TEXN vs. FMNY

Last updated Jun 5, 2026

TEXN (iShares Texas Equity ETF) and FMNY (First Trust New York High Income Municipal ETF) are both exchange-traded funds - TEXN is a Large Cap Blend Equities fund tracking the Russell Texas Equity Index, while FMNY is a Municipal Bonds fund actively managed by First Trust. TEXN is passively managed, while FMNY is actively managed. At a correlation of -0.04, they often move in opposite directions. TEXN charges 0.20%/yr vs 0.65%/yr for FMNY.

Performance

TEXN vs. FMNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Texas Equity ETF (TEXN) and First Trust New York High Income Municipal ETF (FMNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEXN achieves a 26.15% return, which is significantly higher than FMNY's 1.81% return.

TEXN

• 1D: 0.17%
• 1M: 4.62%
• YTD: 26.15%
• 6M: 23.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMNY

• 1D: -0.12%
• 1M: 0.52%
• YTD: 1.81%
• 6M: 2.18%
• 1Y: 7.40%
• 3Y*: 4.02%
• 5Y*: 0.58%
• 10Y*: —

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

TEXN vs. FMNY - Yearly Performance Comparison

	2026 (YTD)	2025
TEXN iShares Texas Equity ETF	26.15%	8.16%
FMNY First Trust New York High Income Municipal ETF	1.81%	4.90%

Correlation

The correlation between TEXN and FMNY is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	-0.04

Return for Risk

TEXN vs. FMNY — Risk / Return Rank

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

FMNY

FMNY Risk / Return Rank: 66
FMNY Sharpe Ratio Rank: 70
FMNY Sortino Ratio Rank: 74
FMNY Omega Ratio Rank: 79
FMNY Calmar Ratio Rank: 54
FMNY Martin Ratio Rank: 51

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.

TEXN vs. FMNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Texas Equity ETF (TEXN) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TEXN	FMNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.26	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.76	0.18	+2.57

Drawdowns

TEXN vs. FMNY - Drawdown Comparison

The maximum TEXN drawdown since its inception was -6.34%, smaller than the maximum FMNY drawdown of -15.90%. Use the drawdown chart below to compare losses from any high point for TEXN and FMNY.

Drawdown Indicators

	TEXN	FMNY	Difference
Max Drawdown Largest peak-to-trough decline	-6.34%	-15.90%	+9.56%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.83%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.90%	—
Current Drawdown Current decline from peak	-0.07%	-0.77%	+0.70%
Average Drawdown Average peak-to-trough decline	-1.12%	-5.68%	+4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.87%	—

Volatility

Volatility by Period

	TEXN	FMNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.37%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.16%	3.29%	+10.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	4.00%	+10.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.16%	3.99%	+10.17%

TEXN vs. FMNY - Expense Ratio Comparison

TEXN has a 0.20% expense ratio, which is lower than FMNY's 0.65% expense ratio.

Dividends

TEXN vs. FMNY - Dividend Comparison

TEXN's dividend yield for the trailing twelve months is around 1.01%, less than FMNY's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021
FMNY First Trust New York High Income Municipal ETF	3.69%	3.64%	3.56%	3.25%	2.34%	0.72%
TEXN iShares Texas Equity ETF	1.01%	0.86%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TEXN and FMNY in my portfolio?

TEXN and FMNY have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TEXN or FMNY?

On fees, TEXN is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TEXN or FMNY?

TEXN is cheaper with a 0.20% expense ratio, compared with 0.65% for FMNY.

Which ETF pays a higher dividend yield, TEXN or FMNY?

FMNY has the higher dividend yield at 3.69%, compared with 1.01% for TEXN.

What is the main difference between TEXN and FMNY?

TEXN is categorized as Large Cap Blend Equities, while FMNY is Municipal Bonds. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.20% for TEXN and 0.65% for FMNY.