FMUB vs MFLX
Fidelity Municipal Bond Opportunities ETF vs First Trust Flexible Municipal High Income ETF
Which is better, FMUB or MFLX?
Nearly the same fund. FMUB costs less.
FMUB has a lower expense ratio. FMUB led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.98.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FMUB | MFLX |
|---|---|---|
| Expense Ratio | 0.30%Best | 0.93% |
| AUM | $246M | $20M |
| Dividend Yield | 3.76% | 4.51% |
| Holdings | 605 | 160 |
| YTD Return | -2.14%Best | -3.07% |
| 1Y Return | -1.26%Best | -2.70% |
| 3Y Return (annualized) | - | +4.24% |
| 5Y Return (annualized) | - | -1.53% |
| Volatility (annualized) | 4.5%Best | 6.8% |
| Max Drawdown | -6.1%Best | -8.8% |
| $10,000 over 1.5 years | $10,501Best | $10,224 |
| Fund Family | Fidelity Investments (US) | First Trust Portfolios (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Apr 7, 2025 | Sep 27, 2016 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 7, 2025 to Oct 14, 2026 (1.5 years).
FMUB vs MFLX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.5 years both funds cover.
FMUB vs MFLX Performance
Fidelity Municipal Bond Opportunities ETF (FMUB) is an ETF from Fidelity Investments (US) and First Trust Flexible Municipal High Income ETF (MFLX) is an ETF from First Trust Portfolios (US). Over the past year FMUB returned -1.26% while MFLX returned -2.70%. Year to date, FMUB is down 2.14% versus a loss of 3.07% for MFLX.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MFLX has been the more volatile fund, with annualized monthly volatility of 6.8% compared with 4.5% for FMUB. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -6.1% for FMUB and -8.8% for MFLX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMUB charges 0.30% per year while MFLX charges 0.93%. On a $10,000 position that is $30 vs $93 annually, a gap of $63 per year that compounds over a long holding period. On income, FMUB currently yields 3.76% against 4.51% for MFLX.
Holdings Overlap
We hold position weights for 353 holdings in FMUB and 1 in MFLX, totalling 34.6% and 0.5% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 353 positions we hold weights for in FMUB and 1 in MFLX, against full books of 605 and 160.
You are not choosing between two funds in isolation.
Whichever of FMUB and MFLX you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FMUB or MFLX?
FMUB has an expense ratio of 0.30% while MFLX charges 0.93%. FMUB is the cheaper option, by $63 a year on a $10,000 investment.
Which performed better, FMUB or MFLX?
Over the past year FMUB returned -1.26% vs -2.70% for MFLX, so FMUB leads on 1-year performance. Over the longest common window we track (2 years), FMUB annualized +3.31% vs +1.49% for MFLX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUB or MFLX?
MFLX has been the more volatile fund at 6.8% annualized versus 4.5% for FMUB. Worst drawdown: FMUB -6.1% vs MFLX -8.8%.
Should I hold both FMUB and MFLX?
FMUB and MFLX have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, FMUB or MFLX?
FMUB yields 3.76% while MFLX yields 4.51%, so MFLX currently pays the higher dividend yield.
Is MFLX better than FMUB?
FMUB has a lower expense ratio. FMUB led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.98. Which one suits a particular account depends on what it is for. This is information, not a recommendation.