MFLX vs. RMNY

Last updated Aug 6, 2026

MFLX (First Trust Flexible Municipal High Income ETF) and RMNY (Rockefeller New York Municipal Bond ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, MFLX returned 7.59% vs 7.14% for RMNY. Their 0.54 correlation means they have sometimes moved together and sometimes differently. MFLX charges 0.88%/yr vs 0.55%/yr for RMNY.

Performance

MFLX vs. RMNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Flexible Municipal High Income ETF (MFLX) and Rockefeller New York Municipal Bond ETF (RMNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MFLX having a 2.34% return and RMNY slightly lower at 2.26%.

MFLX

• 1D: 0.05%
• 1M: -2.15%
• 6M: 1.28%
• YTD: 2.34%
• 1Y: 7.59%
• 3Y*: 5.54%
• 5Y*: -0.78%
• 10Y*: —
• ALL TIME*: 2.01%

RMNY

• 1D: 0.04%
• 1M: -1.12%
• 6M: 1.93%
• YTD: 2.26%
• 1Y: 7.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MFLX First Trust Flexible Municipal High Income ETF	$99.85K	$123.95K	$115.22K
RMNY Rockefeller New York Municipal Bond ETF	$108.21K	$71.99K	$79.28K

MFLX vs. RMNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MFLX First Trust Flexible Municipal High Income ETF	2.34%	3.94%	0.62%
RMNY Rockefeller New York Municipal Bond ETF	2.26%	2.35%	0.80%

Correlation

The correlation between MFLX and RMNY is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (All Time) Calculated using the full available price history since Aug 13, 2024	0.54

The correlation between MFLX and RMNY has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

Return for Risk

MFLX vs. RMNY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MFLX

MFLX Risk / Return Rank: 72
MFLX Sharpe Ratio Rank: 73
MFLX Sortino Ratio Rank: 76
MFLX Omega Ratio Rank: 85
MFLX Calmar Ratio Rank: 60
MFLX Martin Ratio Rank: 65

RMNY

RMNY Risk / Return Rank: 77
RMNY Sharpe Ratio Rank: 74
RMNY Sortino Ratio Rank: 76
RMNY Omega Ratio Rank: 84
RMNY Calmar Ratio Rank: 78
RMNY Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MFLX vs. RMNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and Rockefeller New York Municipal Bond ETF (RMNY). 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	RMNY	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.90	-0.02
Sortino ratio: Return per unit of downside risk	2.79	2.77	+0.02
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	2.45	3.14	-0.70
Martin ratio: Return relative to average drawdown	8.98	10.74	-1.76

MFLX vs. RMNY - Sharpe Ratio Comparison

The current MFLX Sharpe Ratio is 1.89, which is comparable to the RMNY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of MFLX and RMNY, 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. RMNY - Drawdown Comparison

The maximum MFLX drawdown since its inception was -26.76%, which is greater than RMNY's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for MFLX and RMNY.

Drawdown Indicators

	MFLX	RMNY	Difference
Max Drawdown Largest peak-to-trough decline	-26.76%	-5.70%	-21.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-2.28%	-0.83%
Max Drawdown (3Y) Largest decline over 3 years	-7.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.88%	—	—
Current Drawdown Current decline from peak	-4.70%	-1.24%	-3.46%
Average Drawdown Average peak-to-trough decline	-8.09%	-1.45%	-6.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.67%	+0.18%

Volatility

MFLX vs. RMNY - Volatility Comparison

The current volatility for First Trust Flexible Municipal High Income ETF (MFLX) is 1.11%, while Rockefeller New York Municipal Bond ETF (RMNY) has a volatility of 1.21%. This indicates that MFLX experiences smaller price fluctuations and is considered to be less risky than RMNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFLX	RMNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	1.21%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	2.99%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	3.77%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.33%	5.08%	+5.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.20%	5.08%	+6.12%

MFLX vs. RMNY - Expense Ratio Comparison

MFLX has a 0.88% expense ratio, which is higher than RMNY's 0.55% expense ratio.

Dividends

MFLX vs. RMNY - Dividend Comparison

MFLX's dividend yield for the trailing twelve months is around 4.19%, less than RMNY's 4.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
RMNY Rockefeller New York Municipal Bond ETF	4.35%	4.10%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MFLX and RMNY in my portfolio?

MFLX and RMNY have a correlation of 0.60, 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 RMNY?

RMNY has higher volatility (1.21%) compared to MFLX (1.11%). In terms of maximum drawdown, MFLX dropped -26.76% vs RMNY's -5.70%.

Which ETF is better, MFLX or RMNY?

On 1-year performance, MFLX leads with 7.59% vs 7.14% for RMNY. On fees, RMNY is cheaper at 0.55% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFLX or RMNY?

Over the 1-year period, MFLX has performed better with a 7.59% return vs 7.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFLX or RMNY?

RMNY is cheaper with a 0.55% expense ratio, compared with 0.88% for MFLX.

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

RMNY has the higher dividend yield at 4.35%, compared with 4.19% for MFLX.

What is the main difference between MFLX and RMNY?

They also come from different issuers: First Trust and Rockefeller. Their fees differ too: 0.88% for MFLX and 0.55% for RMNY.

Which has better risk-adjusted returns?

RMNY currently has the higher Sharpe Ratio (1.90 vs 1.89), 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.