BCD vs. FMUB

Last updated Jun 24, 2026

BCD (abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF) and FMUB (Fidelity Municipal Bond Opportunities ETF) are both exchange-traded funds - BCD is a Commodities fund actively managed by Aberdeen, while FMUB is a Municipal Bonds fund actively managed by Fidelity. Both are actively managed. Over the past year, BCD returned 18.61% vs 6.70% for FMUB. At a correlation of -0.16, they often move in opposite directions. BCD charges 0.29%/yr vs 0.30%/yr for FMUB.

Performance

BCD vs. FMUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) and Fidelity Municipal Bond Opportunities ETF (FMUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCD achieves a 11.14% return, which is significantly higher than FMUB's 2.04% return.

BCD

• 1D: -1.38%
• 1M: -7.90%
• YTD: 11.14%
• 6M: 9.67%
• 1Y: 18.61%
• 3Y*: 10.61%
• 5Y*: 10.63%
• 10Y*: —

FMUB

• 1D: -0.03%
• 1M: 1.37%
• YTD: 2.04%
• 6M: 2.13%
• 1Y: 6.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BCD vs. FMUB - Yearly Performance Comparison

	2026 (YTD)	2025
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF	11.14%	13.01%
FMUB Fidelity Municipal Bond Opportunities ETF	2.04%	4.69%

Correlation

The correlation between BCD and FMUB is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.16

Return for Risk

BCD vs. FMUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BCD

BCD Risk / Return Rank: 39
BCD Sharpe Ratio Rank: 40
BCD Sortino Ratio Rank: 37
BCD Omega Ratio Rank: 39
BCD Calmar Ratio Rank: 35
BCD Martin Ratio Rank: 43

FMUB

FMUB Risk / Return Rank: 77
FMUB Sharpe Ratio Rank: 84
FMUB Sortino Ratio Rank: 87
FMUB Omega Ratio Rank: 90
FMUB Calmar Ratio Rank: 58
FMUB Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BCD vs. FMUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) and Fidelity Municipal Bond Opportunities ETF (FMUB). 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.

	BCD	FMUB	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.54	-1.20
Sortino ratio: Return per unit of downside risk	1.84	3.70	-1.86
Omega ratio: Gain probability vs. loss probability	1.25	1.54	-0.29
Calmar ratio: Return relative to maximum drawdown	1.69	2.70	-1.01
Martin ratio: Return relative to average drawdown	6.74	10.73	-3.99

BCD vs. FMUB - Sharpe Ratio Comparison

The current BCD Sharpe Ratio is 1.34, which is lower than the FMUB Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of BCD and FMUB, 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

BCD vs. FMUB - Drawdown Comparison

The maximum BCD drawdown since its inception was -29.81%, which is greater than FMUB's maximum drawdown of -2.74%. Use the drawdown chart below to compare losses from any high point for BCD and FMUB.

Drawdown Indicators

	BCD	FMUB	Difference
Max Drawdown Largest peak-to-trough decline	-29.81%	-2.74%	-27.07%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-2.49%	-8.55%
Max Drawdown (3Y) Largest decline over 3 years	-11.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.03%	—	—
Current Drawdown Current decline from peak	-11.04%	-0.16%	-10.88%
Average Drawdown Average peak-to-trough decline	-9.84%	-0.47%	-9.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.63%	+2.17%

Volatility

BCD vs. FMUB - Volatility Comparison

abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) has a higher volatility of 3.34% compared to Fidelity Municipal Bond Opportunities ETF (FMUB) at 0.76%. This indicates that BCD's price experiences larger fluctuations and is considered to be riskier than FMUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCD	FMUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	0.76%	+2.58%
Volatility (6M) Calculated over the trailing 6-month period	12.01%	2.05%	+9.96%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	2.66%	+11.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	3.63%	+11.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.90%	3.63%	+10.27%

BCD vs. FMUB - Expense Ratio Comparison

BCD has a 0.29% expense ratio, which is lower than FMUB's 0.30% expense ratio.

Dividends

BCD vs. FMUB - Dividend Comparison

BCD's dividend yield for the trailing twelve months is around 15.49%, more than FMUB's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF	15.49%	17.21%	3.60%	4.51%	5.21%	8.30%	1.29%	1.55%	1.59%	0.07%
FMUB Fidelity Municipal Bond Opportunities ETF	3.42%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCD and FMUB in my portfolio?

BCD and FMUB have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCD or FMUB?

BCD has higher volatility (3.34%) compared to FMUB (0.76%). In terms of maximum drawdown, BCD dropped -29.81% vs FMUB's -2.74%.

Which ETF is better, BCD or FMUB?

On 1-year performance, BCD leads with 18.61% vs 6.70% for FMUB. On fees, BCD is cheaper at 0.29% per year. On volatility, FMUB has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCD or FMUB?

Over the 1-year period, BCD has performed better with a 18.61% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCD or FMUB?

BCD is cheaper with a 0.29% expense ratio, compared with 0.30% for FMUB.

Which ETF pays a higher dividend yield, BCD or FMUB?

BCD has the higher dividend yield at 15.49%, compared with 3.42% for FMUB.

What is the main difference between BCD and FMUB?

BCD is categorized as Commodities, while FMUB is Municipal Bonds. They also come from different issuers: Aberdeen and Fidelity. Their fees differ too: 0.29% for BCD and 0.30% for FMUB.

Which has better risk-adjusted returns?

FMUB currently has the higher Sharpe Ratio (2.54 vs 1.34), 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.