First Trust Municipal High Income ETF (FMHI) — Stock Correlations & Overview
Over the past year, FMHI has moved most closely with FMB, FCAL, MUB. Explore the stocks most correlated and inversely correlated with FMHI below, along with its price, financials, and company profile.
Stocks correlated with FMHI
Correlation of daily returns. Higher positive values move with FMHI; negative values move opposite it. Informational only, not investment advice.
Most correlated with FMHI
| Symbol | Company | Correlation |
|---|---|---|
| FMB | First Trust Managed Municipal ETF | 0.95 |
| FCAL | First Trust California Municipal High income ETF | 0.87 |
| MUB | iShares National Muni Bond ETF | 0.83 |
| VTEL | Vanguard Long-Term Tax-Exempt Bond ETF | 0.82 |
| NYF | iShares New York Muni Bond ETF | 0.82 |
Most inversely correlated with FMHI
| Symbol | Company | Correlation |
|---|---|---|
| PST | ProShares Trust UltraShort Lehman 7-10 Year Treasury | -0.61 |
| TYO | Direxion Daily 7-10 Year Treasury Bear 3X ETF | -0.61 |
| TMV | Direxion Daily 20+ Year Treasury Bear 3X ETF | -0.60 |
| TBT | ProShares Trust UltraShort Lehman 20+ Year Treasury | -0.59 |
| TBX | ProShares Short 7-10 Year Treasury | -0.59 |
Frequently asked questions about FMHI correlations
- Which stocks are most correlated with FMHI?
- Based on one year of daily returns, the stocks most correlated with First Trust Municipal High Income ETF (FMHI) are FMB (0.95), FCAL (0.87) and MUB (0.83). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with FMHI?
- Over the past year, the stocks most inversely correlated with First Trust Municipal High Income ETF (FMHI) are PST (-0.61), TYO (-0.61) and TMV (-0.60). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these FMHI correlations calculated?
- We compute the correlation of daily returns between FMHI and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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