NYF vs. FMNY
NYF (iShares New York Muni Bond ETF) and FMNY (First Trust New York High Income Municipal ETF) are both Municipal Bonds funds. NYF is passively managed, while FMNY is actively managed. Over the past 5 years, NYF returned 0.86%/yr vs 0.58%/yr for FMNY. A 0.68 correlation means they provide meaningful diversification when combined. NYF charges 0.25%/yr vs 0.65%/yr for FMNY.
Performance
NYF vs. FMNY - Performance Comparison
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Returns By Period
In the year-to-date period, NYF achieves a 1.88% return, which is significantly lower than FMNY's 2.15% return.
NYF
- 1D
- 0.33%
- 1M
- 1.72%
- YTD
- 1.88%
- 6M
- 2.09%
- 1Y
- 6.89%
- 3Y*
- 3.27%
- 5Y*
- 0.86%
- 10Y*
- 1.78%
FMNY
- 1D
- 0.11%
- 1M
- 1.47%
- YTD
- 2.15%
- 6M
- 2.32%
- 1Y
- 7.44%
- 3Y*
- 4.01%
- 5Y*
- 0.58%
- 10Y*
- —
NYF vs. FMNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 1.88% | 3.64% | 1.13% | 5.76% | -7.75% | 0.89% |
FMNY First Trust New York High Income Municipal ETF | 2.15% | 3.94% | 1.74% | 6.14% | -10.65% | 1.67% |
Correlation
The correlation between NYF and FMNY is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since May 13, 2021 | 0.68 |
The correlation between NYF and FMNY shifts across timeframes, from 0.52 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NYF vs. FMNY — Risk / Return Rank
NYF
FMNY
NYF vs. FMNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) and First Trust New York High Income Municipal ETF (FMNY). 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.
| NYF | FMNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.48 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 2.64 | -0.13 |
| Martin ratioReturn relative to average drawdown | 8.92 | 8.45 | +0.46 |
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Drawdowns
NYF vs. FMNY - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum FMNY drawdown of -15.90%. Use the drawdown chart below to compare losses from any high point for NYF and FMNY.
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Drawdown Indicators
| NYF | FMNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -15.90% | +2.78% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.83% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -5.88% | +0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -12.71% | -15.90% | +3.19% |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | — | — |
Current DrawdownCurrent decline from peak | -0.20% | -0.44% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -5.64% | +3.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.88% | -0.11% |
Volatility
NYF vs. FMNY - Volatility Comparison
iShares New York Muni Bond ETF (NYF) has a higher volatility of 0.71% compared to First Trust New York High Income Municipal ETF (FMNY) at 0.55%. This indicates that NYF's price experiences larger fluctuations and is considered to be riskier than FMNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NYF | FMNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.55% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.13% | 2.35% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.74% | 3.26% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 4.00% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 3.97% | +0.51% |
NYF vs. FMNY - Expense Ratio Comparison
NYF has a 0.25% expense ratio, which is lower than FMNY's 0.65% expense ratio.
Dividends
NYF vs. FMNY - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.08%, less than FMNY's 3.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 3.67% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NYF iShares New York Muni Bond ETF | 3.08% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
Frequently Asked Questions
NYF and FMNY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NYF has higher volatility (0.71%) compared to FMNY (0.55%). In terms of maximum drawdown, NYF dropped -13.12% vs FMNY's -15.90%.
On 5-year performance, NYF leads with 0.86% vs 0.58% for FMNY. On fees, NYF is cheaper at 0.25% per year. On volatility, FMNY has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, NYF has performed better with a 0.86% return vs 0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NYF is cheaper with a 0.25% expense ratio, compared with 0.65% for FMNY.
FMNY has the higher dividend yield at 3.67%, compared with 3.08% for NYF.
They also come from different issuers: iShares and First Trust. Their fees differ too: 0.25% for NYF and 0.65% for FMNY.
NYF currently has the higher Sharpe Ratio (2.52 vs 2.29), 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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