MFLX vs. HYMB
MFLX (First Trust Flexible Municipal High Income ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds. MFLX is actively managed, while HYMB is passively managed. Over the past 5 years, MFLX returned -0.12%/yr vs 0.44%/yr for HYMB. At a 0.32 correlation, their price movements are largely independent. MFLX charges 0.88%/yr vs 0.35%/yr for HYMB.
Performance
MFLX vs. HYMB - Performance Comparison
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Returns By Period
In the year-to-date period, MFLX achieves a 3.93% return, which is significantly higher than HYMB's 3.44% return.
MFLX
- 1D
- -0.03%
- 1M
- 1.97%
- YTD
- 3.93%
- 6M
- 4.06%
- 1Y
- 9.22%
- 3Y*
- 5.58%
- 5Y*
- -0.12%
- 10Y*
- —
HYMB
- 1D
- 0.00%
- 1M
- 1.79%
- YTD
- 3.44%
- 6M
- 3.40%
- 1Y
- 7.20%
- 3Y*
- 4.88%
- 5Y*
- 0.44%
- 10Y*
- 2.34%
MFLX vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 3.93% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | 5.57% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 3.44% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
Correlation
The correlation between MFLX and HYMB 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 (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.32 |
Over the past year, MFLX and HYMB have become more correlated (0.55) than their long-term average of 0.32, meaning their price movements have been converging.
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Return for Risk
MFLX vs. HYMB — Risk / Return Rank
MFLX
HYMB
MFLX vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MFLX | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.37 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 2.33 | +0.65 |
| Martin ratioReturn relative to average drawdown | 11.98 | 8.25 | +3.73 |
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Drawdowns
MFLX vs. HYMB - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for MFLX and HYMB.
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Drawdown Indicators
| MFLX | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -29.57% | +2.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -3.11% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | -7.44% | -0.74% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -20.15% | -5.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.57% | — |
Current DrawdownCurrent decline from peak | -3.22% | 0.00% | -3.22% |
Average DrawdownAverage peak-to-trough decline | -8.14% | -3.79% | -4.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.88% | -0.11% |
Volatility
MFLX vs. HYMB - Volatility Comparison
First Trust Flexible Municipal High Income ETF (MFLX) has a higher volatility of 0.99% compared to SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) at 0.85%. This indicates that MFLX's price experiences larger fluctuations and is considered to be riskier than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFLX | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 0.85% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 3.18% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.07% | 4.03% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.35% | 6.67% | +3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 11.36% | -0.10% |
MFLX vs. HYMB - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than HYMB's 0.35% expense ratio.
Dividends
MFLX vs. HYMB - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.05%, less than HYMB's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.52% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
MFLX First Trust Flexible Municipal High Income ETF | 4.05% | 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 HYMB 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.
MFLX has higher volatility (0.99%) compared to HYMB (0.85%). In terms of maximum drawdown, MFLX dropped -26.76% vs HYMB's -29.57%.
On 5-year performance, HYMB leads with 0.44% vs -0.12% for MFLX. On fees, HYMB is cheaper at 0.35% per year. On volatility, HYMB has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYMB has performed better with a 0.44% return vs -0.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYMB is cheaper with a 0.35% expense ratio, compared with 0.88% for MFLX.
HYMB has the higher dividend yield at 4.52%, compared with 4.05% for MFLX.
They also come from different issuers: First Trust and State Street. Their fees differ too: 0.88% for MFLX and 0.35% for HYMB.
MFLX currently has the higher Sharpe Ratio (2.28 vs 1.79), 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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