First Trust Flexible Municipal High Income ETF (MFLX) Performance
MFLX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.0% since Dec 31, 2025
- 1 year
- −0.7% total return
- 5 years
- −0.7% a year
- 10 years
- +2.0% a year
- Since first price
- +1.7% a year since 2016
MFLX trailing returns vs SPY, QQQ, AGG
| Period | MFLX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.2% | +0.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.1% | −4.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −3.2% | −5.3% | +7.8% | +8.4% | −1.5% |
| YTD | −1.0% | −4.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −0.7% | −5.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +19.8%+6.2%/yr | +5.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −3.6%−0.7%/yr | −21.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +22.1%+2.0%/yr | −16.5% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionSep 29, 2016 | +18.2%+1.7%/yr | −19.5% | — | — | — |
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: MFLX vs SPY
From Sep 29, 2016: MFLX grew to $11,820, SPY to $41,453.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MFLX returns by calendar year
7 of 9 full years positive. Best 2019 (+16.9%), worst 2022 (−19.9%). 2026 is year to date.
MFLX annual returns table
| Year | MFLX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.0% | −8.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +4.3% | −7.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +3.8% | −5.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +9.0% | −10.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −19.9% | −24.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +8.5% | −5.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +7.2% | −26.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +16.9% | −3.8% | +31.2% | +39.0% | +8.5% |
| 2018 | −4.7% | −7.0% | −4.6% | −0.1% | +0.1% |
| 2017 | +5.6% | −3.0% | +21.7% | +32.7% | +3.6% |
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.
MFLX largest drawdowns
Now 7.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 24, 2020 | −26.8% | Mar 18, 2020 | Nov 25, 2020 | 23 days | 9 months |
| Aug 24, 2021 | −25.9% | Oct 27, 2022 | not yet | 1.2 years | 5.2 years so far |
| Sep 29, 2016 | −10.1% | Dec 1, 2016 | Mar 26, 2019 | 2 months | 2.5 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MFLX risk statistics
| Statistic | 3 years | 5 years | 10 years |
|---|---|---|---|
| Annualized return | +4.5% | −1.4% | +1.4% |
| Volatility (annualized) | 6.9% | 9.0% | 8.7% |
| Sharpe ratio | 0.04 | -0.52 | -0.06 |
| Sortino ratio | 0.05 | -0.62 | -0.07 |
| Best month | +5.0% | +5.0% | +6.0% |
| Worst month | −5.0% | −8.1% | −8.1% |
| Best 12 months | +15.2% | +15.2% | +23.8% |
| Worst 12 months | −2.0% | −21.7% | −21.7% |
| Positive months | 64% | 57% | 61% |
| Beta vs S&P 500 | 0.34 | 0.38 | 0.31 |
| Correlation with S&P 500 | 0.62 | 0.66 | 0.54 |
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.
MFLX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 110 | −21.7% | +4.0% | +23.8% | 68% |
| 3-year (a year) | 86 | −3.8% | +2.8% | +10.8% | 66% |
| 5-year (a year) | 62 | −1.4% | +1.5% | +6.6% | 89% |
| 10-year (a year) | 2 | +1.4% | +1.8% | +2.2% | 100% |
Every holding period starting at a month-end since 2016. Returns for 3 years and longer are annualized.
MFLX performance overview
First Trust Flexible Municipal High Income ETF (MFLX) returned −0.7% over the past year and +2.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2016 it has returned +1.7% a year, turning $10,000 into about $11,820. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −26.8%, from Feb 24, 2020 to Mar 18, 2020, and it took 8 months to get back to the old high. MFLX finished 7 of its 9 full calendar years with a gain; the best year was 2019 (+16.9%) and the worst 2022 (−19.9%). Volatility has been 8.7% a year.
Related: MFLX chart, MFLX dividends. See the MFLX overview for the latest quote and fund facts.
MFLX performance FAQ
What is the MFLX return over the past year?
MFLX returned −0.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 5.2%.
What is the average annual return of MFLX?
MFLX has returned −0.7% a year over 5 years, +2.0% a year over 10 years, +1.7% a year since September 29, 2016 (total return, distributions reinvested).
How much would $10,000 invested in MFLX be worth?
$10,000 invested in MFLX at its first recorded close on September 29, 2016 would be worth about $11,820 on October 23, 2026 with distributions reinvested.
What was the worst year for MFLX?
The worst calendar year was 2022, with a total return of −19.9%. The best was 2019 at +16.9%.
What is the biggest drawdown of MFLX?
The largest peak-to-trough decline was −26.8% between February 24, 2020 and March 18, 2020. It recovered to the old high on November 25, 2020, 8 months after the bottom.
How volatile is MFLX?
Over the past 3 years MFLX had an annualized volatility of 6.9% and a Sharpe ratio of 0.04 (excess return over 1–3 month T-bills per unit of risk).