MFLX vs. FUMB
MFLX (First Trust Flexible Municipal High Income ETF) and FUMB (First Trust Ultra Short Duration Municipal ETF) are both Municipal Bonds funds from First Trust. Both are actively managed. Over the past 5 years, MFLX returned -0.03%/yr vs 1.96%/yr for FUMB. At a 0.14 correlation, their price movements are largely independent. MFLX charges 0.88%/yr vs 0.45%/yr for FUMB.
Performance
MFLX vs. FUMB - 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 FUMB's 1.07% return.
MFLX
- 1D
- -0.06%
- 1M
- 1.21%
- YTD
- 3.33%
- 6M
- 3.84%
- 1Y
- 9.22%
- 3Y*
- 5.48%
- 5Y*
- -0.03%
- 10Y*
- —
FUMB
- 1D
- -0.03%
- 1M
- 0.15%
- YTD
- 1.07%
- 6M
- 1.30%
- 1Y
- 2.55%
- 3Y*
- 2.98%
- 5Y*
- 1.96%
- 10Y*
- —
MFLX vs. FUMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 3.33% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | 1.68% |
FUMB First Trust Ultra Short Duration Municipal ETF | 1.07% | 2.78% | 3.05% | 2.84% | -0.03% | 0.38% | 1.25% | 1.76% | 0.30% |
Correlation
The correlation between MFLX and FUMB is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018 | 0.14 |
Over the past year, MFLX and FUMB have become more correlated (0.36) than their long-term average of 0.14, meaning their price movements have been converging.
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Return for Risk
MFLX vs. FUMB — Risk / Return Rank
MFLX
FUMB
MFLX vs. FUMB - 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 Ultra Short Duration Municipal ETF (FUMB). 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 | FUMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.76 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 11.70 | -8.73 |
| Martin ratioReturn relative to average drawdown | 11.95 | 44.37 | -32.42 |
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 | FUMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | 3.38 | -1.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 1.70 | -1.70 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 1.00 | -0.81 |
Drawdowns
MFLX vs. FUMB - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, which is greater than FUMB's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for MFLX and FUMB.
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Drawdown Indicators
| MFLX | FUMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -2.68% | -24.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -0.22% | -2.89% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | -0.60% | -7.58% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -1.25% | -24.63% |
Current DrawdownCurrent decline from peak | -3.78% | -0.03% | -3.75% |
Average DrawdownAverage peak-to-trough decline | -8.17% | -0.19% | -7.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.06% | +0.71% |
Volatility
MFLX vs. FUMB - Volatility Comparison
First Trust Flexible Municipal High Income ETF (MFLX) has a higher volatility of 1.41% compared to First Trust Ultra Short Duration Municipal ETF (FUMB) at 0.20%. This indicates that MFLX's price experiences larger fluctuations and is considered to be riskier than FUMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFLX | FUMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 0.20% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 0.53% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 0.76% | +3.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.36% | 1.16% | +9.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.29% | 1.77% | +9.52% |
MFLX vs. FUMB - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than FUMB's 0.45% expense ratio.
Dividends
MFLX vs. FUMB - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.08%, more than FUMB's 2.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FUMB First Trust Ultra Short Duration Municipal ETF | 2.80% | 2.90% | 2.86% | 2.24% | 1.02% | 0.43% | 0.94% | 1.74% | 0.15% | 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 FUMB have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFLX has higher volatility (1.41%) compared to FUMB (0.20%). In terms of maximum drawdown, MFLX dropped -26.76% vs FUMB's -2.68%.
On 5-year performance, FUMB leads with 1.96% vs -0.03% for MFLX. On fees, FUMB is cheaper at 0.45% per year. On volatility, FUMB has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FUMB has performed better with a 1.96% return vs -0.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FUMB is cheaper with a 0.45% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.08%, compared with 2.80% for FUMB.
Their fees differ too: 0.88% for MFLX and 0.45% for FUMB.
FUMB currently has the higher Sharpe Ratio (3.38 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.
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