FMF vs. QCLR

Last updated Jun 24, 2026

FMF (First Trust Managed Futures Strategy Fund) and QCLR (Global X NASDAQ 100 Collar 95-110 ETF) are both exchange-traded funds - FMF is a Hedge Fund fund actively managed by First Trust, while QCLR is a Nasdaq-100 fund tracking the NASDAQ-100 Quarterly Collar 95-110 Index. FMF is actively managed, while QCLR is passively managed. Over the past 3 years, FMF returned 6.41%/yr vs 13.86%/yr for QCLR. At a 0.06 correlation, their price movements are largely independent. FMF charges 0.95%/yr vs 0.60%/yr for QCLR.

Performance

FMF vs. QCLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Managed Futures Strategy Fund (FMF) and Global X NASDAQ 100 Collar 95-110 ETF (QCLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMF achieves a 7.37% return, which is significantly higher than QCLR's 0.21% return.

FMF

• 1D: -1.16%
• 1M: -3.03%
• YTD: 7.37%
• 6M: 7.60%
• 1Y: 18.26%
• 3Y*: 6.41%
• 5Y*: 4.13%
• 10Y*: 2.81%

QCLR

• 1D: -1.44%
• 1M: -0.86%
• YTD: 0.21%
• 6M: -0.60%
• 1Y: 9.10%
• 3Y*: 13.86%
• 5Y*: —
• 10Y*: —

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

FMF vs. QCLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMF First Trust Managed Futures Strategy Fund	7.37%	4.54%	8.17%	-0.18%	5.24%	-1.85%
QCLR Global X NASDAQ 100 Collar 95-110 ETF	0.21%	11.27%	20.27%	28.87%	-18.87%	2.29%

Correlation

The correlation between FMF and QCLR is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	0.06

The correlation between FMF and QCLR shifts across timeframes, from 0.06 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FMF vs. QCLR — Risk / Return Rank

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

FMF

FMF Risk / Return Rank: 70
FMF Sharpe Ratio Rank: 60
FMF Sortino Ratio Rank: 63
FMF Omega Ratio Rank: 58
FMF Calmar Ratio Rank: 90
FMF Martin Ratio Rank: 79

QCLR

QCLR Risk / Return Rank: 25
QCLR Sharpe Ratio Rank: 27
QCLR Sortino Ratio Rank: 25
QCLR Omega Ratio Rank: 27
QCLR Calmar Ratio Rank: 21
QCLR Martin Ratio Rank: 25

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.

FMF vs. QCLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Futures Strategy Fund (FMF) and Global X NASDAQ 100 Collar 95-110 ETF (QCLR). 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	QCLR	Difference
Sharpe ratio: Return per unit of total volatility	1.90	0.95	+0.96
Sortino ratio: Return per unit of downside risk	2.75	1.30	+1.45
Omega ratio: Gain probability vs. loss probability	1.34	1.18	+0.16
Calmar ratio: Return relative to maximum drawdown	5.36	0.89	+4.47
Martin ratio: Return relative to average drawdown	14.57	3.21	+11.36

FMF vs. QCLR - Sharpe Ratio Comparison

The current FMF Sharpe Ratio is 1.90, which is higher than the QCLR Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of FMF and QCLR, 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

FMF vs. QCLR - Drawdown Comparison

The maximum FMF drawdown since its inception was -22.21%, roughly equal to the maximum QCLR drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for FMF and QCLR.

Drawdown Indicators

	FMF	QCLR	Difference
Max Drawdown Largest peak-to-trough decline	-22.21%	-21.77%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-10.22%	+6.80%
Max Drawdown (3Y) Largest decline over 3 years	-7.25%	-13.58%	+6.33%
Max Drawdown (5Y) Largest decline over 5 years	-14.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.89%	—	—
Current Drawdown Current decline from peak	-3.30%	-2.05%	-1.25%
Average Drawdown Average peak-to-trough decline	-9.83%	-6.14%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	2.84%	-1.58%

Volatility

FMF vs. QCLR - Volatility Comparison

First Trust Managed Futures Strategy Fund (FMF) has a higher volatility of 2.64% compared to Global X NASDAQ 100 Collar 95-110 ETF (QCLR) at 1.58%. This indicates that FMF's price experiences larger fluctuations and is considered to be riskier than QCLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMF	QCLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	1.58%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	7.32%	6.59%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	9.64%	9.68%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.75%	12.38%	-1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.66%	12.38%	-0.72%

FMF vs. QCLR - Expense Ratio Comparison

FMF has a 0.95% expense ratio, which is higher than QCLR's 0.60% expense ratio.

Dividends

FMF vs. QCLR - Dividend Comparison

FMF's dividend yield for the trailing twelve months is around 5.12%, less than QCLR's 14.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMF First Trust Managed Futures Strategy Fund	5.12%	5.60%	4.85%	3.09%	0.41%	3.29%	0.02%	1.05%	1.56%	0.82%
QCLR Global X NASDAQ 100 Collar 95-110 ETF	14.86%	14.89%	8.89%	0.47%	0.27%	1.64%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMF and QCLR in my portfolio?

FMF and QCLR have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMF or QCLR?

FMF has higher volatility (2.64%) compared to QCLR (1.58%). In terms of maximum drawdown, FMF dropped -22.21% vs QCLR's -21.77%.

Which ETF is better, FMF or QCLR?

On 3-year performance, QCLR leads with 13.86% vs 6.41% for FMF. On fees, QCLR is cheaper at 0.60% per year. On volatility, QCLR has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMF or QCLR?

Over the 3-year period, QCLR has performed better with a 13.86% return vs 6.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMF or QCLR?

QCLR is cheaper with a 0.60% expense ratio, compared with 0.95% for FMF.

Which ETF pays a higher dividend yield, FMF or QCLR?

QCLR has the higher dividend yield at 14.86%, compared with 5.12% for FMF.

What is the main difference between FMF and QCLR?

FMF is categorized as Hedge Fund, while QCLR is Nasdaq-100. They also come from different issuers: First Trust and Global X. Their fees differ too: 0.95% for FMF and 0.60% for QCLR.

Which has better risk-adjusted returns?

FMF currently has the higher Sharpe Ratio (1.90 vs 0.95), 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.