MFLX vs. MMCA

Last updated Jun 24, 2026

MFLX (First Trust Flexible Municipal High Income ETF) and MMCA (IQ MacKay California Municipal Intermediate ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, MFLX returned 5.58%/yr vs 4.09%/yr for MMCA. At a 0.40 correlation, their price movements are largely independent. MFLX charges 0.88%/yr vs 0.36%/yr for MMCA.

Performance

MFLX vs. MMCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Flexible Municipal High Income ETF (MFLX) and IQ MacKay California Municipal Intermediate ETF (MMCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFLX achieves a 3.93% return, which is significantly higher than MMCA's 1.16% return.

MFLX

• 1D: -0.03%
• 1M: 1.97%
• YTD: 3.93%
• 6M: 4.06%
• 1Y: 9.22%
• 3Y*: 5.58%
• 5Y*: -0.12%
• 10Y*: —

MMCA

• 1D: -0.07%
• 1M: 1.24%
• YTD: 1.16%
• 6M: 1.33%
• 1Y: 6.00%
• 3Y*: 4.09%
• 5Y*: —
• 10Y*: —

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

MFLX vs. MMCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MFLX First Trust Flexible Municipal High Income ETF	3.93%	3.94%	3.74%	8.98%	-19.94%	1.14%
MMCA IQ MacKay California Municipal Intermediate ETF	1.16%	5.74%	1.70%	5.77%	-12.15%	-0.13%

Correlation

The correlation between MFLX and MMCA is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 21, 2021	0.40

The correlation between MFLX and MMCA shifts across timeframes, from 0.38 (3 years) to 0.54 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MFLX vs. MMCA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MFLX

MFLX Risk / Return Rank: 77
MFLX Sharpe Ratio Rank: 78
MFLX Sortino Ratio Rank: 85
MFLX Omega Ratio Rank: 88
MFLX Calmar Ratio Rank: 65
MFLX Martin Ratio Rank: 70

MMCA

MMCA Risk / Return Rank: 67
MMCA Sharpe Ratio Rank: 80
MMCA Sortino Ratio Rank: 85
MMCA Omega Ratio Rank: 87
MMCA Calmar Ratio Rank: 43
MMCA Martin Ratio Rank: 41

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. MMCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and IQ MacKay California Municipal Intermediate ETF (MMCA). 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	MMCA	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.37	-0.08
Sortino ratio: Return per unit of downside risk	3.49	3.49	0.00
Omega ratio: Gain probability vs. loss probability	1.50	1.50	0.00
Calmar ratio: Return relative to maximum drawdown	2.97	2.00	+0.97
Martin ratio: Return relative to average drawdown	11.98	6.10	+5.87

MFLX vs. MMCA - Sharpe Ratio Comparison

The current MFLX Sharpe Ratio is 2.28, which is comparable to the MMCA Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of MFLX and MMCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MFLX vs. MMCA - Drawdown Comparison

The maximum MFLX drawdown since its inception was -26.76%, which is greater than MMCA's maximum drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for MFLX and MMCA.

Drawdown Indicators

	MFLX	MMCA	Difference
Max Drawdown Largest peak-to-trough decline	-26.76%	-16.04%	-10.72%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-3.01%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-8.18%	-3.68%	-4.50%
Max Drawdown (5Y) Largest decline over 5 years	-25.88%	—	—
Current Drawdown Current decline from peak	-3.22%	-1.05%	-2.17%
Average Drawdown Average peak-to-trough decline	-8.14%	-7.04%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.99%	-0.22%

Volatility

MFLX vs. MMCA - Volatility Comparison

First Trust Flexible Municipal High Income ETF (MFLX) has a higher volatility of 0.99% compared to IQ MacKay California Municipal Intermediate ETF (MMCA) at 0.71%. This indicates that MFLX's price experiences larger fluctuations and is considered to be riskier than MMCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFLX	MMCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.71%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	1.92%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.07%	2.56%	+1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.35%	3.59%	+6.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.26%	3.59%	+7.67%

MFLX vs. MMCA - Expense Ratio Comparison

MFLX has a 0.88% expense ratio, which is higher than MMCA's 0.36% expense ratio.

Dividends

MFLX vs. MMCA - Dividend Comparison

MFLX's dividend yield for the trailing twelve months is around 4.05%, more than MMCA's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
MMCA IQ MacKay California Municipal Intermediate ETF	3.27%	3.39%	3.66%	3.57%	2.90%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MFLX and MMCA in my portfolio?

MFLX and MMCA have a correlation of 0.54, 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 MMCA?

MFLX has higher volatility (0.99%) compared to MMCA (0.71%). In terms of maximum drawdown, MFLX dropped -26.76% vs MMCA's -16.04%.

Which ETF is better, MFLX or MMCA?

On 3-year performance, MFLX leads with 5.58% vs 4.09% for MMCA. On fees, MMCA is cheaper at 0.36% per year. On volatility, MMCA has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFLX or MMCA?

Over the 3-year period, MFLX has performed better with a 5.58% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFLX or MMCA?

MMCA is cheaper with a 0.36% expense ratio, compared with 0.88% for MFLX.

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

MFLX has the higher dividend yield at 4.05%, compared with 3.27% for MMCA.

What is the main difference between MFLX and MMCA?

They also come from different issuers: First Trust and IndexIQ. Their fees differ too: 0.88% for MFLX and 0.36% for MMCA.

Which has better risk-adjusted returns?

MMCA currently has the higher Sharpe Ratio (2.37 vs 2.28), 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.