MFLX vs. NFTY
MFLX (First Trust Flexible Municipal High Income ETF) and NFTY (First Trust India NIFTY 50 Equal Weight ETF) are both exchange-traded funds - MFLX is a Municipal Bonds fund actively managed by First Trust, while NFTY is a India Equities fund tracking the NIFTY 50 Equal Weight Index. MFLX is actively managed, while NFTY is passively managed. Over the past 5 years, MFLX returned -0.50%/yr vs 5.61%/yr for NFTY. At a 0.07 correlation, their price movements are largely independent. MFLX charges 0.88%/yr vs 0.80%/yr for NFTY.
Performance
MFLX vs. NFTY - Performance Comparison
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Returns By Period
In the year-to-date period, MFLX achieves a 4.02% return, which is significantly higher than NFTY's -7.65% return.
MFLX
- 1D
- 0.03%
- 1M
- 0.58%
- 6M
- 3.36%
- YTD
- 4.02%
- 1Y
- 9.47%
- 3Y*
- 5.59%
- 5Y*
- -0.50%
- 10Y*
- —
NFTY
- 1D
- -0.54%
- 1M
- 1.23%
- 6M
- -7.33%
- YTD
- -7.65%
- 1Y
- -7.96%
- 3Y*
- 4.78%
- 5Y*
- 5.61%
- 10Y*
- 7.60%
MFLX vs. NFTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 4.02% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | 5.57% |
NFTY First Trust India NIFTY 50 Equal Weight ETF | -7.65% | 5.47% | 5.18% | 24.00% | -3.46% | 26.83% | 10.04% | 0.58% | -1.51% | 21.78% |
Correlation
The correlation between MFLX and NFTY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.07 |
Over the past year, MFLX and NFTY have become more correlated (0.30) than their long-term average of 0.07, meaning their price movements have been converging.
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Return for Risk
MFLX vs. NFTY — Risk / Return Rank
MFLX
NFTY
MFLX vs. NFTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). 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 | NFTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.88 | ||
| Sortino ratioReturn per unit of downside risk | +4.30 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.92 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 3.05 | -0.50 | +3.55 |
| Martin ratioReturn relative to average drawdown | 12.98 | -1.18 | +14.16 |
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Drawdowns
MFLX vs. NFTY - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, smaller than the maximum NFTY drawdown of -47.67%. Use the drawdown chart below to compare losses from any high point for MFLX and NFTY.
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Drawdown Indicators
| MFLX | NFTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -47.67% | +20.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -16.14% | +13.03% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | -21.55% | +13.37% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -21.55% | -4.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.67% | — |
Current DrawdownCurrent decline from peak | -3.13% | -15.58% | +12.45% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -9.62% | +1.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 6.73% | -6.00% |
Volatility
MFLX vs. NFTY - Volatility Comparison
The current volatility for First Trust Flexible Municipal High Income ETF (MFLX) is 0.92%, while First Trust India NIFTY 50 Equal Weight ETF (NFTY) has a volatility of 3.74%. This indicates that MFLX experiences smaller price fluctuations and is considered to be less risky than NFTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFLX | NFTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 3.74% | -2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 12.64% | -9.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.07% | 14.74% | -10.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.35% | 17.41% | -7.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 20.65% | -9.42% |
MFLX vs. NFTY - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than NFTY's 0.80% expense ratio.
Dividends
MFLX vs. NFTY - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.08%, more than NFTY's 1.92% 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% |
NFTY First Trust India NIFTY 50 Equal Weight ETF | 1.92% | 1.24% | 1.61% | 0.13% | 5.89% | 1.53% | 0.61% | 0.97% | 0.00% | 4.10% | 3.28% | 4.39% |
Frequently Asked Questions
MFLX and NFTY have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NFTY has higher volatility (3.74%) compared to MFLX (0.92%). In terms of maximum drawdown, MFLX dropped -26.76% vs NFTY's -47.67%.
On 5-year performance, NFTY leads with 5.61% vs -0.50% for MFLX. On fees, NFTY is cheaper at 0.80% per year. On volatility, MFLX has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, NFTY has performed better with a 5.61% return vs -0.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NFTY is cheaper with a 0.80% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.08%, compared with 1.92% for NFTY.
MFLX is categorized as Municipal Bonds, while NFTY is India Equities. Their fees differ too: 0.88% for MFLX and 0.80% for NFTY.
MFLX currently has the higher Sharpe Ratio (2.34 vs -0.54), 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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