MFLX vs. QCLN
MFLX (First Trust Flexible Municipal High Income ETF) and QCLN (First Trust NASDAQ Clean Edge Green Energy Index Fund) are both exchange-traded funds - MFLX is a Municipal Bonds fund actively managed by First Trust, while QCLN is a Alternative Energy Equities fund tracking the Nasdaq Clean Edge Green Energy Index. MFLX is actively managed, while QCLN is passively managed. Over the past 5 years, MFLX returned -0.12%/yr vs -1.13%/yr for QCLN. At a 0.10 correlation, their price movements are largely independent. MFLX charges 0.88%/yr vs 0.59%/yr for QCLN.
Performance
MFLX vs. QCLN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MFLX achieves a 3.93% return, which is significantly lower than QCLN's 37.20% return.
MFLX
- 1D
- -0.03%
- 1M
- 1.97%
- YTD
- 3.93%
- 6M
- 4.06%
- 1Y
- 9.22%
- 3Y*
- 5.58%
- 5Y*
- -0.12%
- 10Y*
- —
QCLN
- 1D
- -6.27%
- 1M
- -3.52%
- YTD
- 37.20%
- 6M
- 31.57%
- 1Y
- 92.03%
- 3Y*
- 8.84%
- 5Y*
- -1.13%
- 10Y*
- 16.79%
MFLX vs. QCLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 3.93% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | 5.57% |
QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 37.20% | 31.81% | -18.86% | -10.02% | -30.37% | -3.21% | 184.00% | 42.65% | -12.38% | 32.34% |
Correlation
The correlation between MFLX and QCLN is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.10 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MFLX vs. QCLN — Risk / Return Rank
MFLX
QCLN
MFLX vs. QCLN - 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 NASDAQ Clean Edge Green Energy Index Fund (QCLN). 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 | QCLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.37 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 5.64 | -2.67 |
| Martin ratioReturn relative to average drawdown | 11.98 | 18.14 | -6.16 |
Loading charts...
Drawdowns
MFLX vs. QCLN - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, smaller than the maximum QCLN drawdown of -76.18%. Use the drawdown chart below to compare losses from any high point for MFLX and QCLN.
Loading charts...
Drawdown Indicators
| MFLX | QCLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -76.18% | +49.42% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -16.40% | +13.29% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | -56.08% | +47.90% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -69.49% | +43.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.73% | — |
Current DrawdownCurrent decline from peak | -3.22% | -29.12% | +25.90% |
Average DrawdownAverage peak-to-trough decline | -8.14% | -43.40% | +35.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 5.09% | -4.32% |
Volatility
MFLX vs. QCLN - Volatility Comparison
The current volatility for First Trust Flexible Municipal High Income ETF (MFLX) is 0.99%, while First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN) has a volatility of 17.77%. This indicates that MFLX experiences smaller price fluctuations and is considered to be less risky than QCLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MFLX | QCLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 17.77% | -16.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 29.96% | -26.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.07% | 37.45% | -33.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.35% | 38.54% | -28.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 35.21% | -23.95% |
MFLX vs. QCLN - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than QCLN's 0.59% expense ratio.
Dividends
MFLX vs. QCLN - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.05%, more than QCLN's 0.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 0.16% | 0.25% | 0.87% | 0.76% | 0.33% | 0.01% | 0.30% | 0.85% | 1.03% | 0.45% | 1.24% | 0.72% |
Frequently Asked Questions
MFLX and QCLN have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QCLN has higher volatility (17.77%) compared to MFLX (0.99%). In terms of maximum drawdown, MFLX dropped -26.76% vs QCLN's -76.18%.
On 5-year performance, MFLX leads with -0.12% vs -1.13% for QCLN. On fees, QCLN is cheaper at 0.59% per year. On volatility, MFLX has been the lower-risk option at 0.99%. 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 -0.12% return vs -1.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QCLN is cheaper with a 0.59% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.05%, compared with 0.16% for QCLN.
MFLX is categorized as Municipal Bonds, while QCLN is Alternative Energy Equities. Their fees differ too: 0.88% for MFLX and 0.59% for QCLN.
QCLN currently has the higher Sharpe Ratio (2.47 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.
Find the right allocation for MFLX and QCLN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer