MFLX vs. PGR
MFLX (First Trust Flexible Municipal High Income ETF) is Municipal Bonds fund actively managed by First Trust, while PGR (The Progressive Corporation) is a stock. Over the past 5 years, MFLX returned -0.80%/yr vs 19.81%/yr for PGR. Their 0.04 correlation means their historical movements had little consistent relationship.
Performance
MFLX vs. PGR - Performance Comparison
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Returns By Period
In the year-to-date period, MFLX achieves a 2.29% return, which is significantly higher than PGR's -1.48% return.
MFLX
- 1D
- 0.24%
- 1M
- -2.17%
- 6M
- 1.31%
- YTD
- 2.29%
- 1Y
- 7.24%
- 3Y*
- 5.53%
- 5Y*
- -0.80%
- 10Y*
- —
- ALL TIME*
- 2.00%
PGR
- 1D
- 0.14%
- 1M
- -9.25%
- 6M
- 4.94%
- YTD
- -1.48%
- 1Y
- -7.09%
- 3Y*
- 22.14%
- 5Y*
- 19.81%
- 10Y*
- 23.35%
- ALL TIME*
- 16.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $156.05K | $125.40K | $117.95K | |
| $521.22M | $640.89M | $689.70M |
MFLX vs. PGR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 2.29% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | 5.57% |
PGR The Progressive Corporation | -1.48% | -3.02% | 51.39% | 23.16% | 26.81% | 10.84% | 41.48% | 25.14% | 9.39% | 61.59% |
Correlation
The correlation between MFLX and PGR is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.04 |
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Return for Risk
MFLX vs. PGR — Risk / Return Rank
MFLX
PGR
MFLX vs. PGR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and The Progressive Corporation (PGR). 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 | PGR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.07 | ||
| Sortino ratioReturn per unit of downside risk | +2.86 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.97 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | -0.36 | +2.69 |
| Martin ratioReturn relative to average drawdown | 8.68 | -0.60 | +9.27 |
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Drawdowns
MFLX vs. PGR - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, smaller than the maximum PGR drawdown of -71.06%. Use the drawdown chart below to compare losses from any high point for MFLX and PGR.
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Drawdown Indicators
| MFLX | PGR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -71.06% | +44.30% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -19.79% | +16.68% |
Max Drawdown (3Y)Largest decline over 3 years | -7.36% | -30.35% | +22.99% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -30.35% | +4.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.35% | — |
Current DrawdownCurrent decline from peak | -4.75% | -22.87% | +18.12% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -14.56% | +6.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 11.91% | -11.07% |
Volatility
MFLX vs. PGR - Volatility Comparison
The current volatility for First Trust Flexible Municipal High Income ETF (MFLX) is 1.11%, while The Progressive Corporation (PGR) has a volatility of 12.70%. This indicates that MFLX experiences smaller price fluctuations and is considered to be less risky than PGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFLX | PGR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 12.70% | -11.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.23% | 20.55% | -17.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 25.69% | -21.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.34% | 25.25% | -14.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.20% | 24.85% | -13.65% |
Dividends
MFLX vs. PGR - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.19%, less than PGR's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 4.19% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% | 0.00% |
PGR The Progressive Corporation | 6.60% | 2.15% | 0.48% | 0.25% | 0.31% | 6.23% | 2.68% | 3.89% | 1.86% | 1.21% | 2.50% | 2.16% |
Frequently Asked Questions
MFLX and PGR have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGR has higher volatility (12.70%) compared to MFLX (1.11%). In terms of maximum drawdown, MFLX dropped -26.76% vs PGR's -71.06%.
MFLX currently has the higher Sharpe Ratio (1.80 vs -0.28), 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.
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