MMIT vs. FMHI
MMIT (IQ MacKay Municipal Intermediate ETF) and FMHI (First Trust Municipal High Income ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, MMIT returned 1.11%/yr vs 0.89%/yr for FMHI. A 0.55 correlation means they provide meaningful diversification when combined. MMIT charges 0.31%/yr vs 0.55%/yr for FMHI.
Performance
MMIT vs. FMHI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MMIT achieves a 1.40% return, which is significantly lower than FMHI's 2.58% return.
MMIT
- 1D
- -0.04%
- 1M
- 0.50%
- YTD
- 1.40%
- 6M
- 1.79%
- 1Y
- 6.45%
- 3Y*
- 3.85%
- 5Y*
- 1.11%
- 10Y*
- —
FMHI
- 1D
- -0.02%
- 1M
- 0.94%
- YTD
- 2.58%
- 6M
- 3.12%
- 1Y
- 8.78%
- 3Y*
- 5.50%
- 5Y*
- 0.89%
- 10Y*
- —
MMIT vs. FMHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMIT IQ MacKay Municipal Intermediate ETF | 1.40% | 5.03% | 1.46% | 5.42% | -7.40% | 1.55% | 6.17% | 7.49% | 2.41% | 0.63% |
FMHI First Trust Municipal High Income ETF | 2.58% | 3.54% | 5.41% | 7.20% | -14.67% | 7.58% | 4.09% | 10.34% | 2.50% | 1.08% |
Correlation
The correlation between MMIT and FMHI is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.55 |
The correlation between MMIT and FMHI shifts across timeframes, from 0.55 (all time) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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
MMIT vs. FMHI — Risk / Return Rank
MMIT
FMHI
MMIT vs. FMHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) and First Trust Municipal High Income ETF (FMHI). 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.
| MMIT | FMHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.63 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 3.76 | -1.26 |
| Martin ratioReturn relative to average drawdown | 8.50 | 14.13 | -5.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MMIT | FMHI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.56 | 2.83 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.32 | 0.19 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.56 | +0.07 |
Drawdowns
MMIT vs. FMHI - Drawdown Comparison
The maximum MMIT drawdown since its inception was -12.28%, smaller than the maximum FMHI drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for MMIT and FMHI.
Loading charts...
Drawdown Indicators
| MMIT | FMHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.28% | -18.83% | +6.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -2.35% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -3.96% | -6.17% | +2.21% |
Max Drawdown (5Y)Largest decline over 5 years | -12.28% | -18.83% | +6.55% |
Current DrawdownCurrent decline from peak | -0.77% | -0.02% | -0.75% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -4.52% | +2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 0.62% | +0.14% |
Volatility
MMIT vs. FMHI - Volatility Comparison
The current volatility for IQ MacKay Municipal Intermediate ETF (MMIT) is 0.77%, while First Trust Municipal High Income ETF (FMHI) has a volatility of 0.96%. This indicates that MMIT experiences smaller price fluctuations and is considered to be less risky than FMHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MMIT | FMHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.96% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 1.66% | 2.10% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.53% | 3.12% | -0.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.54% | 4.77% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.30% | 5.73% | -1.43% |
MMIT vs. FMHI - Expense Ratio Comparison
MMIT has a 0.31% expense ratio, which is lower than FMHI's 0.55% expense ratio.
Dividends
MMIT vs. FMHI - Dividend Comparison
MMIT's dividend yield for the trailing twelve months is around 3.57%, less than FMHI's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 4.25% | 4.16% | 4.01% | 3.89% | 3.57% | 2.87% | 3.13% | 3.33% | 3.46% | 0.30% |
MMIT IQ MacKay Municipal Intermediate ETF | 3.57% | 3.54% | 3.76% | 3.46% | 2.30% | 1.81% | 2.59% | 4.14% | 2.46% | 0.35% |
Frequently Asked Questions
MMIT and FMHI have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMHI has higher volatility (0.96%) compared to MMIT (0.77%). In terms of maximum drawdown, MMIT dropped -12.28% vs FMHI's -18.83%.
On 5-year performance, MMIT leads with 1.11% vs 0.89% for FMHI. On fees, MMIT is cheaper at 0.31% per year. On volatility, MMIT has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MMIT has performed better with a 1.11% return vs 0.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMIT is cheaper with a 0.31% expense ratio, compared with 0.55% for FMHI.
FMHI has the higher dividend yield at 4.25%, compared with 3.57% for MMIT.
They also come from different issuers: New York Life and First Trust. Their fees differ too: 0.31% for MMIT and 0.55% for FMHI.
FMHI currently has the higher Sharpe Ratio (2.83 vs 2.56), 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.
Find the right allocation for MMIT and FMHI
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