FSMB vs. QIS

Last updated Jul 14, 2026

FSMB (First Trust Short Duration Managed Municipal ETF) and QIS (Simplify Multi-Qis Alternative ETF) are both exchange-traded funds - FSMB is a Municipal Bonds fund actively managed by First Trust, while QIS is a Multistrategy fund actively managed by Simplify. Both are actively managed. Over the past 3 years, FSMB returned 3.37%/yr vs -24.38%/yr for QIS. At a correlation of -0.06, they often move in opposite directions. FSMB charges 0.45%/yr vs 1.00%/yr for QIS.

Performance

FSMB vs. QIS - Performance Comparison

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

Returns By Period

In the year-to-date period, FSMB achieves a 1.32% return, which is significantly higher than QIS's -31.60% return.

FSMB

• 1D: -0.05%
• 1M: 0.14%
• 6M: 1.14%
• YTD: 1.32%
• 1Y: 3.48%
• 3Y*: 3.37%
• 5Y*: 1.47%
• 10Y*: —

QIS

• 1D: 3.48%
• 1M: -7.74%
• 6M: -33.04%
• YTD: -31.60%
• 1Y: -52.16%
• 3Y*: -24.38%
• 5Y*: —
• 10Y*: —

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

FSMB vs. QIS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FSMB First Trust Short Duration Managed Municipal ETF	1.32%	4.22%	2.35%	2.36%
QIS Simplify Multi-Qis Alternative ETF	-31.60%	-38.02%	0.19%	2.08%

Correlation

The correlation between FSMB and QIS is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023	-0.06

The correlation between FSMB and QIS shifts across timeframes, from -0.22 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSMB vs. QIS — Risk / Return Rank

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

FSMB

FSMB Risk / Return Rank: 82
FSMB Sharpe Ratio Rank: 91
FSMB Sortino Ratio Rank: 93
FSMB Omega Ratio Rank: 93
FSMB Calmar Ratio Rank: 69
FSMB Martin Ratio Rank: 64

QIS

QIS Risk / Return Rank: 0
QIS Sharpe Ratio Rank: 0
QIS Sortino Ratio Rank: 0
QIS Omega Ratio Rank: 0
QIS Calmar Ratio Rank: 0
QIS Martin Ratio Rank: 0

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. QIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration Managed Municipal ETF (FSMB) and Simplify Multi-Qis Alternative ETF (QIS). 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	QIS	Difference
Sharpe ratio: Return per unit of total volatility	2.47	-1.37	+3.84
Sortino ratio: Return per unit of downside risk	3.65	-2.23	+5.88
Omega ratio: Gain probability vs. loss probability	1.50	0.75	+0.75
Calmar ratio: Return relative to maximum drawdown	2.72	-0.97	+3.69
Martin ratio: Return relative to average drawdown	9.21	-1.72	+10.93

FSMB vs. QIS - Sharpe Ratio Comparison

The current FSMB Sharpe Ratio is 2.47, which is higher than the QIS Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of FSMB and QIS, 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. QIS - Drawdown Comparison

The maximum FSMB drawdown since its inception was -6.32%, smaller than the maximum QIS drawdown of -61.25%. Use the drawdown chart below to compare losses from any high point for FSMB and QIS.

Drawdown Indicators

	FSMB	QIS	Difference
Max Drawdown Largest peak-to-trough decline	-6.32%	-61.25%	+54.93%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-53.92%	+52.63%
Max Drawdown (3Y) Largest decline over 3 years	-1.76%	-61.25%	+59.49%
Max Drawdown (5Y) Largest decline over 5 years	-5.97%	—	—
Current Drawdown Current decline from peak	-0.15%	-59.90%	+59.75%
Average Drawdown Average peak-to-trough decline	-1.14%	-15.25%	+14.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	30.37%	-29.99%

Volatility

FSMB vs. QIS - Volatility Comparison

The current volatility for First Trust Short Duration Managed Municipal ETF (FSMB) is 0.36%, while Simplify Multi-Qis Alternative ETF (QIS) has a volatility of 9.32%. This indicates that FSMB experiences smaller price fluctuations and is considered to be less risky than QIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMB	QIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	9.32%	-8.96%
Volatility (6M) Calculated over the trailing 6-month period	1.04%	30.98%	-29.94%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	38.25%	-36.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.96%	29.44%	-27.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.90%	29.44%	-26.54%

FSMB vs. QIS - Expense Ratio Comparison

FSMB has a 0.45% expense ratio, which is lower than QIS's 1.00% expense ratio.

Dividends

FSMB vs. QIS - Dividend Comparison

FSMB's dividend yield for the trailing twelve months is around 3.15%, more than QIS's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FSMB First Trust Short Duration Managed Municipal ETF	3.15%	3.09%	2.88%	2.40%	1.47%	1.20%	1.79%	2.27%	0.19%
QIS Simplify Multi-Qis Alternative ETF	1.99%	3.37%	1.07%	3.29%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMB and QIS in my portfolio?

FSMB and QIS have a correlation of -0.22, 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 QIS?

QIS has higher volatility (9.32%) compared to FSMB (0.36%). In terms of maximum drawdown, FSMB dropped -6.32% vs QIS's -61.25%.

Which ETF is better, FSMB or QIS?

On 3-year performance, FSMB leads with 3.37% vs -24.38% for QIS. On fees, FSMB is cheaper at 0.45% per year. On volatility, FSMB has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMB or QIS?

Over the 3-year period, FSMB has performed better with a 3.37% return vs -24.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMB or QIS?

FSMB is cheaper with a 0.45% expense ratio, compared with 1.00% for QIS.

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

FSMB has the higher dividend yield at 3.15%, compared with 1.99% for QIS.

What is the main difference between FSMB and QIS?

FSMB is categorized as Municipal Bonds, while QIS is Multistrategy. They also come from different issuers: First Trust and Simplify. Their fees differ too: 0.45% for FSMB and 1.00% for QIS.

Which has better risk-adjusted returns?

FSMB currently has the higher Sharpe Ratio (2.47 vs -1.37), 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.