FMF vs. FLDB
FMF (First Trust Managed Futures Strategy Fund) and FLDB (Fidelity Low Duration Bond ETF) are both exchange-traded funds - FMF is a Hedge Fund fund actively managed by First Trust, while FLDB is a Short-Term Bond fund actively managed by Fidelity. Both are actively managed. Over the past year, FMF returned 22.22% vs 4.19% for FLDB. At a correlation of -0.04, they often move in opposite directions. FMF charges 0.95%/yr vs 0.20%/yr for FLDB.
Performance
FMF vs. FLDB - Performance Comparison
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Returns By Period
In the year-to-date period, FMF achieves a 10.96% return, which is significantly higher than FLDB's 1.28% return.
FMF
- 1D
- 0.33%
- 1M
- 1.08%
- YTD
- 10.96%
- 6M
- 11.47%
- 1Y
- 22.22%
- 3Y*
- 6.78%
- 5Y*
- 4.62%
- 10Y*
- 3.17%
FLDB
- 1D
- -0.13%
- 1M
- 0.19%
- YTD
- 1.28%
- 6M
- 1.64%
- 1Y
- 4.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMF vs. FLDB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FMF First Trust Managed Futures Strategy Fund | 10.96% | 4.54% | -0.39% |
FLDB Fidelity Low Duration Bond ETF | 1.28% | 4.93% | 4.29% |
Correlation
The correlation between FMF and FLDB is -0.19, 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 | -0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2024 | -0.04 |
The correlation between FMF and FLDB shifts across timeframes, from -0.19 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMF vs. FLDB — Risk / Return Rank
FMF
FLDB
FMF vs. FLDB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Futures Strategy Fund (FMF) and Fidelity Low Duration Bond ETF (FLDB). 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.
| FMF | FLDB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -5.12 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 2.11 | -0.70 |
| Calmar ratioReturn relative to maximum drawdown | 6.52 | 25.08 | -18.56 |
| Martin ratioReturn relative to average drawdown | 18.49 | 93.63 | -75.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMF | FLDB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.31 | 4.67 | -2.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 3.56 | -3.39 |
Drawdowns
FMF vs. FLDB - Drawdown Comparison
The maximum FMF drawdown since its inception was -22.21%, which is greater than FLDB's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for FMF and FLDB.
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Drawdown Indicators
| FMF | FLDB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.21% | -0.49% | -21.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -0.17% | -3.25% |
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 DrawdownCurrent decline from peak | -0.07% | -0.13% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -9.86% | -0.05% | -9.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 0.04% | +1.16% |
Volatility
FMF vs. FLDB - Volatility Comparison
First Trust Managed Futures Strategy Fund (FMF) has a higher volatility of 1.89% compared to Fidelity Low Duration Bond ETF (FLDB) at 0.34%. This indicates that FMF's price experiences larger fluctuations and is considered to be riskier than FLDB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMF | FLDB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 0.34% | +1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 7.11% | 0.61% | +6.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.66% | 0.91% | +8.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.74% | 1.31% | +9.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 1.31% | +10.41% |
FMF vs. FLDB - Expense Ratio Comparison
FMF has a 0.95% expense ratio, which is higher than FLDB's 0.20% expense ratio.
Dividends
FMF vs. FLDB - Dividend Comparison
FMF's dividend yield for the trailing twelve months is around 4.96%, more than FLDB's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLDB Fidelity Low Duration Bond ETF | 4.45% | 4.72% | 3.58% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FMF First Trust Managed Futures Strategy Fund | 4.96% | 5.60% | 4.85% | 3.09% | 0.41% | 3.29% | 0.02% | 1.05% | 1.56% | 0.82% |
Frequently Asked Questions
FMF and FLDB have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMF has higher volatility (1.89%) compared to FLDB (0.34%). In terms of maximum drawdown, FMF dropped -22.21% vs FLDB's -0.49%.
On 1-year performance, FMF leads with 22.22% vs 4.19% for FLDB. On fees, FLDB is cheaper at 0.20% per year. On volatility, FLDB has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FMF has performed better with a 22.22% return vs 4.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLDB is cheaper with a 0.20% expense ratio, compared with 0.95% for FMF.
FMF has the higher dividend yield at 4.96%, compared with 4.45% for FLDB.
FMF is categorized as Hedge Fund, while FLDB is Short-Term Bond. They also come from different issuers: First Trust and Fidelity. Their fees differ too: 0.95% for FMF and 0.20% for FLDB.
FLDB currently has the higher Sharpe Ratio (4.67 vs 2.31), 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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