MFLX vs. THYM

Last updated Jun 4, 2026

MFLX (First Trust Flexible Municipal High Income ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - MFLX is a Municipal Bonds fund actively managed by First Trust, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. Both are actively managed. At a 0.43 correlation, their price movements are largely independent. MFLX charges 0.88%/yr vs 0.32%/yr for THYM.

Performance

MFLX vs. THYM - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with MFLX at 3.33% and THYM at 3.33%.

MFLX

• 1D: -0.06%
• 1M: 1.21%
• YTD: 3.33%
• 6M: 3.84%
• 1Y: 9.22%
• 3Y*: 5.48%
• 5Y*: -0.03%
• 10Y*: —

THYM

• 1D: 0.14%
• 1M: 1.14%
• YTD: 3.33%
• 6M: 3.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MFLX vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
MFLX First Trust Flexible Municipal High Income ETF	3.33%	0.27%
THYM T. Rowe Price High Income Municipal ETF	3.33%	0.27%

Correlation

The correlation between MFLX and THYM is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.43

Return for Risk

MFLX vs. THYM — Risk / Return Rank

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

MFLX

MFLX Risk / Return Rank: 71
MFLX Sharpe Ratio Rank: 69
MFLX Sortino Ratio Rank: 78
MFLX Omega Ratio Rank: 82
MFLX Calmar Ratio Rank: 60
MFLX Martin Ratio Rank: 66

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. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and T. Rowe Price High Income Municipal ETF (THYM). 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.

	MFLX	THYM	Difference
Sharpe ratio: Return per unit of total volatility	2.27	—	—
Sortino ratio: Return per unit of downside risk	3.47	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	2.97	—	—
Martin ratio: Return relative to average drawdown	11.95	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MFLX	THYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	1.62	-1.43

Drawdowns

MFLX vs. THYM - Drawdown Comparison

The maximum MFLX drawdown since its inception was -26.76%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for MFLX and THYM.

Drawdown Indicators

	MFLX	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-26.76%	-2.93%	-23.83%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.88%	—	—
Current Drawdown Current decline from peak	-3.78%	0.00%	-3.78%
Average Drawdown Average peak-to-trough decline	-8.17%	-0.49%	-7.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	—	—

Volatility

Volatility by Period

	MFLX	THYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.08%	4.35%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.36%	4.35%	+6.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.29%	4.35%	+6.94%

MFLX vs. THYM - Expense Ratio Comparison

MFLX has a 0.88% expense ratio, which is higher than THYM's 0.32% expense ratio.

Dividends

MFLX vs. THYM - Dividend Comparison

MFLX's dividend yield for the trailing twelve months is around 4.08%, more than THYM's 2.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%	0.00%	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 THYM in my portfolio?

MFLX and THYM have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MFLX or THYM?

On fees, THYM is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MFLX or THYM?

THYM is cheaper with a 0.32% expense ratio, compared with 0.88% for MFLX.

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

MFLX has the higher dividend yield at 4.08%, compared with 2.18% for THYM.

What is the main difference between MFLX and THYM?

MFLX is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: First Trust and T. Rowe Price. Their fees differ too: 0.88% for MFLX and 0.32% for THYM.