First Trust New York Municipal High Income ETF (FMNY) — Stock Correlations & Overview
Over the past year, FMNY has moved most closely with FMB, FMHI, FCAL. Explore the stocks most correlated and inversely correlated with FMNY below, along with its price, financials, and company profile.
Stocks correlated with FMNY
Correlation of daily returns. Higher positive values move with FMNY; negative values move opposite it. Informational only, not investment advice.
Most correlated with FMNY
| Symbol | Company | Correlation |
|---|---|---|
| FMB | First Trust Managed Municipal ETF | 0.72 |
| FMHI | First Trust Municipal High Income ETF | 0.71 |
| FCAL | First Trust California Municipal High income ETF | 0.64 |
| CGHM | Capital Group Municipal High-Income ETF | 0.63 |
| EVIM | Eaton Vance Intermediate Municipal Income ETF | 0.62 |
Most inversely correlated with FMNY
| Symbol | Company | Correlation |
|---|---|---|
| PFIX | Simplify Interest Rate Hedge ETF | -0.43 |
| TMV | Direxion Daily 20+ Year Treasury Bear 3X ETF | -0.41 |
| TYO | Direxion Daily 7-10 Year Treasury Bear 3X ETF | -0.40 |
| TBF | ProShares Short 20+ Year Treasury ETF | -0.39 |
| TBT | ProShares Trust UltraShort Lehman 20+ Year Treasury | -0.39 |
Frequently asked questions about FMNY correlations
- Which stocks are most correlated with FMNY?
- Based on one year of daily returns, the stocks most correlated with First Trust New York Municipal High Income ETF (FMNY) are FMB (0.72), FMHI (0.71) and FCAL (0.64). 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 FMNY?
- Over the past year, the stocks most inversely correlated with First Trust New York Municipal High Income ETF (FMNY) are PFIX (-0.43), TMV (-0.41) and TYO (-0.40). 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 FMNY correlations calculated?
- We compute the correlation of daily returns between FMNY 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.
Charts and financial information provided by TradingView, a popular charting & trading platform. Check out even more advanced features or grab charts for your website.