FMF vs. BBSB
FMF (First Trust Managed Futures Strategy Fund) and BBSB (JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF) are both exchange-traded funds - FMF is a Systematic Trend fund actively managed by First Trust, while BBSB is a Government Bonds fund tracking the ICE U.S. Treasury 1-3 Year Bond Index. FMF is actively managed, while BBSB is passively managed. Over the past 3 years, FMF returned 5.10%/yr vs 4.21%/yr for BBSB. Their -0.09 correlation means they have often moved in opposite directions in the past. FMF charges 0.95%/yr vs 0.04%/yr for BBSB.
Performance
FMF vs. BBSB - Performance Comparison
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Returns By Period
In the year-to-date period, FMF achieves a 6.61% return, which is significantly higher than BBSB's 0.83% return.
FMF
- 1D
- -0.90%
- 1M
- 0.55%
- 6M
- 3.51%
- YTD
- 6.61%
- 1Y
- 14.03%
- 3Y*
- 5.10%
- 5Y*
- 4.37%
- 10Y*
- 2.54%
- ALL TIME*
- 1.78%
BBSB
- 1D
- 0.07%
- 1M
- 0.13%
- 6M
- 0.68%
- YTD
- 0.83%
- 1Y
- 2.65%
- 3Y*
- 4.21%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $123.02K | $101.38K | $399.66K | |
| $1.94M | $1.52M | $2.68M |
FMF vs. BBSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FMF First Trust Managed Futures Strategy Fund | 6.61% | 4.54% | 8.17% | -0.89% |
BBSB JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF | 0.83% | 5.12% | 4.00% | 2.56% |
Correlation
The correlation between FMF and BBSB is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023 | -0.09 |
The correlation between FMF and BBSB shifts across timeframes, from -0.23 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMF vs. BBSB — Risk / Return Rank
FMF
BBSB
FMF vs. BBSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Futures Strategy Fund (FMF) and JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (BBSB). 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.
| FMF | BBSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.42 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 3.11 | +0.01 |
| Martin ratioReturn relative to average drawdown | 8.41 | 12.40 | -3.99 |
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Drawdowns
FMF vs. BBSB - Drawdown Comparison
The maximum FMF drawdown since its inception was -22.21%, which is greater than BBSB's maximum drawdown of -1.57%. Use the drawdown chart below to compare losses from any high point for FMF and BBSB.
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Drawdown Indicators
| FMF | BBSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.21% | -1.57% | -20.64% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -0.86% | -3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -7.25% | -0.96% | -6.29% |
Max Drawdown (5Y)Largest decline over 5 years | -14.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -16.89% | — | — |
Current DrawdownCurrent decline from peak | -3.99% | 0.00% | -3.99% |
Average DrawdownAverage peak-to-trough decline | -9.77% | -0.30% | -9.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 0.21% | +1.46% |
Volatility
FMF vs. BBSB - Volatility Comparison
First Trust Managed Futures Strategy Fund (FMF) has a higher volatility of 2.92% compared to JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (BBSB) at 0.35%. This indicates that FMF's price experiences larger fluctuations and is considered to be riskier than BBSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMF | BBSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 0.35% | +2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 7.50% | 0.95% | +6.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.58% | 1.19% | +8.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.74% | 1.65% | +9.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.55% | 1.65% | +9.90% |
FMF vs. BBSB - Expense Ratio Comparison
FMF has a 0.95% expense ratio, which is higher than BBSB's 0.04% expense ratio.
Dividends
FMF vs. BBSB - Dividend Comparison
FMF's dividend yield for the trailing twelve months is around 5.07%, more than BBSB's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BBSB JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF | 3.79% | 3.69% | 4.84% | 3.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FMF First Trust Managed Futures Strategy Fund | 5.07% | 5.60% | 4.85% | 3.09% | 0.41% | 3.29% | 0.02% | 1.05% | 1.56% | 0.82% |
Frequently Asked Questions
FMF and BBSB have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMF has higher volatility (2.92%) compared to BBSB (0.35%). In terms of maximum drawdown, FMF dropped -22.21% vs BBSB's -1.57%.
On 3-year performance, FMF leads with 5.10% vs 4.21% for BBSB. On fees, BBSB is cheaper at 0.04% per year. On volatility, BBSB has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FMF has performed better with a 5.10% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBSB is cheaper with a 0.04% expense ratio, compared with 0.95% for FMF.
FMF has the higher dividend yield at 5.07%, compared with 3.79% for BBSB.
FMF is categorized as Systematic Trend, while BBSB is Government Bonds. They also come from different issuers: First Trust and JPMorgan. Their fees differ too: 0.95% for FMF and 0.04% for BBSB.
BBSB currently has the higher Sharpe Ratio (2.24 vs 1.47), 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.
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