MFLX vs. FTXL

Last updated Jun 4, 2026

MFLX (First Trust Flexible Municipal High Income ETF) and FTXL (First Trust Nasdaq Semiconductor ETF) are both exchange-traded funds - MFLX is a Municipal Bonds fund actively managed by First Trust, while FTXL is a Semiconductors fund tracking the Nasdaq U.S. Smart Semiconductor Index. MFLX is actively managed, while FTXL is passively managed. Over the past 5 years, MFLX returned -0.03%/yr vs 34.63%/yr for FTXL. At a 0.08 correlation, their price movements are largely independent. MFLX charges 0.88%/yr vs 0.60%/yr for FTXL.

Performance

MFLX vs. FTXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Flexible Municipal High Income ETF (MFLX) and First Trust Nasdaq Semiconductor ETF (FTXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFLX achieves a 3.33% return, which is significantly lower than FTXL's 115.70% return.

MFLX

• 1D: -0.06%
• 1M: 1.21%
• YTD: 3.33%
• 6M: 3.84%
• 1Y: 9.22%
• 3Y*: 5.48%
• 5Y*: -0.03%
• 10Y*: —

FTXL

• 1D: 2.21%
• 1M: 30.59%
• YTD: 115.70%
• 6M: 113.17%
• 1Y: 225.15%
• 3Y*: 61.52%
• 5Y*: 34.63%
• 10Y*: —

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

MFLX vs. FTXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFLX First Trust Flexible Municipal High Income ETF	3.33%	3.94%	3.74%	8.98%	-19.94%	8.43%	7.19%	16.89%	-4.66%	5.57%
FTXL First Trust Nasdaq Semiconductor ETF	115.70%	48.94%	7.59%	54.41%	-33.88%	36.04%	46.08%	61.77%	-14.47%	32.19%

Correlation

The correlation between MFLX and FTXL is 0.10, 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	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Sep 30, 2016	0.08

MFLX vs. FTXL - Sectors Allocation Comparison

Sectors	MFLX	FTXL
Financial Services	15.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	0.5%
Real Estate	-	-
Technology	-	99.5%
Utilities	-	-

Return for Risk

MFLX vs. FTXL — Risk / Return Rank

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

MFLX

MFLX Risk / Return Rank: 71
MFLX Sharpe Ratio Rank: 69
MFLX Sortino Ratio Rank: 78
MFLX Omega Ratio Rank: 82
MFLX Calmar Ratio Rank: 60
MFLX Martin Ratio Rank: 66

FTXL

FTXL Risk / Return Rank: 97
FTXL Sharpe Ratio Rank: 98
FTXL Sortino Ratio Rank: 96
FTXL Omega Ratio Rank: 96
FTXL Calmar Ratio Rank: 98
FTXL Martin Ratio Rank: 98

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.

MFLX vs. FTXL - 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 Nasdaq Semiconductor ETF (FTXL). 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	FTXL	Difference
Sharpe ratio: Return per unit of total volatility	2.27	6.33	-4.06
Sortino ratio: Return per unit of downside risk	3.47	5.74	-2.28
Omega ratio: Gain probability vs. loss probability	1.49	1.78	-0.29
Calmar ratio: Return relative to maximum drawdown	2.97	15.62	-12.65
Martin ratio: Return relative to average drawdown	11.95	58.28	-46.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFLX vs. FTXL - Sharpe Ratio Comparison

The current MFLX Sharpe Ratio is 2.27, which is lower than the FTXL Sharpe Ratio of 6.33. The chart below compares the historical Sharpe Ratios of MFLX and FTXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MFLX	FTXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	6.33	-4.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	0.97	-0.97
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.94	-0.74

Drawdowns

MFLX vs. FTXL - Drawdown Comparison

The maximum MFLX drawdown since its inception was -26.76%, smaller than the maximum FTXL drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for MFLX and FTXL.

Drawdown Indicators

	MFLX	FTXL	Difference
Max Drawdown Largest peak-to-trough decline	-26.76%	-43.87%	+17.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-14.51%	+11.40%
Max Drawdown (3Y) Largest decline over 3 years	-8.18%	-41.57%	+33.39%
Max Drawdown (5Y) Largest decline over 5 years	-25.88%	-43.87%	+17.99%
Current Drawdown Current decline from peak	-3.78%	0.00%	-3.78%
Average Drawdown Average peak-to-trough decline	-8.17%	-10.56%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	3.88%	-3.11%

Volatility

MFLX vs. FTXL - Volatility Comparison

The current volatility for First Trust Flexible Municipal High Income ETF (MFLX) is 1.41%, while First Trust Nasdaq Semiconductor ETF (FTXL) has a volatility of 14.28%. This indicates that MFLX experiences smaller price fluctuations and is considered to be less risky than FTXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFLX	FTXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	14.28%	-12.87%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	28.98%	-26.00%
Volatility (1Y) Calculated over the trailing 1-year period	4.08%	35.94%	-31.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.36%	36.02%	-25.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.29%	34.25%	-22.96%

MFLX vs. FTXL - Expense Ratio Comparison

MFLX has a 0.88% expense ratio, which is higher than FTXL's 0.60% expense ratio.

Dividends

MFLX vs. FTXL - Dividend Comparison

MFLX's dividend yield for the trailing twelve months is around 4.08%, more than FTXL's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FTXL First Trust Nasdaq Semiconductor ETF	0.12%	0.28%	0.54%	0.60%	0.89%	0.25%	0.48%	0.92%	0.71%	0.47%	0.12%
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

Can I hold both MFLX and FTXL in my portfolio?

MFLX and FTXL have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFLX or FTXL?

FTXL has higher volatility (14.28%) compared to MFLX (1.41%). In terms of maximum drawdown, MFLX dropped -26.76% vs FTXL's -43.87%.

Which ETF is better, MFLX or FTXL?

On 5-year performance, FTXL leads with 34.63% vs -0.03% for MFLX. On fees, FTXL is cheaper at 0.60% per year. On volatility, MFLX has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFLX or FTXL?

Over the 5-year period, FTXL has performed better with a 34.63% return vs -0.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFLX or FTXL?

FTXL is cheaper with a 0.60% expense ratio, compared with 0.88% for MFLX.

Which ETF pays a higher dividend yield, MFLX or FTXL?

MFLX has the higher dividend yield at 4.08%, compared with 0.12% for FTXL.

What is the main difference between MFLX and FTXL?

MFLX is categorized as Municipal Bonds, while FTXL is Semiconductors. Their fees differ too: 0.88% for MFLX and 0.60% for FTXL.

Which has better risk-adjusted returns?

FTXL currently has the higher Sharpe Ratio (6.33 vs 2.27), 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.