FSMB vs. AMUN
FSMB (First Trust Short Duration Managed Municipal ETF) and AMUN (abrdn Ultra Short Municipal Income Active ETF) are both Municipal Bonds funds. Both are actively managed. Their 0.25 correlation means their historical movements had little consistent relationship. FSMB charges 0.45%/yr vs 0.25%/yr for AMUN.
Performance
FSMB vs. AMUN - Performance Comparison
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Returns By Period
In the year-to-date period, FSMB achieves a 1.08% return, which is significantly lower than AMUN's 1.49% return.
FSMB
- 1D
- 0.10%
- 1M
- -0.36%
- 6M
- 0.39%
- YTD
- 1.08%
- 1Y
- 2.71%
- 3Y*
- 3.38%
- 5Y*
- 1.39%
- 10Y*
- —
- ALL TIME*
- 2.13%
AMUN
- 1D
- 0.01%
- 1M
- 0.15%
- 6M
- 1.16%
- YTD
- 1.49%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.15K | $42.78K | $73.20K | |
| $2.50M | $2.38M | $2.53M |
FSMB vs. AMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 1.08% | 0.41% |
AMUN abrdn Ultra Short Municipal Income Active ETF | 1.49% | 0.14% |
Correlation
The correlation between FSMB and AMUN is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 20, 2025 | 0.25 |
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Return for Risk
FSMB vs. AMUN — Risk / Return Rank
FSMB
AMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FSMB vs. AMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration Managed Municipal ETF (FSMB) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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.
| FSMB | AMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.38 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | — | — |
| Martin ratioReturn relative to average drawdown | 6.94 | — | — |
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Drawdowns
FSMB vs. AMUN - Drawdown Comparison
The maximum FSMB drawdown since its inception was -6.32%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for FSMB and AMUN.
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Drawdown Indicators
| FSMB | AMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.32% | -0.61% | -5.71% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.97% | — | — |
Current DrawdownCurrent decline from peak | -0.39% | 0.00% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -0.07% | -1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | — | — |
Volatility
FSMB vs. AMUN - Volatility Comparison
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Volatility by Period
| FSMB | AMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.12% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.44% | 0.94% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 0.94% | +1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.90% | 0.94% | +1.96% |
FSMB vs. AMUN - Expense Ratio Comparison
FSMB has a 0.45% expense ratio, which is higher than AMUN's 0.25% expense ratio.
Dividends
FSMB vs. AMUN - Dividend Comparison
FSMB's dividend yield for the trailing twelve months is around 3.17%, more than AMUN's 2.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AMUN abrdn Ultra Short Municipal Income Active ETF | 2.38% | 0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FSMB First Trust Short Duration Managed Municipal ETF | 3.17% | 3.09% | 2.88% | 2.40% | 1.47% | 1.20% | 1.79% | 2.27% | 0.19% |
Frequently Asked Questions
FSMB and AMUN have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AMUN is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AMUN is cheaper with a 0.25% expense ratio, compared with 0.45% for FSMB.
FSMB has the higher dividend yield at 3.17%, compared with 2.38% for AMUN.
They also come from different issuers: First Trust and abrdn. Their fees differ too: 0.45% for FSMB and 0.25% for AMUN.
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