MFLX vs. MLN
MFLX (First Trust Flexible Municipal High Income ETF) and MLN (VanEck Long Muni ETF) are both Municipal Bonds funds. MFLX is actively managed, while MLN is passively managed. Over the past 5 years, MFLX returned -0.06%/yr vs -1.07%/yr for MLN. At a 0.34 correlation, their price movements are largely independent. MFLX charges 0.88%/yr vs 0.24%/yr for MLN.
Performance
MFLX vs. MLN - Performance Comparison
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Returns By Period
In the year-to-date period, MFLX achieves a 3.15% return, which is significantly higher than MLN's 1.80% return.
MFLX
- 1D
- -0.23%
- 1M
- 0.53%
- YTD
- 3.15%
- 6M
- 3.63%
- 1Y
- 8.70%
- 3Y*
- 5.61%
- 5Y*
- -0.06%
- 10Y*
- —
MLN
- 1D
- -0.20%
- 1M
- -0.22%
- YTD
- 1.80%
- 6M
- 2.32%
- 1Y
- 8.88%
- 3Y*
- 3.11%
- 5Y*
- -1.07%
- 10Y*
- 1.47%
MFLX vs. MLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 3.15% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | 5.57% |
MLN VanEck Long Muni ETF | 1.80% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
Correlation
The correlation between MFLX and MLN is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2016 | 0.34 |
Over the past year, MFLX and MLN have become more correlated (0.61) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
MFLX vs. MLN — Risk / Return Rank
MFLX
MLN
MFLX vs. MLN - 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 Long Muni ETF (MLN). 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 | MLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.43 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 3.49 | -0.68 |
| Martin ratioReturn relative to average drawdown | 11.28 | 11.46 | -0.18 |
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 | MLN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.14 | 2.01 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | -0.15 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.32 | -0.13 |
Drawdowns
MFLX vs. MLN - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, smaller than the maximum MLN drawdown of -28.36%. Use the drawdown chart below to compare losses from any high point for MFLX and MLN.
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Drawdown Indicators
| MFLX | MLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -28.36% | +1.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.56% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | -9.84% | +1.66% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -24.46% | -1.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.46% | — |
Current DrawdownCurrent decline from peak | -3.95% | -6.69% | +2.74% |
Average DrawdownAverage peak-to-trough decline | -8.17% | -5.73% | -2.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.78% | -0.01% |
Volatility
MFLX vs. MLN - Volatility Comparison
The current volatility for First Trust Flexible Municipal High Income ETF (MFLX) is 1.36%, while VanEck Long Muni ETF (MLN) has a volatility of 1.51%. This indicates that MFLX experiences smaller price fluctuations and is considered to be less risky than MLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFLX | MLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.51% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 3.19% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 4.43% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.35% | 7.31% | +3.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.29% | 8.88% | +2.41% |
MFLX vs. MLN - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than MLN's 0.24% expense ratio.
Dividends
MFLX vs. MLN - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.08%, more than MLN's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MLN VanEck Long Muni ETF | 3.71% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
Frequently Asked Questions
MFLX and MLN have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLN has higher volatility (1.51%) compared to MFLX (1.36%). In terms of maximum drawdown, MFLX dropped -26.76% vs MLN's -28.36%.
On 5-year performance, MFLX leads with -0.06% vs -1.07% for MLN. On fees, MLN is cheaper at 0.24% per year. On volatility, MFLX has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MFLX has performed better with a -0.06% return vs -1.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLN 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 3.71% for MLN.
They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.88% for MFLX and 0.24% for MLN.
MFLX currently has the higher Sharpe Ratio (2.14 vs 2.01), 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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