FSMB vs. BOBP

Last updated Jun 5, 2026

FSMB (First Trust Short Duration Managed Municipal ETF) and BOBP (CORE16 Best of Breed Premier Index ETF) are both exchange-traded funds - FSMB is a Municipal Bonds fund actively managed by First Trust, while BOBP is a Large Cap Blend Equities fund tracking the CORE16 Best of Breed Premier Index. FSMB is actively managed, while BOBP is passively managed. Over the past year, FSMB returned 4.08% vs 33.95% for BOBP. At a 0.13 correlation, their price movements are largely independent. FSMB charges 0.45%/yr vs 0.70%/yr for BOBP.

Performance

FSMB vs. BOBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Short Duration Managed Municipal ETF (FSMB) and CORE16 Best of Breed Premier Index ETF (BOBP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMB achieves a 1.13% return, which is significantly lower than BOBP's 23.96% return.

FSMB

• 1D: -0.02%
• 1M: 0.42%
• YTD: 1.13%
• 6M: 1.42%
• 1Y: 4.08%
• 3Y*: 3.52%
• 5Y*: 1.51%
• 10Y*: —

BOBP

• 1D: -0.81%
• 1M: 6.01%
• YTD: 23.96%
• 6M: 23.09%
• 1Y: 33.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSMB vs. BOBP - Yearly Performance Comparison

	2026 (YTD)	2025
FSMB First Trust Short Duration Managed Municipal ETF	1.13%	3.33%
BOBP CORE16 Best of Breed Premier Index ETF	23.96%	8.50%

Correlation

The correlation between FSMB and BOBP is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since May 22, 2025	0.13

Return for Risk

FSMB vs. BOBP — Risk / Return Rank

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

FSMB

FSMB Risk / Return Rank: 80
FSMB Sharpe Ratio Rank: 88
FSMB Sortino Ratio Rank: 92
FSMB Omega Ratio Rank: 92
FSMB Calmar Ratio Rank: 65
FSMB Martin Ratio Rank: 61

BOBP

BOBP Risk / Return Rank: 56
BOBP Sharpe Ratio Rank: 55
BOBP Sortino Ratio Rank: 54
BOBP Omega Ratio Rank: 56
BOBP Calmar Ratio Rank: 54
BOBP Martin Ratio Rank: 64

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.

FSMB vs. BOBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration Managed Municipal ETF (FSMB) and CORE16 Best of Breed Premier Index ETF (BOBP). 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.

	FSMB	BOBP	Difference
Sharpe ratio: Return per unit of total volatility	2.92	1.85	+1.07
Sortino ratio: Return per unit of downside risk	4.37	2.54	+1.83
Omega ratio: Gain probability vs. loss probability	1.61	1.34	+0.27
Calmar ratio: Return relative to maximum drawdown	3.18	2.61	+0.57
Martin ratio: Return relative to average drawdown	10.88	11.56	-0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMB vs. BOBP - Sharpe Ratio Comparison

The current FSMB Sharpe Ratio is 2.92, which is higher than the BOBP Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FSMB and BOBP, 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

	FSMB	BOBP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	1.85	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	1.83	-1.08

Drawdowns

FSMB vs. BOBP - Drawdown Comparison

The maximum FSMB drawdown since its inception was -6.32%, smaller than the maximum BOBP drawdown of -13.06%. Use the drawdown chart below to compare losses from any high point for FSMB and BOBP.

Drawdown Indicators

	FSMB	BOBP	Difference
Max Drawdown Largest peak-to-trough decline	-6.32%	-13.06%	+6.74%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-13.06%	+11.77%
Max Drawdown (3Y) Largest decline over 3 years	-1.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.97%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.81%	+0.54%
Average Drawdown Average peak-to-trough decline	-1.16%	-1.63%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	2.95%	-2.57%

Volatility

FSMB vs. BOBP - Volatility Comparison

The current volatility for First Trust Short Duration Managed Municipal ETF (FSMB) is 0.43%, while CORE16 Best of Breed Premier Index ETF (BOBP) has a volatility of 6.99%. This indicates that FSMB experiences smaller price fluctuations and is considered to be less risky than BOBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMB	BOBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	6.99%	-6.56%
Volatility (6M) Calculated over the trailing 6-month period	1.02%	16.34%	-15.32%
Volatility (1Y) Calculated over the trailing 1-year period	1.40%	18.48%	-17.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.96%	18.26%	-16.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.92%	18.26%	-15.34%

FSMB vs. BOBP - Expense Ratio Comparison

FSMB has a 0.45% expense ratio, which is lower than BOBP's 0.70% expense ratio.

Dividends

FSMB vs. BOBP - Dividend Comparison

FSMB's dividend yield for the trailing twelve months is around 3.14%, more than BOBP's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BOBP CORE16 Best of Breed Premier Index ETF	2.67%	3.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSMB First Trust Short Duration Managed Municipal ETF	3.14%	3.09%	2.88%	2.40%	1.47%	1.20%	1.79%	2.27%	0.19%

Frequently Asked Questions

Can I hold both FSMB and BOBP in my portfolio?

FSMB and BOBP have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMB or BOBP?

BOBP has higher volatility (6.99%) compared to FSMB (0.43%). In terms of maximum drawdown, FSMB dropped -6.32% vs BOBP's -13.06%.

Which ETF is better, FSMB or BOBP?

On 1-year performance, BOBP leads with 33.95% vs 4.08% for FSMB. On fees, FSMB is cheaper at 0.45% per year. On volatility, FSMB has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMB or BOBP?

Over the 1-year period, BOBP has performed better with a 33.95% return vs 4.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMB or BOBP?

FSMB is cheaper with a 0.45% expense ratio, compared with 0.70% for BOBP.

Which ETF pays a higher dividend yield, FSMB or BOBP?

FSMB has the higher dividend yield at 3.14%, compared with 2.67% for BOBP.

What is the main difference between FSMB and BOBP?

FSMB is categorized as Municipal Bonds, while BOBP is Large Cap Blend Equities. They also come from different issuers: First Trust and Exchange Traded Concepts. Their fees differ too: 0.45% for FSMB and 0.70% for BOBP.

Which has better risk-adjusted returns?

FSMB currently has the higher Sharpe Ratio (2.92 vs 1.85), 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.