RMCA vs. FMHI

Last updated Apr 7, 2026

Compare and contrast key facts about Rockefeller California Municipal Bond ETF (RMCA) and First Trust Municipal High Income ETF (FMHI).

RMCA and FMHI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RMCA is an actively managed fund by Rockefeller. It was launched on Aug 12, 2024. FMHI is an actively managed fund by First Trust. It was launched on Nov 1, 2017.

Performance

RMCA vs. FMHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rockefeller California Municipal Bond ETF (RMCA) and First Trust Municipal High Income ETF (FMHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with RMCA having a 0.89% return and FMHI slightly higher at 0.92%.

RMCA

• 1D: -0.02%
• 1M: -0.15%
• YTD: 0.89%
• 6M: 1.79%
• 1Y: 2.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMHI

• 1D: 0.13%
• 1M: -0.43%
• YTD: 0.92%
• 6M: 2.78%
• 1Y: 3.50%
• 3Y*: 4.55%
• 5Y*: 1.09%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

RMCA vs. FMHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RMCA Rockefeller California Municipal Bond ETF	0.89%	2.35%	-0.14%
FMHI First Trust Municipal High Income ETF	0.92%	3.54%	-0.08%

Correlation

The correlation between RMCA and FMHI is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined. Holding both can reduce overall portfolio volatility compared to holding either one alone.

RMCA vs. FMHI - Expense Ratio Comparison

Both RMCA and FMHI have an expense ratio of 0.55%.

RMCA

Rockefeller California Municipal Bond ETF

FMHI

First Trust Municipal High Income ETF

Return for Risk

RMCA vs. FMHI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RMCA

RMCA Risk / Return Rank: 17
RMCA Sharpe Ratio Rank: 16
RMCA Sortino Ratio Rank: 14
RMCA Omega Ratio Rank: 16
RMCA Calmar Ratio Rank: 19
RMCA Martin Ratio Rank: 17

FMHI

FMHI Risk / Return Rank: 28
FMHI Sharpe Ratio Rank: 32
FMHI Sortino Ratio Rank: 26
FMHI Omega Ratio Rank: 36
FMHI Calmar Ratio Rank: 26
FMHI Martin Ratio Rank: 23

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.

RMCA vs. FMHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rockefeller California Municipal Bond ETF (RMCA) 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.

	RMCA	FMHI	Difference
Sharpe ratio Return per unit of total volatility	0.36	0.74	-0.38
Sortino ratio Return per unit of downside risk	0.48	0.94	-0.47
Omega ratio Gain probability vs. loss probability	1.08	1.18	-0.09
Calmar ratio Return relative to maximum drawdown	0.56	0.90	-0.34
Martin ratio Return relative to average drawdown	1.22	2.29	-1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RMCA vs. FMHI - Sharpe Ratio Comparison

The current RMCA Sharpe Ratio is 0.36, which is lower than the FMHI Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of RMCA and FMHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RMCA	FMHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.36	0.74	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.53	-0.19

Drawdowns

RMCA vs. FMHI - Drawdown Comparison

The maximum RMCA drawdown since its inception was -5.95%, smaller than the maximum FMHI drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for RMCA and FMHI.

Drawdown Indicators

	RMCA	FMHI	Difference
Max Drawdown Largest peak-to-trough decline	-5.95%	-18.83%	+12.88%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-2.35%	-0.62%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.83%	—
Current Drawdown Current decline from peak	-1.02%	-1.16%	+0.14%
Average Drawdown Average peak-to-trough decline	-1.76%	-4.60%	+2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	1.92%	+0.42%

Volatility

RMCA vs. FMHI - Volatility Comparison

Rockefeller California Municipal Bond ETF (RMCA) has a higher volatility of 1.72% compared to First Trust Municipal High Income ETF (FMHI) at 1.43%. This indicates that RMCA's price experiences larger fluctuations and is considered to be riskier than FMHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMCA	FMHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	1.43%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	1.98%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	4.79%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.55%	4.75%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.55%	5.77%	-0.22%

Dividends

RMCA vs. FMHI - Dividend Comparison

RMCA's dividend yield for the trailing twelve months is around 4.47%, more than FMHI's 4.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
RMCA Rockefeller California Municipal Bond ETF	4.47%	4.51%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMHI First Trust Municipal High Income ETF	4.24%	4.16%	4.01%	3.89%	3.57%	2.87%	3.13%	3.33%	3.46%	0.30%