MFLX vs. IYE
MFLX (First Trust Flexible Municipal High Income ETF) and IYE (iShares U.S. Energy ETF) are both exchange-traded funds - MFLX is a Municipal Bonds fund actively managed by First Trust, while IYE is a Energy Equities fund tracking the Dow Jones U.S. Oil & Gas Index. MFLX is actively managed, while IYE is passively managed. Over the past 5 years, MFLX returned -0.97%/yr vs 22.60%/yr for IYE. Their -0.00 correlation means they have often moved in opposite directions in the past. MFLX charges 0.88%/yr vs 0.42%/yr for IYE.
Performance
MFLX vs. IYE - Performance Comparison
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Returns By Period
In the year-to-date period, MFLX achieves a 2.04% return, which is significantly lower than IYE's 32.77% return.
MFLX
- 1D
- 0.06%
- 1M
- -2.41%
- 6M
- 1.15%
- YTD
- 2.04%
- 1Y
- 7.53%
- 3Y*
- 5.44%
- 5Y*
- -0.97%
- 10Y*
- —
- ALL TIME*
- 1.98%
IYE
- 1D
- -1.06%
- 1M
- 10.08%
- 6M
- 19.11%
- YTD
- 32.77%
- 1Y
- 40.61%
- 3Y*
- 13.86%
- 5Y*
- 22.60%
- 10Y*
- 8.93%
- ALL TIME*
- 7.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.96M | $47.76M | $75.34M | |
| $151.38K | $128.71K | $117.14K |
MFLX vs. IYE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 2.04% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | 5.57% |
IYE iShares U.S. Energy ETF | 32.77% | 7.33% | 6.06% | -2.21% | 60.21% | 53.42% | -33.49% | 10.03% | -19.37% | -1.80% |
Correlation
The correlation between MFLX and IYE is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | -0.00 |
Over the past year, the inverse relationship between MFLX and IYE has strengthened: their correlation has moved from -0.00 to -0.25, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
MFLX vs. IYE — Risk / Return Rank
MFLX
IYE
MFLX vs. IYE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and iShares U.S. Energy ETF (IYE). 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 | IYE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.32 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 2.81 | -0.38 |
| Martin ratioReturn relative to average drawdown | 9.13 | 7.43 | +1.70 |
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Drawdowns
MFLX vs. IYE - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, smaller than the maximum IYE drawdown of -73.74%. Use the drawdown chart below to compare losses from any high point for MFLX and IYE.
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Drawdown Indicators
| MFLX | IYE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -73.74% | +46.98% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -14.54% | +11.43% |
Max Drawdown (3Y)Largest decline over 3 years | -7.36% | -20.37% | +13.01% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -25.61% | -0.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -68.59% | — |
Current DrawdownCurrent decline from peak | -4.98% | -5.15% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -19.30% | +11.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 5.48% | -4.65% |
Volatility
MFLX vs. IYE - Volatility Comparison
The current volatility for First Trust Flexible Municipal High Income ETF (MFLX) is 1.06%, while iShares U.S. Energy ETF (IYE) has a volatility of 5.93%. This indicates that MFLX experiences smaller price fluctuations and is considered to be less risky than IYE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFLX | IYE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 5.93% | -4.87% |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | 16.35% | -13.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 20.49% | -16.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.34% | 25.44% | -15.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.21% | 29.49% | -18.28% |
MFLX vs. IYE - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than IYE's 0.42% expense ratio.
Dividends
MFLX vs. IYE - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.20%, more than IYE's 2.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYE iShares U.S. Energy ETF | 2.14% | 2.85% | 2.75% | 2.99% | 3.37% | 2.98% | 4.75% | 6.60% | 3.16% | 2.66% | 2.11% | 3.39% |
MFLX First Trust Flexible Municipal High Income ETF | 4.20% | 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 IYE have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYE has higher volatility (5.93%) compared to MFLX (1.06%). In terms of maximum drawdown, MFLX dropped -26.76% vs IYE's -73.74%.
On 5-year performance, IYE leads with 22.60% vs -0.97% for MFLX. On fees, IYE is cheaper at 0.42% per year. On volatility, MFLX has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IYE has performed better with a 22.60% return vs -0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYE is cheaper with a 0.42% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.20%, compared with 2.14% for IYE.
MFLX is categorized as Municipal Bonds, while IYE is Energy Equities. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.88% for MFLX and 0.42% for IYE.
IYE currently has the higher Sharpe Ratio (2.00 vs 1.86), 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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