FMB vs NMZ

Comparison between FIRST TRUST MANAGED MUNICIPAL ETF (FMB, ETF) and Nuveen Municipal High Income Opportunity Fund (NMZ, ETF).

5-Year PerformanceFMB has outperformed NMZ, delivering a return of +0.4% compared to -1.7%

FMB vs NMZ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	FMB(ETF)	NMZ(ETF)
Net Assets	$2.10B	$2.20B
Expense Ratio	0.39%	N/A
Max Drawdown	16.84%	63.45%
Sharpe Ratio	0.61	0.68
5Y Beta	0.02	0.23
5Y Dividends CAGR	9.03%	2.41%

Net Assets

FMB

$2.10B

Winner

NMZ

$2.20B

Expense Ratio

FMB

0.39%

NMZ

N/A

Max Drawdown

Winner

FMB

16.84%

NMZ

63.45%

Sharpe Ratio

FMB

0.61

Winner

NMZ

0.68

5Y Beta

Winner

FMB

0.02

NMZ

0.23

5Y Dividends CAGR

Winner

FMB

9.03%

NMZ

2.41%

FMB vs NMZ - Historical Returns

Returns include dividend reinvestment.

Period	FMB	NMZ
1 month	-1.00%	-1.48%
3 months	-0.19%	+2.52%
6 months	-0.10%	+1.39%
1 year	+5.36%	+10.50%
5 years(CAGR)	+0.43%	-1.74%
10 years(CAGR)	+2.12%	+2.13%
Max(CAGR)	+2.87%	+4.98%

Winner

FMB

-1.00%

NMZ

-1.48%

FMB

-0.19%

Winner

NMZ

+2.52%

FMB

-0.10%

Winner

NMZ

+1.39%

FMB

+5.36%

Winner

NMZ

+10.50%

5Y(CAGR)

Winner

FMB

+0.43%

NMZ

-1.74%

10Y(CAGR)

FMB

+2.12%

Winner

NMZ

+2.13%

Max(CAGR)

FMB

+2.87%

Winner

NMZ

+4.98%

FMB vs NMZ - Annual Returns (2003 - 2026)

Returns include dividend reinvestment.

Year	FMB	NMZ
2026	+1.00%	+5.43%
2025	+3.55%	+0.23%
2024	+2.11%	+15.82%
2023	+6.09%	-1.16%
2022	-9.81%	-27.24%
2021	+2.41%	+12.04%
2020	+4.36%	+7.47%
2019	+8.01%	+25.87%
2018	+1.23%	-9.94%
2017	+7.24%	+12.41%
2016	+1.40%	-1.39%
2015	+4.50%	+9.91%
2014	+4.26%	+19.39%
2013	N/A	-9.82%
2012	N/A	+23.60%
2011	N/A	+15.64%
2010	N/A	-0.99%
2009	N/A	+49.88%
2008	N/A	-35.08%
2007	N/A	-8.16%
2006	N/A	+16.86%
2005	N/A	+14.20%
2004	N/A	+9.13%
2003	N/A	+0.00%

FMB vs NMZ Drawdown Comparison

The maximum drawdown for FMB was -14.16%, occurring on Oct 26, 2022. Recovery took 1067 trading sessions.

The maximum drawdown for NMZ was -58.44%, occurring on Dec 16, 2008. Recovery took 1179 trading sessions.

The current FMB drawdown is -1.31%. The current NMZ drawdown is -10.39%.

Rank	FMB	NMZ
#1	-14.16% Jul 19, 2021 - Oct 16, 2025	-58.44% May 11, 2007 - Jan 13, 2012
#2	-13.92% Mar 6, 2020 - Dec 3, 2020	-40.01% Jul 13, 2021 - Oct 27, 2023
#3	-6.01% Sep 7, 2016 - Jun 6, 2017	-32.56% Feb 20, 2020 - Dec 30, 2020
#4	-2.73% Feb 27, 2026 - Jun 29, 2026	-22.40% Jan 24, 2013 - May 13, 2014
#5	-2.10% Feb 10, 2021 - May 25, 2021	-15.03% Jul 8, 2016 - Mar 8, 2019
#6	-2.03% Jul 6, 2026 - Jul 23, 2026	-12.78% Mar 17, 2004 - Oct 14, 2004
#7	-2.01% Aug 15, 2018 - Dec 7, 2018	-6.78% Feb 2, 2015 - Sep 22, 2015
#8	-2.00% Apr 14, 2015 - Oct 7, 2015	-5.68% Feb 2, 2012 - Mar 28, 2012
#9	-1.96% Dec 6, 2017 - Jul 13, 2018	-5.52% Feb 11, 2021 - Apr 13, 2021
#10	-1.59% Jan 28, 2015 - Mar 19, 2015	-5.15% Jun 2, 2006 - Aug 8, 2006
#11	-1.51% Oct 30, 2014 - Dec 12, 2014	-5.05% Aug 12, 2019 - Nov 11, 2019
#12	-1.48% Sep 3, 2019 - Oct 8, 2019	-4.75% Nov 1, 2012 - Dec 5, 2012
#13	-1.34% Oct 8, 2019 - Jan 3, 2020	-4.52% May 28, 2014 - Oct 20, 2014
#14	-1.20% May 16, 2014 - Jun 26, 2014	-4.47% Dec 13, 2012 - Jan 4, 2013
#15	-1.16% Jun 26, 2014 - Jul 28, 2014	-4.05% Jul 31, 2012 - Sep 18, 2012

Correlation

Correlation between FMB and NMZ is 0.93 which considered as a very strong positive correlation - the stocks move almost identically together.

0.93

-101

Dividend Comparison (2004 - 2026)

FMB vs NMZ dividend yield comparison.

Year	FMB	NMZ
2026	2.15%	4.46%
2025	3.37%	7.71%
2024	3.22%	6.35%
2023	2.98%	5.44%
2022	2.47%	7.04%
2021	1.96%	5.10%
2020	2.19%	5.09%
2019	2.47%	4.99%
2018	2.58%	6.15%
2017	2.49%	5.94%
2016	2.93%	6.94%
2015	3.07%	6.67%
2014	1.70%	6.88%
2013	0.00%	6.73%
2012	0.00%	5.72%
2011	0.00%	7.98%
2010	0.00%	8.75%
2009	0.00%	7.32%
2008	0.00%	11.33%
2007	0.00%	7.15%
2006	0.00%	5.82%
2005	0.00%	6.63%
2004	0.00%	7.44%