FSMB vs. FDL
Compare and contrast key facts about First Trust Short Duration Managed Municipal ETF (FSMB) and First Trust Morningstar Dividend Leaders Index Fund (FDL).
FSMB and FDL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FSMB is an actively managed fund by First Trust. It was launched on Nov 1, 2018. FDL is a passively managed fund by First Trust that tracks the performance of the Morningstar Dividend Leaders Index. It was launched on Mar 9, 2006.
Performance
FSMB vs. FDL - Performance Comparison
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FSMB vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 0.37% | 4.22% | 2.35% | 3.54% | -3.75% | 1.20% | 3.53% | 3.80% | 0.61% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 15.49% | 14.79% | 17.98% | 2.94% | 6.66% | 26.10% | -4.30% | 24.41% | -6.05% |
Returns By Period
In the year-to-date period, FSMB achieves a 0.37% return, which is significantly lower than FDL's 15.49% return.
FSMB
- 1D
- 0.05%
- 1M
- -1.02%
- YTD
- 0.37%
- 6M
- 0.98%
- 1Y
- 3.64%
- 3Y*
- 3.06%
- 5Y*
- 1.45%
- 10Y*
- —
FDL
- 1D
- 0.43%
- 1M
- 0.01%
- YTD
- 15.49%
- 6M
- 19.42%
- 1Y
- 21.84%
- 3Y*
- 18.00%
- 5Y*
- 14.12%
- 10Y*
- 11.60%
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FSMB vs. FDL - Expense Ratio Comparison
Both FSMB and FDL have an expense ratio of 0.45%.
Return for Risk
FSMB vs. FDL — Risk / Return Rank
FSMB
FDL
FSMB vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration Managed Municipal ETF (FSMB) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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 | FDL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.76 | 1.47 | +0.29 |
Sortino ratioReturn per unit of downside risk | 2.32 | 2.06 | +0.26 |
Omega ratioGain probability vs. loss probability | 1.42 | 1.29 | +0.13 |
Calmar ratioReturn relative to maximum drawdown | 2.13 | 1.96 | +0.17 |
Martin ratioReturn relative to average drawdown | 9.08 | 7.63 | +1.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FSMB | FDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.76 | 1.47 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.74 | 0.99 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.68 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.46 | +0.27 |
Correlation
The correlation between FSMB and FDL is 0.06, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FSMB vs. FDL - Dividend Comparison
FSMB's dividend yield for the trailing twelve months is around 3.13%, less than FDL's 3.61% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 3.13% | 3.09% | 2.88% | 2.40% | 1.47% | 1.20% | 1.79% | 2.27% | 0.19% | 0.00% | 0.00% | 0.00% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.61% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
Drawdowns
FSMB vs. FDL - Drawdown Comparison
The maximum FSMB drawdown since its inception was -6.32%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FSMB and FDL.
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Drawdown Indicators
| FSMB | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.32% | -65.93% | +59.61% |
Max Drawdown (1Y)Largest decline over 1 year | -1.76% | -11.58% | +9.82% |
Max Drawdown (5Y)Largest decline over 5 years | -5.97% | -16.46% | +10.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.40% | — |
Current DrawdownCurrent decline from peak | -1.02% | -0.10% | -0.92% |
Average DrawdownAverage peak-to-trough decline | -1.17% | -9.73% | +8.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 3.10% | -2.69% |
Volatility
FSMB vs. FDL - Volatility Comparison
The current volatility for First Trust Short Duration Managed Municipal ETF (FSMB) is 0.60%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 2.56%. This indicates that FSMB experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMB | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.60% | 2.56% | -1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 1.02% | 8.16% | -7.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.08% | 14.96% | -12.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.95% | 14.31% | -12.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.95% | 17.09% | -14.14% |