First Trust Municipal High Income ETF

10-Year Study

FMHI.US · · US · ETF

Executive Summary: First Trust Municipal High Income ETF has compounded at 3.1% annually over the last 10 years, with a maximum drawdown of 18.5% and an annualized volatility of 7.8%.

1Y CAGR
+7.9%
3Y CAGR
+5.2%
5Y CAGR
+0.8%
10Y CAGR
+3.1%

History & Riski10-year historical performance analysis including CAGR, Max Drawdown, Sharpe & Sortino ratios, annual returns, and rolling volatility — all computed from daily market data.

10-Year Growth of $10,000

Max DrawdownMax DrawdownThe largest peak-to-trough decline in the asset's value over the measurement period.Click for full definition →
18.5%
Sharpe RatioSharpe RatioRisk-adjusted return: how much excess return you earn per unit of total risk (volatility).Click for full definition →
-0.15
Sortino RatioSortino RatioLike Sharpe, but only penalizes downside volatility — a more accurate risk measure for asymmetric return distributions.Click for full definition →
-0.16
Ann. VolatilityAnnualized VolatilityThe annualized standard deviation of an asset's returns — a measure of how much prices fluctuate.Click for full definition →
7.3%
Best YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2019 · +10.3%
Worst YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2022 · -14.7%
% Positive Years% Positive YearsThe percentage of calendar years in the measurement period where the asset delivered a positive return.Click for full definition →
89%

Annual Returns

Rolling 12-Month Returns

Rolling 12-Month Annualised Volatility

Historical Drawdowns

Monthly Returns

Monthly Returns Heatmap

YearJanFebMarAprMayJunJulAugSepOctNovDecAnn.
20260.61.5-2.21.2————————1.1%
20250.81.0-1.7-1.5-0.50.7-1.00.73.21.50.60.23.9%
20240.90.40.7-1.20.81.71.40.51.4-1.31.5-1.55.4%
20233.5-2.41.30.4-0.21.20.1-0.8-2.6-1.95.63.17.2%
2022-3.1-1.0-4.2-4.20.7-3.13.7-2.1-5.1-1.65.1-0.4-14.7%
20211.8-0.81.31.51.21.21.1-0.2-1.1-0.31.20.47.6%
20201.81.7-10.4-3.23.93.92.40.3-0.00.32.22.04.1%
20190.90.71.90.51.80.50.92.1-0.40.30.30.310.3%
2018-0.4-0.20.20.70.70.20.70.6-1.0-0.70.90.72.5%
2017———————————0.70.7%

Risk X-RayiA 19-factor macroeconomic risk decomposition showing exactly which market forces (equity beta, rates, inflation, credit, commodity, crypto) drive this asset's volatility. Powered by multivariate regression against daily factor returns.

Risk Profile Insight: This asset has an estimated annualized volatility of 7.8%. The dominant macroeconomic risk driver is SHV.US, accounting for 37.5% of variance. Idiosyncratic stock-specific factors contribute 14.1%.

10-Year Historical Price Series (Growth of $10,000)
DateSimulated Value
2017-11-0110000
2017-12-0110070.775360723434
2018-01-0110031.789843359844
2018-02-0110015.035736724252
2018-03-0110035.065486003341
2018-04-0110105.518652368397
2018-05-0110180.321442571543
2018-06-0110202.633401889132
2018-07-0110269.11283783421
2018-08-0110334.222947756187
2018-09-0110234.127900420464
2018-10-0110162.305408032305
2018-11-0110248.707195137014
2018-12-0110322.758198503945
2019-01-0110420.624734860892
2019-02-0110491.212148875273
2019-03-0110686.327682402281
2019-04-0110743.16813712592
2019-05-0110940.888075049807
2019-06-0110995.177824436292
2019-07-0111092.990661733513
2019-08-0111327.789800400597
2019-09-0111283.48807612379
2019-10-0111315.38531760309
2019-11-0111350.585051255754
2019-12-0111390.134408746504
2020-01-0111599.668139810872
2020-02-0111799.160146705832
2020-03-0110573.613356030137
2020-04-0110232.06048662088
2020-05-0110631.017650880935
2020-06-0111040.526680377827
2020-07-0111301.450411603293
2020-08-0111337.428781622035
2020-09-0111333.02545872422
2020-10-0111368.117794257421
2020-11-0111622.892983143867
2020-12-0111856.403344377442
2021-01-0112064.084457881143
2021-02-0111973.064551639703
2021-03-0112132.926652454316
2021-04-0112309.784505673304
2021-05-0112454.906214592183
2021-06-0112601.39724953416
2021-07-0112742.598927092788
2021-08-0112720.125870596006
2021-09-0112584.804240077756
2021-10-0112544.154051862553
2021-11-0112698.001857987467
2021-12-0112754.708065061779
2022-01-0112365.57782873222
2022-02-0112238.123110464336
2022-03-0111719.685538306227
2022-04-0111231.802731134178
2022-05-0111311.411587183109
2022-06-0110963.683325904962
2022-07-0111374.427433775634
2022-08-0111135.76196280803
2022-09-0110570.042368558126
2022-10-0110397.265643878578
2022-11-0110923.194234868946
2022-12-0110883.483780199009
2023-01-0111259.941038432416
2023-02-0110992.8150658082
2023-03-0111132.164125806159
2023-04-0111173.37815414852
2023-05-0111155.22787195996
2023-06-0111292.455819098608
2023-07-0111305.34359343368
2023-08-0111210.64530160077
2023-09-0110915.058827319934
2023-10-0110710.868152698647
2023-11-0111313.479000982694
2023-12-0111666.630867293516
2024-01-0111769.276619966384
2024-02-0111820.800867776807
2024-03-0111906.907310053
2024-04-0111760.765318999265
2024-05-0111854.470178227179
2024-06-0112061.641150663452
2024-07-0112227.383298518444
2024-08-0112288.25118272179
2024-09-0112455.01361271164
2024-10-0112294.158079292032
2024-11-0112482.507531293128
2024-12-0112297.621668644582
2025-01-0112390.386794327233
2025-02-0112511.585572136632
2025-03-0112298.400305010662
2025-04-0112113.756088130896
2025-05-0112052.915053457413
2025-06-0112142.619332735485
2025-07-0112018.064363692993
2025-08-0112104.197655499054
2025-09-0112486.964553250673
2025-10-0112675.958393968524
2025-11-0112749.633503917348
2025-12-0112777.288519678023
2026-01-0112850.668284798334
2026-02-0113046.186561273315
2026-03-0112764.266497693627
2026-04-0112921.094601633526
Annual Return Matrix
YearAnnual Return
20180.025021195365280136
20190.10340029183258892
20200.04093621013575488
20210.07576536446951554
2022-0.14670851542172925
20230.0719573900150734
20240.05408509179115284
20250.039004846949914906
20260.011254819967008833
Total Factor Risk
0.07776155588090164
VTI.US Exposure
0.20740775744551154
VEA.US Exposure
0.008936059948394231
VWO.US Exposure
0.016621969803366648
QQQ.US Exposure
-0.11287583161430853
VTV.US Exposure
-0.055970852702679805
IJR.US Exposure
0.01746750004329116
QUAL.US Exposure
0.06256167320643449
SHV.US Exposure
0.37477048349197767
TLT.US Exposure
0.1691834948857098
LQD.US Exposure
0.15001803242970316
HYG.US Exposure
0.06047106994136429
GLD.US Exposure
0.005806031617704522
USO.US Exposure
-0.00438049718838106
VNQ.US Exposure
0.004087640433373729
BTC-USD.CC Exposure
-0.006063622318724803
CPER.US Exposure
0.021099986456158293
VIX.INDX Exposure
-0.02434301480302617
UUP.US Exposure
-0.015366941470763432
TIP.US Exposure
-0.020913171073090563
Idiosyncratic Exposure
0.14148223146798491
Value Score
50
Growth Score
50
Profit Score
37.5
Health Score
23.6
Yield Score
49.8
Moat Score
40

