FSMB vs. CA

Last updated Aug 4, 2026

FSMB (First Trust Short Duration Managed Municipal ETF) and CA (Xtrackers California Municipal Bond ETF) are both Municipal Bonds funds. FSMB is actively managed, while CA is passively managed. Over the past year, FSMB returned 2.71% vs 5.85% for CA. Their 0.49 correlation means their historical movements had little consistent relationship. FSMB charges 0.45%/yr vs 0.20%/yr for CA.

Performance

FSMB vs. CA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Short Duration Managed Municipal ETF (FSMB) and Xtrackers California Municipal Bond ETF (CA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMB achieves a 1.08% return, which is significantly lower than CA's 1.20% 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%

CA

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.54%
• YTD: 1.20%
• 1Y: 5.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CA Xtrackers California Municipal Bond ETF	$0.00	$0.00	$828.00
FSMB First Trust Short Duration Managed Municipal ETF	$2.50M	$2.38M	$2.53M

FSMB vs. CA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FSMB First Trust Short Duration Managed Municipal ETF	1.08%	4.22%	2.35%	0.69%
CA Xtrackers California Municipal Bond ETF	1.20%	3.05%	1.51%	0.79%

Correlation

The correlation between FSMB and CA is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.49

The correlation between FSMB and CA shifts across timeframes, from 0.39 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSMB vs. CA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSMB

FSMB Risk / Return Rank: 70
FSMB Sharpe Ratio Rank: 78
FSMB Sortino Ratio Rank: 78
FSMB Omega Ratio Rank: 83
FSMB Calmar Ratio Rank: 57
FSMB Martin Ratio Rank: 55

CA

CA Risk / Return Rank: 81
CA Sharpe Ratio Rank: 92
CA Sortino Ratio Rank: 93
CA Omega Ratio Rank: 96
CA Calmar Ratio Rank: 59
CA Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSMB vs. CA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration Managed Municipal ETF (FSMB) and Xtrackers California Municipal Bond ETF (CA). 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	CA	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.57	-0.67
Sortino ratio: Return per unit of downside risk	2.70	3.77	-1.07
Omega ratio: Gain probability vs. loss probability	1.38	1.66	-0.29
Calmar ratio: Return relative to maximum drawdown	2.12	2.29	-0.17
Martin ratio: Return relative to average drawdown	6.94	8.23	-1.29

FSMB vs. CA - Sharpe Ratio Comparison

The current FSMB Sharpe Ratio is 1.90, which is comparable to the CA Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of FSMB and CA, 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

FSMB vs. CA - Drawdown Comparison

The maximum FSMB drawdown since its inception was -6.32%, which is greater than CA's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for FSMB and CA.

Drawdown Indicators

	FSMB	CA	Difference
Max Drawdown Largest peak-to-trough decline	-6.32%	-5.24%	-1.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-2.57%	+1.28%
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	-0.39%	-0.75%	+0.36%
Average Drawdown Average peak-to-trough decline	-1.14%	-1.24%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.71%	-0.32%

Volatility

FSMB vs. CA - Volatility Comparison

First Trust Short Duration Managed Municipal ETF (FSMB) has a higher volatility of 0.54% compared to Xtrackers California Municipal Bond ETF (CA) at 0.00%. This indicates that FSMB's price experiences larger fluctuations and is considered to be riskier than CA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMB	CA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	0.00%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	1.12%	1.72%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	1.44%	2.29%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.98%	3.86%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.90%	3.86%	-0.96%

FSMB vs. CA - Expense Ratio Comparison

FSMB has a 0.45% expense ratio, which is higher than CA's 0.20% expense ratio.

Dividends

FSMB vs. CA - Dividend Comparison

FSMB's dividend yield for the trailing twelve months is around 3.17%, more than CA's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CA Xtrackers California Municipal Bond ETF	2.43%	3.14%	3.03%	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

Can I hold both FSMB and CA in my portfolio?

FSMB and CA have a correlation of 0.39, 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 CA?

FSMB has higher volatility (0.54%) compared to CA (0.00%). In terms of maximum drawdown, FSMB dropped -6.32% vs CA's -5.24%.

Which ETF is better, FSMB or CA?

On 1-year performance, CA leads with 5.85% vs 2.71% for FSMB. On fees, CA is cheaper at 0.20% per year. On volatility, CA has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMB or CA?

Over the 1-year period, CA has performed better with a 5.85% return vs 2.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMB or CA?

CA is cheaper with a 0.20% expense ratio, compared with 0.45% for FSMB.

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

FSMB has the higher dividend yield at 3.17%, compared with 2.43% for CA.

What is the main difference between FSMB and CA?

They also come from different issuers: First Trust and Xtrackers. Their fees differ too: 0.45% for FSMB and 0.20% for CA.

Which has better risk-adjusted returns?

CA currently has the higher Sharpe Ratio (2.56 vs 1.90), 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.