MINO vs. MFLX
MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) and MFLX (First Trust Flexible Municipal High Income ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, MINO returned 4.99%/yr vs 5.48%/yr for MFLX. At a 0.34 correlation, their price movements are largely independent. MINO charges 0.39%/yr vs 0.88%/yr for MFLX.
Performance
MINO vs. MFLX - Performance Comparison
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Returns By Period
In the year-to-date period, MINO achieves a 1.96% return, which is significantly lower than MFLX's 3.33% return.
MINO
- 1D
- -0.08%
- 1M
- 0.58%
- YTD
- 1.96%
- 6M
- 2.19%
- 1Y
- 7.93%
- 3Y*
- 4.99%
- 5Y*
- —
- 10Y*
- —
MFLX
- 1D
- -0.06%
- 1M
- 1.21%
- YTD
- 3.33%
- 6M
- 3.84%
- 1Y
- 9.22%
- 3Y*
- 5.48%
- 5Y*
- -0.03%
- 10Y*
- —
MINO vs. MFLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 1.96% | 4.42% | 3.13% | 8.46% | -10.43% | 0.28% |
MFLX First Trust Flexible Municipal High Income ETF | 3.33% | 3.94% | 3.74% | 8.98% | -19.94% | 0.18% |
Correlation
The correlation between MINO and MFLX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2021 | 0.34 |
Over the past year, MINO and MFLX have become more correlated (0.56) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
MINO vs. MFLX — Risk / Return Rank
MINO
MFLX
MINO vs. MFLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) and First Trust Flexible Municipal High Income ETF (MFLX). 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.
| MINO | MFLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.49 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.30 | 2.97 | +0.33 |
| Martin ratioReturn relative to average drawdown | 11.84 | 11.95 | -0.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MINO | MFLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.92 | 2.27 | +0.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.00 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.19 | +0.13 |
Drawdowns
MINO vs. MFLX - Drawdown Comparison
The maximum MINO drawdown since its inception was -15.24%, smaller than the maximum MFLX drawdown of -26.76%. Use the drawdown chart below to compare losses from any high point for MINO and MFLX.
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Drawdown Indicators
| MINO | MFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.24% | -26.76% | +11.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -3.11% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -8.18% | +2.84% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.88% | — |
Current DrawdownCurrent decline from peak | -0.22% | -3.78% | +3.56% |
Average DrawdownAverage peak-to-trough decline | -4.25% | -8.17% | +3.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.77% | -0.10% |
Volatility
MINO vs. MFLX - Volatility Comparison
The current volatility for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) is 1.04%, while First Trust Flexible Municipal High Income ETF (MFLX) has a volatility of 1.41%. This indicates that MINO experiences smaller price fluctuations and is considered to be less risky than MFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MINO | MFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 1.41% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 2.98% | -1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.73% | 4.08% | -1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 10.36% | -5.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 11.29% | -6.74% |
MINO vs. MFLX - Expense Ratio Comparison
MINO has a 0.39% expense ratio, which is lower than MFLX's 0.88% expense ratio.
Dividends
MINO vs. MFLX - Dividend Comparison
MINO's dividend yield for the trailing twelve months is around 3.89%, less than MFLX's 4.08% 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% |
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 3.89% | 3.71% | 3.91% | 3.78% | 2.87% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MINO and MFLX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFLX has higher volatility (1.41%) compared to MINO (1.04%). In terms of maximum drawdown, MINO dropped -15.24% vs MFLX's -26.76%.
On 3-year performance, MFLX leads with 5.48% vs 4.99% for MINO. On fees, MINO is cheaper at 0.39% per year. On volatility, MINO has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MFLX has performed better with a 5.48% return vs 4.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MINO is cheaper with a 0.39% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.08%, compared with 3.89% for MINO.
They also come from different issuers: PIMCO and First Trust. Their fees differ too: 0.39% for MINO and 0.88% for MFLX.
MINO currently has the higher Sharpe Ratio (2.92 vs 2.27), 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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