Factor Risk Decomposition

Share of annualised volatility attributable to each macro factor.

Total Est. Vol
7.8%

FundamentalsiCompany financial health metrics: P/E valuation, dividend yield, Piotroski F-Score (9-point profitability signal), Altman Z-Score (bankruptcy risk proxy), and a radar chart across 6 fundamental dimensions. Note: ETFs may show N/A for some metrics.

Fundamental Dimensions

Core Valuation

P/E Ratio (TTM)P/E RatioPrice-to-Earnings ratio — the market price of a stock divided by its earnings per share, a key valuation measure.Click for full definition →N/A
Dividend YieldDividend YieldAnnual dividend paid per share divided by the current share price — expressed as a percentage income return.Click for full definition →4.15%
Market Cap$0
Piotroski F-ScorePiotroski F-ScoreA 9-point scoring system evaluating a company's financial strength across profitability, leverage, and operating efficiency.Click for full definition →
9-point profitability signal
0.0/ 9
Weak
Altman Z-ScoreAltman Z-ScoreA bankruptcy prediction model that combines 5 financial ratios into a single score indicating financial distress risk.Click for full definition →
Bankruptcy risk proxy
1.18
Distress Zone
Income Simulation

Based on $10,000 initial investment.

Total Income Generated
$94
Avg Yield on Cost
0.94%
Annual Income Simulation Table
Historical Realised Yields
YearAnnual PayoutYield on CostQuality
2026$93.970.94%Solid

Momentum & MacroiPrice momentum indicators relative to key technical levels: distance from 50-Day SMA (intermediate trend), 200-Day SMA (long-term trend), 52-Week High (bullish proximity), and Beta (market sensitivity coefficient).

vs 50-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
+0.1%
Above/below 50-day moving average
vs 200-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
+2.6%
Above/below 200-day moving average
vs 52-Week High52-Week HighThe highest price an asset reached in the past 52 weeks — a key reference for momentum and valuation context.Click for full definition →
1.0% from high
Distance from 52-week high
BetaBetaA measure of an asset's sensitivity to broad market movements relative to a benchmark (e.g. S&P 500).Click for full definition →
0.95
Market sensitivity coefficient

Frequently Asked Questions & Methodology

Is First Trust Municipal High Income ETF a high-risk investment?

First Trust Municipal High Income ETF (FMHI.US) has an annualized volatility of 7.8% and experienced a maximum drawdown of 18.5% over the last 10 years. Its primary macro risk driver is SHV.US.

What is the 10-year return of FMHI.US?

Over the past 10 years, FMHI.US has generated a Compound Annual Growth Rate (CAGR) of 3.1%. It has had a positive return in 89% of the years measured.

Data Methodology & Trust

The risk and return information on this page is pre-calculated mathematically using daily market data spanning a 10-year period. Fundamentals (such as P/E Ratio, Market Cap, and Dividend Yield) represent trailing averages and may not immediately reflect real-time live market fluctuations. Advanced scoring models like the Piotroski F-Score and Altman Z-Score are proxies applied to publicly available trailing-twelve-month financial statements and may not account for recent off-balance-sheet events, qualitative company shifts, or sector-specific capital structures. Macroeconomic factor exposures are estimated via multivariate regression against standard market indices. This data is provided for quantitative insight and backtesting research, and should not be misconstrued as tailored financial advice.

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