MFLX vs. ZMUN
MFLX (First Trust Flexible Municipal High Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. MFLX is actively managed, while ZMUN is passively managed. Their 0.21 correlation means their historical movements had little consistent relationship. MFLX charges 0.88%/yr vs 0.30%/yr for ZMUN.
Performance
MFLX vs. ZMUN - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with MFLX having a 2.04% return and ZMUN slightly higher at 2.05%.
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%
ZMUN
- 1D
- -0.04%
- 1M
- 0.16%
- 6M
- 1.78%
- YTD
- 2.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $151.38K | $128.71K | $117.14K | |
| $248.73K | $278.36K | $387.17K |
MFLX vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 2.04% | 1.41% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.05% | 0.67% |
Correlation
The correlation between MFLX and ZMUN is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025 | 0.21 |
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. ZMUN — Risk / Return Rank
MFLX
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MFLX vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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 | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.40 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | — | — |
| Martin ratioReturn relative to average drawdown | 9.13 | — | — |
Loading charts...
Drawdowns
MFLX vs. ZMUN - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, which is greater than ZMUN's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for MFLX and ZMUN.
Loading charts...
Drawdown Indicators
| MFLX | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -0.13% | -26.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | — | — |
Current DrawdownCurrent decline from peak | -4.98% | -0.04% | -4.94% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -0.02% | -8.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | — | — |
Volatility
MFLX vs. ZMUN - Volatility Comparison
Loading charts...
Volatility by Period
| MFLX | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 0.54% | +3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.34% | 0.54% | +9.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.21% | 0.54% | +10.67% |
MFLX vs. ZMUN - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than ZMUN's 0.30% expense ratio.
Dividends
MFLX vs. ZMUN - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.20%, more than ZMUN's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.92% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MFLX and ZMUN have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMUN is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMUN is cheaper with a 0.30% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.20%, compared with 2.92% for ZMUN.
They also come from different issuers: First Trust and F/m. Their fees differ too: 0.88% for MFLX and 0.30% for ZMUN.
Find the right allocation for MFLX and ZMUN
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