FSMB vs. QIS
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 year, FSMB returned 4.18% vs -43.22% 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
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Returns By Period
In the year-to-date period, FSMB achieves a 1.15% return, which is significantly higher than QIS's -16.19% return.
FSMB
- 1D
- 0.05%
- 1M
- 0.44%
- YTD
- 1.15%
- 6M
- 1.51%
- 1Y
- 4.18%
- 3Y*
- 3.56%
- 5Y*
- 1.51%
- 10Y*
- —
QIS
- 1D
- 1.79%
- 1M
- -10.18%
- YTD
- -16.19%
- 6M
- -22.01%
- 1Y
- -43.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FSMB vs. QIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 1.15% | 4.22% | 2.35% | 2.42% |
QIS Simplify Multi-Qis Alternative ETF | -16.19% | -38.02% | 0.19% | 1.96% |
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 (All Time) Calculated using the full available price history since Jul 12, 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.
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Return for Risk
FSMB vs. QIS — Risk / Return Rank
FSMB
QIS
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.
| FSMB | QIS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.13 | ||
| Sortino ratioReturn per unit of downside risk | +6.16 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 0.80 | +0.82 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | -0.85 | +4.12 |
| Martin ratioReturn relative to average drawdown | 11.17 | -1.45 | +12.62 |
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 | QIS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.99 | -1.13 | +4.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | -0.67 | +1.43 |
Drawdowns
FSMB vs. QIS - Drawdown Comparison
The maximum FSMB drawdown since its inception was -6.32%, smaller than the maximum QIS drawdown of -55.49%. Use the drawdown chart below to compare losses from any high point for FSMB and QIS.
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Drawdown Indicators
| FSMB | QIS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.32% | -55.49% | +49.17% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -50.92% | +49.63% |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.97% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -50.86% | +50.61% |
Average DrawdownAverage peak-to-trough decline | -1.16% | -13.73% | +12.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 29.89% | -29.52% |
Volatility
FSMB vs. QIS - Volatility Comparison
The current volatility for First Trust Short Duration Managed Municipal ETF (FSMB) is 0.42%, while Simplify Multi-Qis Alternative ETF (QIS) has a volatility of 15.94%. 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.
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Volatility by Period
| FSMB | QIS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 15.94% | -15.52% |
Volatility (6M)Calculated over the trailing 6-month period | 1.02% | 30.68% | -29.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.40% | 38.29% | -36.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.96% | 29.26% | -27.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.92% | 29.26% | -26.34% |
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 3.14%, more than QIS's 1.61% 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% |
QIS Simplify Multi-Qis Alternative ETF | 1.61% | 3.37% | 1.07% | 3.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
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.
QIS has higher volatility (15.94%) compared to FSMB (0.42%). In terms of maximum drawdown, FSMB dropped -6.32% vs QIS's -55.49%.
On 1-year performance, FSMB leads with 4.18% vs -43.22% for QIS. On fees, FSMB is cheaper at 0.45% per year. On volatility, FSMB has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FSMB has performed better with a 4.18% return vs -43.22%. 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 1.00% for QIS.
FSMB has the higher dividend yield at 3.14%, compared with 1.61% for 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.
FSMB currently has the higher Sharpe Ratio (2.99 vs -1.13), 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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