FMUN vs MFLX
Fidelity Systematic Municipal Bond Index ETF vs First Trust Flexible Municipal High Income ETF
Which is better, FMUN or MFLX?
Nearly the same fund. FMUN costs less.
FMUN has a lower expense ratio. FMUN led over 1Y, MFLX over 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 | FMUN | MFLX |
|---|---|---|
| Expense Ratio | 0.05%Best | 0.93% |
| AUM | $170M | $20M |
| Dividend Yield | 3.83% | 4.51% |
| Holdings | 1,105 | 160 |
| YTD Return | -3.63% | -3.07%Best |
| 1Y Return | -2.57%Best | -2.70% |
| 3Y Return (annualized) | - | +4.24% |
| 5Y Return (annualized) | - | -1.53% |
| Volatility (annualized) | 5.5%Best | 6.8% |
| Max Drawdown | -7.3%Best | -8.8% |
| $10,000 over 1.5 years | $10,102 | $10,224Best |
| 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).
FMUN 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.
FMUN vs MFLX Performance
Fidelity Systematic Municipal Bond Index ETF (FMUN) 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 FMUN returned -2.57% while MFLX returned -2.70%. Year to date, FMUN is down 3.63% 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 5.5% for FMUN. 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 -7.3% for FMUN 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
FMUN charges 0.05% per year while MFLX charges 0.93%. On a $10,000 position that is $5 vs $93 annually, a gap of $88 per year that compounds over a long holding period. On income, FMUN currently yields 3.83% against 4.51% for MFLX.
Holdings Overlap
We hold position weights for 781 holdings in FMUN and 1 in MFLX, totalling 57.8% 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 781 positions we hold weights for in FMUN and 1 in MFLX, against full books of 1,105 and 160.
You are not choosing between two funds in isolation.
Whichever of FMUN 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, FMUN or MFLX?
FMUN has an expense ratio of 0.05% while MFLX charges 0.93%. FMUN is the cheaper option, by $88 a year on a $10,000 investment.
Which performed better, FMUN or MFLX?
Over the past year FMUN returned -2.57% vs -2.70% for MFLX, so FMUN leads on 1-year performance. Over the longest common window we track (2 years), FMUN annualized +0.68% vs +1.49% for MFLX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUN or MFLX?
MFLX has been the more volatile fund at 6.8% annualized versus 5.5% for FMUN. Worst drawdown: FMUN -7.3% vs MFLX -8.8%.
Should I hold both FMUN and MFLX?
FMUN 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, FMUN or MFLX?
FMUN yields 3.83% while MFLX yields 4.51%, so MFLX currently pays the higher dividend yield.
Is MFLX better than FMUN?
FMUN has a lower expense ratio. FMUN led over 1Y, MFLX over 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.