FMF vs. RSBT

Last updated Jun 4, 2026

FMF (First Trust Managed Futures Strategy Fund) and RSBT (Return Stacked Bonds & Managed Futures ETF) are both exchange-traded funds - FMF is a Hedge Fund fund actively managed by First Trust, while RSBT is a Nontraditional Bonds fund actively managed by Return Stacked. Both are actively managed. Over the past 3 years, FMF returned 6.78%/yr vs 4.98%/yr for RSBT. At a 0.43 correlation, their price movements are largely independent. FMF charges 0.95%/yr vs 0.97%/yr for RSBT.

Performance

FMF vs. RSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Managed Futures Strategy Fund (FMF) and Return Stacked Bonds & Managed Futures ETF (RSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FMF having a 10.96% return and RSBT slightly lower at 10.49%.

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%

RSBT

• 1D: -0.15%
• 1M: 3.56%
• YTD: 10.49%
• 6M: 12.19%
• 1Y: 28.83%
• 3Y*: 4.98%
• 5Y*: —
• 10Y*: —

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

FMF vs. RSBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMF First Trust Managed Futures Strategy Fund	10.96%	4.54%	8.17%	0.91%
RSBT Return Stacked Bonds & Managed Futures ETF	10.49%	10.31%	-2.90%	-11.91%

Correlation

The correlation between FMF and RSBT is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Feb 9, 2023	0.43

Return for Risk

FMF vs. RSBT — Risk / Return Rank

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

FMF

FMF Risk / Return Rank: 78
FMF Sharpe Ratio Rank: 70
FMF Sortino Ratio Rank: 72
FMF Omega Ratio Rank: 68
FMF Calmar Ratio Rank: 93
FMF Martin Ratio Rank: 86

RSBT

RSBT Risk / Return Rank: 66
RSBT Sharpe Ratio Rank: 61
RSBT Sortino Ratio Rank: 56
RSBT Omega Ratio Rank: 61
RSBT Calmar Ratio Rank: 84
RSBT Martin Ratio Rank: 66

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. RSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Futures Strategy Fund (FMF) and Return Stacked Bonds & Managed Futures ETF (RSBT). 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	RSBT	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.07	+0.24
Sortino ratio: Return per unit of downside risk	3.31	2.69	+0.62
Omega ratio: Gain probability vs. loss probability	1.42	1.38	+0.04
Calmar ratio: Return relative to maximum drawdown	6.52	4.58	+1.94
Martin ratio: Return relative to average drawdown	18.49	12.25	+6.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMF vs. RSBT - Sharpe Ratio Comparison

The current FMF Sharpe Ratio is 2.31, which is comparable to the RSBT Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of FMF and RSBT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMF	RSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.07	+0.24
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	0.09	+0.08

Drawdowns

FMF vs. RSBT - Drawdown Comparison

The maximum FMF drawdown since its inception was -22.21%, smaller than the maximum RSBT drawdown of -23.60%. Use the drawdown chart below to compare losses from any high point for FMF and RSBT.

Drawdown Indicators

	FMF	RSBT	Difference
Max Drawdown Largest peak-to-trough decline	-22.21%	-23.60%	+1.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-6.33%	+2.91%
Max Drawdown (3Y) Largest decline over 3 years	-7.25%	-18.98%	+11.73%
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	-0.07%	-0.15%	+0.08%
Average Drawdown Average peak-to-trough decline	-9.86%	-12.64%	+2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	2.36%	-1.16%

Volatility

FMF vs. RSBT - Volatility Comparison

The current volatility for First Trust Managed Futures Strategy Fund (FMF) is 1.89%, while Return Stacked Bonds & Managed Futures ETF (RSBT) has a volatility of 3.10%. This indicates that FMF experiences smaller price fluctuations and is considered to be less risky than RSBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMF	RSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	3.10%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	7.11%	9.97%	-2.86%
Volatility (1Y) Calculated over the trailing 1-year period	9.66%	13.99%	-4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.74%	13.68%	-2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.72%	13.68%	-1.96%

FMF vs. RSBT - Expense Ratio Comparison

FMF has a 0.95% expense ratio, which is lower than RSBT's 0.97% expense ratio.

Dividends

FMF vs. RSBT - Dividend Comparison

FMF's dividend yield for the trailing twelve months is around 4.96%, more than RSBT's 2.90% 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%
RSBT Return Stacked Bonds & Managed Futures ETF	2.90%	3.20%	0.00%	2.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMF and RSBT in my portfolio?

FMF and RSBT have a correlation of 0.49, 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 RSBT?

RSBT has higher volatility (3.10%) compared to FMF (1.89%). In terms of maximum drawdown, FMF dropped -22.21% vs RSBT's -23.60%.

Which ETF is better, FMF or RSBT?

On 3-year performance, FMF leads with 6.78% vs 4.98% for RSBT. On fees, FMF is cheaper at 0.95% per year. On volatility, FMF has been the lower-risk option at 1.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMF or RSBT?

Over the 3-year period, FMF has performed better with a 6.78% return vs 4.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMF or RSBT?

FMF is cheaper with a 0.95% expense ratio, compared with 0.97% for RSBT.

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

FMF has the higher dividend yield at 4.96%, compared with 2.90% for RSBT.

What is the main difference between FMF and RSBT?

FMF is categorized as Hedge Fund, while RSBT is Nontraditional Bonds. They also come from different issuers: First Trust and Return Stacked. Their fees differ too: 0.95% for FMF and 0.97% for RSBT.

Which has better risk-adjusted returns?

FMF currently has the higher Sharpe Ratio (2.31 vs 2.07), 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.