MFLX vs. ITM
MFLX (First Trust Flexible Municipal High Income ETF) and ITM (VanEck Intermediate Muni ETF) are both Municipal Bonds funds. MFLX is actively managed, while ITM is passively managed. Over the past 5 years, MFLX returned -0.03%/yr vs 0.44%/yr for ITM. At a 0.35 correlation, their price movements are largely independent. MFLX charges 0.88%/yr vs 0.24%/yr for ITM.
Performance
MFLX vs. ITM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MFLX achieves a 3.33% return, which is significantly higher than ITM's 0.61% return.
MFLX
- 1D
- -0.06%
- 1M
- 1.21%
- YTD
- 3.33%
- 6M
- 3.84%
- 1Y
- 9.22%
- 3Y*
- 5.48%
- 5Y*
- -0.03%
- 10Y*
- —
ITM
- 1D
- -0.09%
- 1M
- 0.79%
- YTD
- 0.61%
- 6M
- 1.22%
- 1Y
- 7.29%
- 3Y*
- 3.70%
- 5Y*
- 0.44%
- 10Y*
- 1.95%
MFLX vs. ITM - 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% |
ITM VanEck Intermediate Muni ETF | 0.61% | 5.34% | 0.73% | 5.69% | -9.33% | 0.21% | 5.87% | 8.46% | 0.96% | 6.13% |
Correlation
The correlation between MFLX and ITM is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2016 | 0.35 |
Over the past year, MFLX and ITM have become more correlated (0.58) than their long-term average of 0.35, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MFLX vs. ITM — Risk / Return Rank
MFLX
ITM
MFLX vs. ITM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and VanEck Intermediate Muni ETF (ITM). 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 | ITM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.55 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 2.13 | +0.84 |
| Martin ratioReturn relative to average drawdown | 11.95 | 6.84 | +5.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MFLX | ITM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | 2.58 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.10 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.44 | -0.25 |
Drawdowns
MFLX vs. ITM - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, which is greater than ITM's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for MFLX and ITM.
Loading charts...
Drawdown Indicators
| MFLX | ITM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -24.75% | -2.01% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -3.43% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | -5.68% | -2.50% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -15.11% | -10.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.75% | — |
Current DrawdownCurrent decline from peak | -3.78% | -1.33% | -2.45% |
Average DrawdownAverage peak-to-trough decline | -8.17% | -2.98% | -5.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 1.07% | -0.30% |
Volatility
MFLX vs. ITM - Volatility Comparison
First Trust Flexible Municipal High Income ETF (MFLX) has a higher volatility of 1.41% compared to VanEck Intermediate Muni ETF (ITM) at 1.01%. This indicates that MFLX's price experiences larger fluctuations and is considered to be riskier than ITM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MFLX | ITM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 1.01% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 2.18% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 2.84% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.36% | 4.31% | +6.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.29% | 7.10% | +4.19% |
MFLX vs. ITM - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than ITM's 0.24% expense ratio.
Dividends
MFLX vs. ITM - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.08%, more than ITM's 2.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 2.93% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
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
MFLX and ITM have a correlation of 0.58, 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 ITM (1.01%). In terms of maximum drawdown, MFLX dropped -26.76% vs ITM's -24.75%.
On 5-year performance, ITM leads with 0.44% vs -0.03% for MFLX. On fees, ITM is cheaper at 0.24% per year. On volatility, ITM has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ITM has performed better with a 0.44% return vs -0.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITM is cheaper with a 0.24% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.08%, compared with 2.93% for ITM.
They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.88% for MFLX and 0.24% for ITM.
ITM currently has the higher Sharpe Ratio (2.58 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.
Find the right allocation for MFLX and ITM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer