First Trust Municipal High Income ETF (FMHI) Performance
FMHI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.8% since Dec 31, 2025
- 1 year
- −0.1% total return
- 5 years
- +0.2% a year
- Since first price
- +2.7% a year since 2017
FMHI trailing returns vs SPY, QQQ, AGG
| Period | FMHI total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +0.8% | +0.0% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.4% | −3.5% | +3.2% | +1.9% | −0.4% |
| 6 months | −2.6% | −4.8% | +7.8% | +8.4% | −1.5% |
| YTD | −0.8% | −4.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −0.1% | −4.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +17.8%+5.6%/yr | +3.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +1.1%+0.2%/yr | −17.4% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionNov 3, 2017 | +27.2%+2.7%/yr | −8.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FMHI vs SPY
From Nov 3, 2017: FMHI grew to $12,719, SPY to $33,749.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FMHI returns by calendar year
7 of 8 full years positive. Best 2019 (+10.3%), worst 2022 (−14.7%). 2026 is year to date.
FMHI annual returns table
| Year | FMHI | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −0.8% | −7.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +3.9% | −5.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.4% | −2.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +7.2% | −6.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −14.7% | −18.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +7.6% | −2.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +4.1% | −16.7% | +18.3% | +48.6% | +7.5% |
| 2019 | +10.3% | −1.4% | +31.2% | +39.0% | +8.5% |
| 2018 | +2.5% | −1.8% | −4.6% | −0.1% | +0.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FMHI largest drawdowns
Now 4.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 31, 2021 | −18.8% | Oct 27, 2022 | Dec 24, 2025 | 10 months | 4.0 years |
| Mar 6, 2020 | −16.7% | Mar 23, 2020 | Dec 17, 2020 | 17 days | 9 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FMHI risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +4.2% | −0.4% | +2.4% |
| Volatility (annualized) | 6.2% | 7.5% | 7.3% |
| Sharpe ratio | -0.01 | -0.50 | 0.02 |
| Sortino ratio | -0.01 | -0.63 | 0.03 |
| Best month | +5.6% | +5.6% | +5.6% |
| Worst month | −4.6% | −5.1% | −10.4% |
| Best 12 months | +14.8% | +14.8% | +20.3% |
| Worst 12 months | −1.7% | −17.1% | −17.1% |
| Positive months | 67% | 57% | 65% |
| Beta vs S&P 500 | 0.31 | 0.32 | — |
| Correlation with S&P 500 | 0.62 | 0.67 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FMHI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 96 | −17.1% | +3.9% | +20.3% | 76% |
| 3-year (a year) | 72 | −2.8% | +2.0% | +7.5% | 65% |
| 5-year (a year) | 48 | −0.4% | +1.8% | +3.4% | 98% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
FMHI performance overview
First Trust Municipal High Income ETF (FMHI) returned −0.1% over the past year and +0.2% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +2.7% a year, turning $10,000 into about $12,719. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −18.8%, from Dec 31, 2021 to Oct 27, 2022, and it took 3.2 years to get back to the old high. FMHI finished 7 of its 8 full calendar years with a gain; the best year was 2019 (+10.3%) and the worst 2022 (−14.7%). Volatility has been 7.3% a year.
Related: FMHI chart, FMHI dividends. See the FMHI overview for the latest quote and fund facts.
FMHI performance FAQ
What is the FMHI return over the past year?
FMHI returned −0.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.8%.
What is the average annual return of FMHI?
FMHI has returned +0.2% a year over 5 years, +2.7% a year since November 3, 2017 (total return, distributions reinvested).
How much would $10,000 invested in FMHI be worth?
$10,000 invested in FMHI at its first recorded close on November 3, 2017 would be worth about $12,719 on October 23, 2026 with distributions reinvested.
What was the worst year for FMHI?
The worst calendar year was 2022, with a total return of −14.7%. The best was 2019 at +10.3%.
What is the biggest drawdown of FMHI?
The largest peak-to-trough decline was −18.8% between December 31, 2021 and October 27, 2022. It recovered to the old high on December 24, 2025, 3.2 years after the bottom.
How volatile is FMHI?
Over the past 3 years FMHI had an annualized volatility of 6.2% and a Sharpe ratio of -0.01 (excess return over 1–3 month T-bills per unit of risk).