal Income ETF) are both Municipal Bonds funds. MFLX is actively managed, while FTNJ is passively managed. A 0.55 correlation means they provide meaningful diversification when combined. MFLX charges 0.88%/yr vs 0.35%/yr for FTNJ.
Performance
MFLX vs. FTNJ - Performance Comparison
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Returns By Period
In the year-to-date period, MFLX achieves a 3.33% return, which is significantly higher than FTNJ's 1.80% return.
MFLX
- 1D
- -0.06%
- 1M
- 1.21%
- YTD
- 3.33%
- 6M
- 3.84%
- 1Y
- 9.22%
- 3Y*
- 5.48%
- 5Y*
- -0.03%
- 10Y*
- —
FTNJ
- 1D
- -0.06%
- 1M
- 0.63%
- YTD
- 1.80%
- 6M
- 2.23%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MFLX vs. FTNJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 3.33% | 0.12% |
FTNJ Franklin New Jersey Municipal Income ETF | 1.80% | 0.34% |
Correlation
The correlation between MFLX and FTNJ is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 11, 2025 | 0.55 |
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Return for Risk
MFLX vs. FTNJ — Risk / Return Rank
MFLX
FTNJ
MFLX vs. FTNJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and Franklin New Jersey Municipal Income ETF (FTNJ). 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 | FTNJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.49 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | — | — |
| Martin ratioReturn relative to average drawdown | 11.95 | — | — |
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 | FTNJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 1.17 | -0.98 |
Drawdowns
MFLX vs. FTNJ - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, which is greater than FTNJ's maximum drawdown of -2.72%. Use the drawdown chart below to compare losses from any high point for MFLX and FTNJ.
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Drawdown Indicators
| MFLX | FTNJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -2.72% | -24.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | — | — |
Current DrawdownCurrent decline from peak | -3.78% | -0.20% | -3.58% |
Average DrawdownAverage peak-to-trough decline | -8.17% | -0.61% | -7.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | — | — |
Volatility
MFLX vs. FTNJ - Volatility Comparison
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Volatility by Period
| MFLX | FTNJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 3.35% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.36% | 3.35% | +7.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.29% | 3.35% | +7.94% |
MFLX vs. FTNJ - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than FTNJ's 0.35% expense ratio.
Dividends
MFLX vs. FTNJ - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.08%, more than FTNJ's 1.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FTNJ Franklin New Jersey Municipal Income ETF | 1.98% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
MFLX and FTNJ have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FTNJ is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FTNJ is cheaper with a 0.35% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.08%, compared with 1.98% for FTNJ.
They also come from different issuers: First Trust and Franklin Templeton. Their fees differ too: 0.88% for MFLX and 0.35% for FTNJ.
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