FCLO vs. FUMB

Last updated Jun 25, 2026

FCLO (Fidelity CLO ETF) and FUMB (First Trust Ultra Short Duration Municipal ETF) are both exchange-traded funds - FCLO is a CLO fund actively managed by Fidelity, while FUMB is a Municipal Bonds fund actively managed by First Trust. Both are actively managed. At a correlation of -0.14, they often move in opposite directions. Both charge a 0.45% expense ratio.

Performance

FCLO vs. FUMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity CLO ETF (FCLO) and First Trust Ultra Short Duration Municipal ETF (FUMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FCLO

• 1D: 0.02%
• 1M: 0.36%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FUMB

• 1D: 0.05%
• 1M: 0.35%
• YTD: 1.35%
• 6M: 1.27%
• 1Y: 2.68%
• 3Y*: 2.99%
• 5Y*: 2.01%
• 10Y*: —

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

FCLO vs. FUMB - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	1.87%
FUMB First Trust Ultra Short Duration Municipal ETF	0.77%

Correlation

The correlation between FCLO and FUMB is -0.14, 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 (All Time) Calculated using the full available price history since Feb 12, 2026	-0.14

Return for Risk

FCLO vs. FUMB — Risk / Return Rank

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

FCLO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FUMB

FUMB Risk / Return Rank: 97
FUMB Sharpe Ratio Rank: 95
FUMB Sortino Ratio Rank: 97
FUMB Omega Ratio Rank: 96
FUMB Calmar Ratio Rank: 98
FUMB Martin Ratio Rank: 98

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.

FCLO vs. FUMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity CLO ETF (FCLO) and First Trust Ultra Short Duration Municipal ETF (FUMB). 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.

	FCLO	FUMB	Difference
Sharpe ratio: Return per unit of total volatility	—	3.44	—
Sortino ratio: Return per unit of downside risk	—	5.42	—
Omega ratio: Gain probability vs. loss probability	—	1.78	—
Calmar ratio: Return relative to maximum drawdown	—	12.29	—
Martin ratio: Return relative to average drawdown	—	45.97	—

Drawdowns

FCLO vs. FUMB - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, smaller than the maximum FUMB drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for FCLO and FUMB.

Drawdown Indicators

	FCLO	FUMB	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-2.68%	+2.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.22%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.60%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.25%	—
Current Drawdown Current decline from peak	-0.06%	-0.05%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.19%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.06%	—

Volatility

Volatility by Period

	FCLO	FUMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.35%	0.78%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.35%	1.17%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.35%	1.76%	-0.41%

FCLO vs. FUMB - Expense Ratio Comparison

Both FCLO and FUMB have an expense ratio of 0.45%.

Dividends

FCLO vs. FUMB - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 1.56%, less than FUMB's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FCLO Fidelity CLO ETF	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FUMB First Trust Ultra Short Duration Municipal ETF	2.79%	2.90%	2.86%	2.24%	1.02%	0.43%	0.94%	1.74%	0.15%

Frequently Asked Questions

Can I hold both FCLO and FUMB in my portfolio?

FCLO and FUMB have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCLO or FUMB?

Both ETFs have the same 0.45% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCLO or FUMB?

FCLO and FUMB have the same expense ratio: 0.45% per year.

Which ETF pays a higher dividend yield, FCLO or FUMB?

FUMB has the higher dividend yield at 2.79%, compared with 1.56% for FCLO.

What is the main difference between FCLO and FUMB?

FCLO is categorized as CLO, while FUMB is Municipal Bonds. They also come from different issuers: Fidelity and First Trust.