MFLX vs. VTEB
MFLX (First Trust Flexible Municipal High Income ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. MFLX is actively managed, while VTEB is passively managed. Over the past 5 years, MFLX returned -0.97%/yr vs 0.54%/yr for VTEB. Their 0.37 correlation means their historical movements had little consistent relationship. MFLX charges 0.88%/yr vs 0.03%/yr for VTEB.
Performance
MFLX vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, MFLX achieves a 2.04% return, which is significantly higher than VTEB's 0.43% return.
MFLX
- 1D
- 0.06%
- 1M
- -2.41%
- 6M
- 1.15%
- YTD
- 2.04%
- 1Y
- 7.53%
- 3Y*
- 5.44%
- 5Y*
- -0.97%
- 10Y*
- —
- ALL TIME*
- 1.98%
VTEB
- 1D
- 0.12%
- 1M
- -1.72%
- 6M
- -0.22%
- YTD
- 0.43%
- 1Y
- 4.90%
- 3Y*
- 3.19%
- 5Y*
- 0.54%
- 10Y*
- 1.90%
- ALL TIME*
- 2.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $151.38K | $128.71K | $117.14K | |
| $388.01M | $356.14M | $359.95M |
MFLX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 2.04% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | 5.57% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.43% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between MFLX and VTEB is 0.59, 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. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.37 |
Over the past year, MFLX and VTEB have become more correlated (0.59) than their long-term average of 0.37, meaning their price movements have been converging.
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Return for Risk
MFLX vs. VTEB — Risk / Return Rank
MFLX
VTEB
MFLX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.37 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 1.82 | +0.61 |
| Martin ratioReturn relative to average drawdown | 9.13 | 5.96 | +3.17 |
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Drawdowns
MFLX vs. VTEB - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for MFLX and VTEB.
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Drawdown Indicators
| MFLX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -17.00% | -9.76% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.71% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -7.36% | -4.76% | -2.60% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -12.56% | -13.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -4.98% | -1.74% | -3.24% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -2.30% | -5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.82% | +0.01% |
Volatility
MFLX vs. VTEB - Volatility Comparison
First Trust Flexible Municipal High Income ETF (MFLX) has a higher volatility of 1.06% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.88%. This indicates that MFLX's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFLX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.88% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | 2.22% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 2.73% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.34% | 3.92% | +6.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.21% | 5.25% | +5.96% |
MFLX vs. VTEB - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
MFLX vs. VTEB - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.20%, more than VTEB's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 4.20% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.43% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
MFLX and VTEB have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFLX has higher volatility (1.06%) compared to VTEB (0.88%). In terms of maximum drawdown, MFLX dropped -26.76% vs VTEB's -17.00%.
On 5-year performance, VTEB leads with 0.54% vs -0.97% for MFLX. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VTEB has performed better with a 0.54% return vs -0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.20%, compared with 3.43% for VTEB.
They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.88% for MFLX and 0.03% for VTEB.
MFLX currently has the higher Sharpe Ratio (1.86 vs 1.81), 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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