FMB vs. HMOP

Last updated Jun 23, 2026

FMB (First Trust Managed Municipal ETF) and HMOP (Hartford Municipal Opportunities ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, FMB returned 0.78%/yr vs 1.40%/yr for HMOP. A 0.64 correlation means they provide meaningful diversification when combined. FMB charges 0.50%/yr vs 0.29%/yr for HMOP.

Performance

FMB vs. HMOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Managed Municipal ETF (FMB) and Hartford Municipal Opportunities ETF (HMOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMB achieves a 2.04% return, which is significantly higher than HMOP's 1.68% return.

FMB

• 1D: 0.00%
• 1M: 1.42%
• YTD: 2.04%
• 6M: 2.15%
• 1Y: 6.92%
• 3Y*: 3.74%
• 5Y*: 0.78%
• 10Y*: 2.20%

HMOP

• 1D: 0.36%
• 1M: 1.15%
• YTD: 1.68%
• 6M: 1.82%
• 1Y: 6.16%
• 3Y*: 4.32%
• 5Y*: 1.40%
• 10Y*: —

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

FMB vs. HMOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMB First Trust Managed Municipal ETF	2.04%	3.73%	1.94%	6.31%	-9.91%	2.43%	4.44%	8.25%	0.89%	0.30%
HMOP Hartford Municipal Opportunities ETF	1.68%	4.70%	2.52%	6.83%	-8.37%	1.80%	5.52%	7.77%	1.59%	0.05%

Correlation

The correlation between FMB and HMOP is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Dec 14, 2017	0.64

The correlation between FMB and HMOP shifts across timeframes, from 0.56 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMB vs. HMOP — Risk / Return Rank

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

FMB

FMB Risk / Return Rank: 74
FMB Sharpe Ratio Rank: 85
FMB Sortino Ratio Rank: 88
FMB Omega Ratio Rank: 92
FMB Calmar Ratio Rank: 53
FMB Martin Ratio Rank: 54

HMOP

HMOP Risk / Return Rank: 67
HMOP Sharpe Ratio Rank: 77
HMOP Sortino Ratio Rank: 82
HMOP Omega Ratio Rank: 84
HMOP Calmar Ratio Rank: 48
HMOP Martin Ratio Rank: 45

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.

FMB vs. HMOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Municipal ETF (FMB) and Hartford Municipal Opportunities ETF (HMOP). 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.

	FMB	HMOP	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.36	+0.28
Sortino ratio: Return per unit of downside risk	3.85	3.48	+0.37
Omega ratio: Gain probability vs. loss probability	1.59	1.49	+0.10
Calmar ratio: Return relative to maximum drawdown	2.54	2.29	+0.25
Martin ratio: Return relative to average drawdown	9.06	7.28	+1.79

FMB vs. HMOP - Sharpe Ratio Comparison

The current FMB Sharpe Ratio is 2.64, which is comparable to the HMOP Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of FMB and HMOP, 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

FMB vs. HMOP - Drawdown Comparison

The maximum FMB drawdown since its inception was -14.16%, which is greater than HMOP's maximum drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for FMB and HMOP.

Drawdown Indicators

	FMB	HMOP	Difference
Max Drawdown Largest peak-to-trough decline	-14.16%	-13.12%	-1.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-2.70%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.76%	-4.81%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-14.16%	-13.12%	-1.04%
Max Drawdown (10Y) Largest decline over 10 years	-14.16%	—	—
Current Drawdown Current decline from peak	-0.24%	-0.64%	+0.40%
Average Drawdown Average peak-to-trough decline	-2.60%	-2.46%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	0.85%	-0.09%

Volatility

FMB vs. HMOP - Volatility Comparison

First Trust Managed Municipal ETF (FMB) and Hartford Municipal Opportunities ETF (HMOP) have volatilities of 0.73% and 0.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMB	HMOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.74%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	1.83%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	2.63%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.71%	3.87%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	4.25%	+0.30%

FMB vs. HMOP - Expense Ratio Comparison

FMB has a 0.50% expense ratio, which is higher than HMOP's 0.29% expense ratio.

Dividends

FMB vs. HMOP - Dividend Comparison

FMB's dividend yield for the trailing twelve months is around 3.49%, more than HMOP's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMB First Trust Managed Municipal ETF	3.49%	3.37%	3.22%	2.98%	2.47%	1.96%	2.19%	2.47%	2.58%	2.49%	2.93%	3.07%
HMOP Hartford Municipal Opportunities ETF	3.45%	3.40%	3.22%	2.92%	2.12%	1.67%	5.26%	2.87%	2.27%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMB and HMOP in my portfolio?

FMB and HMOP have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMB or HMOP?

HMOP has higher volatility (0.74%) compared to FMB (0.73%). In terms of maximum drawdown, FMB dropped -14.16% vs HMOP's -13.12%.

Which ETF is better, FMB or HMOP?

On 5-year performance, HMOP leads with 1.40% vs 0.78% for FMB. On fees, HMOP is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMB or HMOP?

Over the 5-year period, HMOP has performed better with a 1.40% return vs 0.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMB or HMOP?

HMOP is cheaper with a 0.29% expense ratio, compared with 0.50% for FMB.

Which ETF pays a higher dividend yield, FMB or HMOP?

FMB has the higher dividend yield at 3.49%, compared with 3.45% for HMOP.

What is the main difference between FMB and HMOP?

They also come from different issuers: First Trust and Hartford. Their fees differ too: 0.50% for FMB and 0.29% for HMOP.

Which has better risk-adjusted returns?

FMB currently has the higher Sharpe Ratio (2.64 vs 2.36), 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.