AHLT vs. FMF

Last updated Aug 2, 2026

AHLT (American Beacon AHL Trend ETF) and FMF (First Trust Managed Futures Strategy Fund) are both Systematic Trend funds. Both are actively managed. Over the past year, AHLT returned 37.31% vs 15.06% for FMF. Their 0.55 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

AHLT vs. FMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Beacon AHL Trend ETF (AHLT) and First Trust Managed Futures Strategy Fund (FMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AHLT achieves a 10.23% return, which is significantly higher than FMF's 7.57% return.

AHLT

• 1D: 1.32%
• 1M: 1.33%
• 6M: 2.37%
• YTD: 10.23%
• 1Y: 37.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.99%

FMF

• 1D: 0.30%
• 1M: 1.46%
• 6M: 5.09%
• YTD: 7.57%
• 1Y: 15.06%
• 3Y*: 5.15%
• 5Y*: 4.42%
• 10Y*: 2.77%
• ALL TIME*: 1.85%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AHLT American Beacon AHL Trend ETF	$1.71M	$924.06K	$2.01M
FMF First Trust Managed Futures Strategy Fund	$1.63M	$1.43M	$2.63M

AHLT vs. FMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AHLT American Beacon AHL Trend ETF	10.23%	13.73%	6.08%	-8.42%
FMF First Trust Managed Futures Strategy Fund	7.57%	4.54%	8.17%	-4.10%

Correlation

The correlation between AHLT and FMF is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (All Time) Calculated using the full available price history since Aug 31, 2023	0.55

The correlation between AHLT and FMF has been stable across timeframes, ranging from 0.55 to 0.63 - a consistent structural relationship.

Return for Risk

AHLT vs. FMF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AHLT

AHLT Risk / Return Rank: 88
AHLT Sharpe Ratio Rank: 88
AHLT Sortino Ratio Rank: 83
AHLT Omega Ratio Rank: 86
AHLT Calmar Ratio Rank: 95
AHLT Martin Ratio Rank: 87

FMF

FMF Risk / Return Rank: 71
FMF Sharpe Ratio Rank: 67
FMF Sortino Ratio Rank: 68
FMF Omega Ratio Rank: 65
FMF Calmar Ratio Rank: 85
FMF Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AHLT vs. FMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Beacon AHL Trend ETF (AHLT) and First Trust Managed Futures Strategy Fund (FMF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AHLT	FMF	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.53	+0.57
Sortino ratio: Return per unit of downside risk	2.70	2.22	+0.48
Omega ratio: Gain probability vs. loss probability	1.38	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	5.40	3.23	+2.17
Martin ratio: Return relative to average drawdown	12.73	8.80	+3.93

AHLT vs. FMF - Sharpe Ratio Comparison

The current AHLT Sharpe Ratio is 2.10, which is higher than the FMF Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of AHLT and FMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AHLT vs. FMF - Drawdown Comparison

The maximum AHLT drawdown since its inception was -20.18%, smaller than the maximum FMF drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for AHLT and FMF.

Drawdown Indicators

	AHLT	FMF	Difference
Max Drawdown Largest peak-to-trough decline	-20.18%	-22.21%	+2.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-4.51%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.89%	—
Current Drawdown Current decline from peak	-2.74%	-3.12%	+0.38%
Average Drawdown Average peak-to-trough decline	-9.05%	-9.77%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	1.65%	+1.16%

Volatility

AHLT vs. FMF - Volatility Comparison

American Beacon AHL Trend ETF (AHLT) has a higher volatility of 3.43% compared to First Trust Managed Futures Strategy Fund (FMF) at 3.03%. This indicates that AHLT's price experiences larger fluctuations and is considered to be riskier than FMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AHLT	FMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	3.03%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	11.23%	7.51%	+3.72%
Volatility (1Y) Calculated over the trailing 1-year period	17.07%	9.56%	+7.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	10.73%	+6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.22%	11.55%	+5.67%

AHLT vs. FMF - Expense Ratio Comparison

Both AHLT and FMF have an expense ratio of 0.95%.

Dividends

AHLT vs. FMF - Dividend Comparison

AHLT's dividend yield for the trailing twelve months is around 1.54%, less than FMF's 5.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AHLT American Beacon AHL Trend ETF	1.54%	1.70%	0.00%	3.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMF First Trust Managed Futures Strategy Fund	5.03%	5.60%	4.85%	3.09%	0.41%	3.29%	0.02%	1.05%	1.56%	0.82%

Frequently Asked Questions

Can I hold both AHLT and FMF in my portfolio?

AHLT and FMF have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AHLT or FMF?

AHLT has higher volatility (3.43%) compared to FMF (3.03%). In terms of maximum drawdown, AHLT dropped -20.18% vs FMF's -22.21%.

Which ETF is better, AHLT or FMF?

On 1-year performance, AHLT leads with 37.31% vs 15.06% for FMF. Both ETFs have the same 0.95% expense ratio. On volatility, FMF has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AHLT or FMF?

Over the 1-year period, AHLT has performed better with a 37.31% return vs 15.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AHLT or FMF?

AHLT and FMF have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, AHLT or FMF?

FMF has the higher dividend yield at 5.03%, compared with 1.54% for AHLT.

What is the main difference between AHLT and FMF?

They also come from different issuers: American Beacon and First Trust.

Which has better risk-adjusted returns?

AHLT currently has the higher Sharpe Ratio (2.10 vs 1.53), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.