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MMIN vs. MFLX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MMIN vs. MFLX

Last updated Jun 4, 2026

MMIN (IQ MacKay Municipal Insured ETF) and MFLX (First Trust Flexible Municipal High Income ETF) are both Municipal Bonds funds. MMIN is passively managed, while MFLX is actively managed. Over the past 5 years, MMIN returned 0.74%/yr vs -0.03%/yr for MFLX. At a 0.31 correlation, their price movements are largely independent. MMIN charges 0.31%/yr vs 0.88%/yr for MFLX.

Performance

MMIN vs. MFLX - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, MMIN achieves a 2.32% return, which is significantly lower than MFLX's 3.33% return.

MMIN

1D
0.00%
1M
0.85%
YTD
2.32%
6M
2.74%
1Y
9.31%
3Y*
4.21%
5Y*
0.74%
10Y*
—

MFLX

1D
-0.06%
1M
1.21%
YTD
3.33%
6M
3.84%
1Y
9.22%
3Y*
5.48%
5Y*
-0.03%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MMIN vs. MFLX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MMIN
IQ MacKay Municipal Insured ETF		2.32%4.65%0.93%7.45%-11.20%1.35%7.47%8.08%1.97%1.20%
MFLX
First Trust Flexible Municipal High Income ETF		3.33%3.94%3.74%8.98%-19.94%8.43%7.19%16.89%-4.66%-1.19%

Correlation

The correlation between MMIN and MFLX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (5Y)
Calculated over the trailing 5-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Oct 19, 2017

0.31

The correlation between MMIN and MFLX shifts across timeframes, from 0.31 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.

MMIN vs. MFLX - Sectors Allocation Comparison

Sectors
MMIN
MFLX

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

-0.9%
15.2%

Basic Materials

MMIN

-

MFLX

-

Communication Services

MMIN

-

MFLX

-

Consumer Cyclical

MMIN

-

MFLX

-

Consumer Defensive

MMIN

-

MFLX

-

Energy

MMIN

-

MFLX

-

Healthcare

MMIN

-

MFLX

-

Industrials

MMIN

-

MFLX

-

Real Estate

MMIN

-

MFLX

-

Technology

MMIN

-

MFLX

-

Utilities

MMIN

-

MFLX

-

Financial Services

MMIN
-0.9%
MFLX
15.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

IQ MacKay Municipal Insured ETF

First Trust Flexible Municipal High Income ETF

Often compared with MMIN:
MMIN vs. ACTHXMMIN vs. OVMMMIN vs. MMITMMIN vs. JMUBMMIN vs. ZTAXMMIN vs. IWFGMMIN vs. LQD
Often compared with MFLX:
MFLX vs. HYMUMFLX vs. PGRMFLX vs. SUBMFLX vs. VSDMMFLX vs. CALIMFLX vs. VTECMFLX vs. FMB

Return for Risk

MMIN vs. MFLX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MMIN
MMIN Risk / Return Rank: 7474
Overall Rank
MMIN Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
MMIN Sortino Ratio Rank: 8181
Sortino Ratio Rank
MMIN Omega Ratio Rank: 8282
Omega Ratio Rank
MMIN Calmar Ratio Rank: 6666
Calmar Ratio Rank
MMIN Martin Ratio Rank: 6565
Martin Ratio Rank
MFLX
MFLX Risk / Return Rank: 7171
Overall Rank
MFLX Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
MFLX Sortino Ratio Rank: 7878
Sortino Ratio Rank
MFLX Omega Ratio Rank: 8282
Omega Ratio Rank
MFLX Calmar Ratio Rank: 6060
Calmar Ratio Rank
MFLX Martin Ratio Rank: 6666
Martin Ratio Rank
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.

MMIN vs. MFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) 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.

MMINMFLXDifference
Sharpe ratioReturn per unit of total volatility
2.46
2.27

+0.19

Sortino ratioReturn per unit of downside risk
3.66
3.47

+0.19

Omega ratioGain probability vs. loss probability

1.49

1.49

0.00

Calmar ratioReturn relative to maximum drawdown

3.25

2.97

+0.28

Martin ratioReturn relative to average drawdown

11.93

11.95

-0.02

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMIN vs. MFLX - Sharpe Ratio Comparison

The current MMIN Sharpe Ratio is 2.46, which is comparable to the MFLX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of MMIN and MFLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

MMINMFLXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.46

2.27

+0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.15

-0.00

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.38

0.19

+0.19

Drawdowns

MMIN vs. MFLX - Drawdown Comparison

The maximum MMIN drawdown since its inception was -16.87%, smaller than the maximum MFLX drawdown of -26.76%. Use the drawdown chart below to compare losses from any high point for MMIN and MFLX.

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Drawdown Indicators

MMINMFLXDifference

Max Drawdown

Largest peak-to-trough decline

-16.87%

-26.76%

+9.89%

Max Drawdown (1Y)

Largest decline over 1 year

-2.87%

-3.11%

+0.24%

Max Drawdown (3Y)

Largest decline over 3 years

-7.22%

-8.18%

+0.96%

Max Drawdown (5Y)

Largest decline over 5 years

-16.87%

-25.88%

+9.01%

Current Drawdown

Current decline from peak

-0.08%

-3.78%

+3.70%

Average Drawdown

Average peak-to-trough decline

-4.32%

-8.17%

+3.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.78%

0.77%

+0.01%

Volatility

MMIN vs. MFLX - Volatility Comparison

The current volatility for IQ MacKay Municipal Insured ETF (MMIN) is 1.16%, while First Trust Flexible Municipal High Income ETF (MFLX) has a volatility of 1.41%. This indicates that MMIN 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

MMINMFLXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.16%

1.41%

-0.25%

Volatility (6M)

Calculated over the trailing 6-month period

2.49%

2.98%

-0.49%

Volatility (1Y)

Calculated over the trailing 1-year period

3.81%

4.08%

-0.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.02%

10.36%

-5.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.97%

11.29%

-4.32%

MMIN vs. MFLX - Expense Ratio Comparison

MMIN has a 0.31% expense ratio, which is lower than MFLX's 0.88% expense ratio.

Dividends

MMIN vs. MFLX - Dividend Comparison

MMIN's dividend yield for the trailing twelve months is around 4.12%, which matches MFLX's 4.08% yield.

PositionTTM2025202420232022202120202019201820172016
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%
MMIN
IQ MacKay Municipal Insured ETF		4.12%4.07%3.96%3.73%2.93%1.72%2.21%2.75%2.78%0.47%0.00%

Frequently Asked Questions

MMIN and MFLX have a correlation of 0.49, 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 MMIN (1.16%). In terms of maximum drawdown, MMIN dropped -16.87% vs MFLX's -26.76%.

On 5-year performance, MMIN leads with 0.74% vs -0.03% for MFLX. On fees, MMIN is cheaper at 0.31% per year. On volatility, MMIN has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, MMIN has performed better with a 0.74% return vs -0.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MMIN is cheaper with a 0.31% expense ratio, compared with 0.88% for MFLX.

MMIN has the higher dividend yield at 4.12%, compared with 4.08% for MFLX.

They also come from different issuers: New York Life and First Trust. Their fees differ too: 0.31% for MMIN and 0.88% for MFLX.

MMIN currently has the higher Sharpe Ratio (2.46 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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