FSMB vs. FUMB

Last updated Jun 4, 2026

FSMB (First Trust Short Duration Managed Municipal ETF) and FUMB (First Trust Ultra Short Duration Municipal ETF) are both Municipal Bonds funds from First Trust. Both are actively managed. Over the past 5 years, FSMB returned 1.51%/yr vs 1.96%/yr for FUMB. At a 0.26 correlation, their price movements are largely independent. Both charge a 0.45% expense ratio.

Performance

FSMB vs. FUMB - Performance Comparison

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

Returns By Period

In the year-to-date period, FSMB achieves a 1.15% return, which is significantly higher than FUMB's 1.07% return.

FSMB

• 1D: 0.05%
• 1M: 0.44%
• YTD: 1.15%
• 6M: 1.51%
• 1Y: 4.18%
• 3Y*: 3.56%
• 5Y*: 1.51%
• 10Y*: —

FUMB

• 1D: -0.03%
• 1M: 0.15%
• YTD: 1.07%
• 6M: 1.30%
• 1Y: 2.55%
• 3Y*: 2.98%
• 5Y*: 1.96%
• 10Y*: —

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

FSMB vs. FUMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSMB First Trust Short Duration Managed Municipal ETF	1.15%	4.22%	2.35%	3.54%	-3.75%	1.20%	3.53%	3.80%	0.61%
FUMB First Trust Ultra Short Duration Municipal ETF	1.07%	2.78%	3.05%	2.84%	-0.03%	0.38%	1.25%	1.76%	0.30%

Correlation

The correlation between FSMB and FUMB is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Nov 28, 2018	0.26

Return for Risk

FSMB vs. FUMB — 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: 66
FSMB Martin Ratio Rank: 62

FUMB

FUMB Risk / Return Rank: 95
FUMB Sharpe Ratio Rank: 92
FUMB Sortino Ratio Rank: 95
FUMB Omega Ratio Rank: 95
FUMB Calmar Ratio Rank: 97
FUMB Martin Ratio Rank: 97

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. FUMB - 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 Ultra Short Duration Municipal ETF (FUMB). 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	FUMB	Difference
Sharpe ratio: Return per unit of total volatility	2.99	3.38	-0.38
Sortino ratio: Return per unit of downside risk	4.48	5.34	-0.86
Omega ratio: Gain probability vs. loss probability	1.63	1.76	-0.14
Calmar ratio: Return relative to maximum drawdown	3.26	11.70	-8.44
Martin ratio: Return relative to average drawdown	11.17	44.37	-33.20
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. FUMB - Sharpe Ratio Comparison

The current FSMB Sharpe Ratio is 2.99, which is comparable to the FUMB Sharpe Ratio of 3.38. The chart below compares the historical Sharpe Ratios of FSMB and FUMB, 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	FUMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	3.38	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	1.70	-0.92
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	1.00	-0.25

Drawdowns

FSMB vs. FUMB - Drawdown Comparison

The maximum FSMB drawdown since its inception was -6.32%, which is greater than FUMB's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for FSMB and FUMB.

Drawdown Indicators

	FSMB	FUMB	Difference
Max Drawdown Largest peak-to-trough decline	-6.32%	-2.68%	-3.64%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-0.22%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-1.76%	-0.60%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-5.97%	-1.25%	-4.72%
Current Drawdown Current decline from peak	-0.25%	-0.03%	-0.22%
Average Drawdown Average peak-to-trough decline	-1.16%	-0.19%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.06%	+0.31%

Volatility

FSMB vs. FUMB - Volatility Comparison

First Trust Short Duration Managed Municipal ETF (FSMB) has a higher volatility of 0.42% compared to First Trust Ultra Short Duration Municipal ETF (FUMB) at 0.20%. This indicates that FSMB's price experiences larger fluctuations and is considered to be riskier than FUMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMB	FUMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.20%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	1.02%	0.53%	+0.49%
Volatility (1Y) Calculated over the trailing 1-year period	1.40%	0.76%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.96%	1.16%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.92%	1.77%	+1.15%

FSMB vs. FUMB - Expense Ratio Comparison

Both FSMB and FUMB have an expense ratio of 0.45%.

Dividends

FSMB vs. FUMB - Dividend Comparison

FSMB's dividend yield for the trailing twelve months is around 3.14%, more than FUMB's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
FUMB First Trust Ultra Short Duration Municipal ETF	2.80%	2.90%	2.86%	2.24%	1.02%	0.43%	0.94%	1.74%	0.15%

Frequently Asked Questions

Can I hold both FSMB and FUMB in my portfolio?

FSMB and FUMB have a correlation of 0.24, 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 FUMB?

FSMB has higher volatility (0.42%) compared to FUMB (0.20%). In terms of maximum drawdown, FSMB dropped -6.32% vs FUMB's -2.68%.

Which ETF is better, FSMB or FUMB?

On 5-year performance, FUMB leads with 1.96% vs 1.51% for FSMB. Both ETFs have the same 0.45% expense ratio. On volatility, FUMB has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMB or FUMB?

Over the 5-year period, FUMB has performed better with a 1.96% return vs 1.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMB or FUMB?

FSMB and FUMB have the same expense ratio: 0.45% per year.

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

FSMB has the higher dividend yield at 3.14%, compared with 2.80% for FUMB.

Which has better risk-adjusted returns?

FUMB currently has the higher Sharpe Ratio (3.38 vs 2.99), 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.