FSMB vs. COM
FSMB (First Trust Short Duration Managed Municipal ETF) and COM (Direxion Auspice Broad Commodity Strategy ETF) are both exchange-traded funds - FSMB is a Municipal Bonds fund actively managed by First Trust, while COM is a Commodities fund tracking the Auspice Broad Commodity ER Index. FSMB is actively managed, while COM is passively managed. Over the past 5 years, FSMB returned 1.52%/yr vs 8.18%/yr for COM. At a 0.02 correlation, their price movements are largely independent. FSMB charges 0.45%/yr vs 0.70%/yr for COM.
Performance
FSMB vs. COM - Performance Comparison
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Returns By Period
In the year-to-date period, FSMB achieves a 1.26% return, which is significantly lower than COM's 12.48% return.
FSMB
- 1D
- 0.00%
- 1M
- 0.65%
- YTD
- 1.26%
- 6M
- 1.33%
- 1Y
- 3.84%
- 3Y*
- 3.39%
- 5Y*
- 1.52%
- 10Y*
- —
COM
- 1D
- -0.24%
- 1M
- -3.92%
- YTD
- 12.48%
- 6M
- 12.53%
- 1Y
- 18.69%
- 3Y*
- 6.70%
- 5Y*
- 8.18%
- 10Y*
- —
FSMB vs. COM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 1.26% | 4.22% | 2.35% | 3.54% | -3.75% | 1.20% | 3.53% | 3.80% | 0.60% |
COM Direxion Auspice Broad Commodity Strategy ETF | 12.48% | 7.72% | 5.81% | -2.09% | 9.17% | 28.00% | 6.63% | -0.18% | 0.63% |
Correlation
The correlation between FSMB and COM is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Nov 27, 2018 | 0.02 |
The correlation between FSMB and COM shifts across timeframes, from -0.17 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FSMB vs. COM — Risk / Return Rank
FSMB
COM
FSMB vs. COM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration Managed Municipal ETF (FSMB) and Direxion Auspice Broad Commodity Strategy ETF (COM). 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 | COM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.33 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.76 | +0.24 |
| Martin ratioReturn relative to average drawdown | 10.17 | 9.09 | +1.08 |
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Drawdowns
FSMB vs. COM - Drawdown Comparison
The maximum FSMB drawdown since its inception was -6.32%, smaller than the maximum COM drawdown of -15.95%. Use the drawdown chart below to compare losses from any high point for FSMB and COM.
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Drawdown Indicators
| FSMB | COM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.32% | -15.95% | +9.63% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -6.81% | +5.52% |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | -8.50% | +6.74% |
Max Drawdown (5Y)Largest decline over 5 years | -5.97% | -14.02% | +8.05% |
Current DrawdownCurrent decline from peak | -0.15% | -6.61% | +6.46% |
Average DrawdownAverage peak-to-trough decline | -1.15% | -6.28% | +5.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 2.10% | -1.72% |
Volatility
FSMB vs. COM - Volatility Comparison
The current volatility for First Trust Short Duration Managed Municipal ETF (FSMB) is 0.30%, while Direxion Auspice Broad Commodity Strategy ETF (COM) has a volatility of 2.13%. This indicates that FSMB experiences smaller price fluctuations and is considered to be less risky than COM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMB | COM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 2.13% | -1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | 8.54% | -7.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.41% | 10.54% | -9.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.96% | 9.53% | -7.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.91% | 9.76% | -6.85% |
FSMB vs. COM - Expense Ratio Comparison
FSMB has a 0.45% expense ratio, which is lower than COM's 0.70% expense ratio.
Dividends
FSMB vs. COM - Dividend Comparison
FSMB's dividend yield for the trailing twelve months is around 3.14%, more than COM's 2.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
COM Direxion Auspice Broad Commodity Strategy ETF | 2.51% | 2.99% | 3.88% | 3.80% | 8.59% | 10.32% | 0.13% | 1.09% | 2.36% | 0.09% |
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% | 0.00% |
Frequently Asked Questions
FSMB and COM have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COM has higher volatility (2.13%) compared to FSMB (0.30%). In terms of maximum drawdown, FSMB dropped -6.32% vs COM's -15.95%.
On 5-year performance, COM leads with 8.18% vs 1.52% for FSMB. On fees, FSMB is cheaper at 0.45% per year. On volatility, FSMB has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, COM has performed better with a 8.18% return vs 1.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FSMB is cheaper with a 0.45% expense ratio, compared with 0.70% for COM.
FSMB has the higher dividend yield at 3.14%, compared with 2.51% for COM.
FSMB is categorized as Municipal Bonds, while COM is Commodities. They also come from different issuers: First Trust and Direxion. Their fees differ too: 0.45% for FSMB and 0.70% for COM.
FSMB currently has the higher Sharpe Ratio (2.75 vs 1.79), 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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