FMF vs. QQQH
FMF (First Trust Managed Futures Strategy Fund) and QQQH (NEOS Nasdaq-100 Hedged Equity Income ETF) are both exchange-traded funds - FMF is a Hedge Fund fund actively managed by First Trust, while QQQH is a Nasdaq-100 fund managed by Neos. Over the past 5 years, FMF returned 4.62%/yr vs 9.42%/yr for QQQH. At a 0.10 correlation, their price movements are largely independent. FMF charges 0.95%/yr vs 0.68%/yr for QQQH.
Performance
FMF vs. QQQH - 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 QQQH's 7.91% 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%
QQQH
- 1D
- -0.02%
- 1M
- 4.93%
- YTD
- 7.91%
- 6M
- 7.82%
- 1Y
- 20.09%
- 3Y*
- 20.71%
- 5Y*
- 9.42%
- 10Y*
- —
FMF vs. QQQH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FMF First Trust Managed Futures Strategy Fund | 10.96% | 4.54% | 8.17% | -0.18% | 5.24% | 3.57% | 5.69% | -0.05% |
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF | 7.91% | 14.17% | 25.98% | 30.96% | -28.35% | 9.76% | 18.62% | 0.31% |
Correlation
The correlation between FMF and QQQH is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019 | 0.10 |
The correlation between FMF and QQQH shifts across timeframes, from 0.06 (5 years) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FMF vs. QQQH — Risk / Return Rank
FMF
QQQH
FMF vs. QQQH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Futures Strategy Fund (FMF) and NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH). 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 | QQQH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.39 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 6.52 | 2.90 | +3.62 |
| Martin ratioReturn relative to average drawdown | 18.49 | 12.60 | +5.88 |
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 | QQQH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.31 | 2.09 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.72 | -0.29 |
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 | 0.79 | -0.62 |
Drawdowns
FMF vs. QQQH - Drawdown Comparison
The maximum FMF drawdown since its inception was -22.21%, smaller than the maximum QQQH drawdown of -31.24%. Use the drawdown chart below to compare losses from any high point for FMF and QQQH.
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Drawdown Indicators
| FMF | QQQH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.21% | -31.24% | +9.03% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -6.96% | +3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -7.25% | -15.18% | +7.93% |
Max Drawdown (5Y)Largest decline over 5 years | -14.98% | -31.24% | +16.26% |
Max Drawdown (10Y)Largest decline over 10 years | -16.89% | — | — |
Current DrawdownCurrent decline from peak | -0.07% | -0.02% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -9.86% | -8.27% | -1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.60% | -0.40% |
Volatility
FMF vs. QQQH - Volatility Comparison
First Trust Managed Futures Strategy Fund (FMF) has a higher volatility of 1.89% compared to NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) at 1.73%. This indicates that FMF's price experiences larger fluctuations and is considered to be riskier than QQQH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMF | QQQH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 1.73% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 7.11% | 7.34% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.66% | 9.67% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.74% | 13.20% | -2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 13.37% | -1.65% |
FMF vs. QQQH - Expense Ratio Comparison
FMF has a 0.95% expense ratio, which is higher than QQQH's 0.68% expense ratio.
Dividends
FMF vs. QQQH - Dividend Comparison
FMF's dividend yield for the trailing twelve months is around 4.96%, less than QQQH's 8.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF | 8.74% | 8.86% | 7.53% | 7.18% | 9.05% | 7.77% | 7.48% | 0.65% | 0.00% | 0.00% |
Frequently Asked Questions
FMF and QQQH have a correlation of 0.20, 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 QQQH (1.73%). In terms of maximum drawdown, FMF dropped -22.21% vs QQQH's -31.24%.
On 5-year performance, QQQH leads with 9.42% vs 4.62% for FMF. On fees, QQQH is cheaper at 0.68% per year. On volatility, QQQH has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QQQH has performed better with a 9.42% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQH is cheaper with a 0.68% expense ratio, compared with 0.95% for FMF.
QQQH has the higher dividend yield at 8.74%, compared with 4.96% for FMF.
FMF is categorized as Hedge Fund, while QQQH is Nasdaq-100. They also come from different issuers: First Trust and Neos. Their fees differ too: 0.95% for FMF and 0.68% for QQQH.
FMF currently has the higher Sharpe Ratio (2.31 vs 2.09), 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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