MFLX vs. HYMB

Last updated Jun 4, 2026

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 -0.03%/yr vs 0.42%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Flexible Municipal High Income ETF (MFLX) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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 higher than HYMB's 2.87% return.

MFLX

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

HYMB

• 1D: -0.04%
• 1M: 1.19%
• YTD: 2.87%
• 6M: 3.18%
• 1Y: 7.43%
• 3Y*: 5.09%
• 5Y*: 0.42%
• 10Y*: 2.46%

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

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	3.33%	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	2.87%	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 30, 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.

MFLX vs. HYMB - Sectors Allocation Comparison

Sectors	MFLX	HYMB
Financial Services	15.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	100.0%

Return for Risk

MFLX vs. HYMB — 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

HYMB

HYMB Risk / Return Rank: 53
HYMB Sharpe Ratio Rank: 53
HYMB Sortino Ratio Rank: 54
HYMB Omega Ratio Rank: 60
HYMB Calmar Ratio Rank: 48
HYMB Martin Ratio Rank: 49

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. 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.

	MFLX	HYMB	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.84	+0.43
Sortino ratio: Return per unit of downside risk	3.47	2.63	+0.83
Omega ratio: Gain probability vs. loss probability	1.49	1.37	+0.12
Calmar ratio: Return relative to maximum drawdown	2.97	2.40	+0.57
Martin ratio: Return relative to average drawdown	11.95	8.51	+3.44
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. HYMB - Sharpe Ratio Comparison

The current MFLX Sharpe Ratio is 2.27, which is comparable to the HYMB Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of MFLX and HYMB, 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	HYMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	1.84	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	0.06	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.45	-0.26

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.

Drawdown Indicators

	MFLX	HYMB	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-3.78%	-0.04%	-3.74%
Average Drawdown Average peak-to-trough decline	-8.17%	-3.81%	-4.36%
Ulcer Index Depth 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) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) have volatilities of 1.41% and 1.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFLX	HYMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	1.35%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	3.14%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	4.08%	4.05%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.36%	6.66%	+3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.29%	11.36%	-0.07%

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 4.08%, less than HYMB's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	4.54%	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	4.08%	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

Can I hold both MFLX and HYMB in my portfolio?

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.

Which is riskier, MFLX or HYMB?

MFLX has higher volatility (1.41%) compared to HYMB (1.35%). In terms of maximum drawdown, MFLX dropped -26.76% vs HYMB's -29.57%.

Which ETF is better, MFLX or HYMB?

On 5-year performance, HYMB leads with 0.42% vs -0.03% for MFLX. On fees, HYMB is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFLX or HYMB?

Over the 5-year period, HYMB has performed better with a 0.42% 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 HYMB?

HYMB is cheaper with a 0.35% expense ratio, compared with 0.88% for MFLX.

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

HYMB has the higher dividend yield at 4.54%, compared with 4.08% for MFLX.

What is the main difference between MFLX and HYMB?

They also come from different issuers: First Trust and State Street. Their fees differ too: 0.88% for MFLX and 0.35% for HYMB.

Which has better risk-adjusted returns?

MFLX currently has the higher Sharpe Ratio (2.27 vs 1.84), 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.