FSMB vs. USO
FSMB (First Trust Short Duration Managed Municipal ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - FSMB is a Municipal Bonds fund actively managed by First Trust, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. FSMB is actively managed, while USO is passively managed. Over the past 5 years, FSMB returned 1.38%/yr vs 20.59%/yr for USO. Their -0.04 correlation means they have often moved in opposite directions in the past. FSMB charges 0.45%/yr vs 0.86%/yr for USO.
Performance
FSMB vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, FSMB achieves a 0.98% return, which is significantly lower than USO's 86.77% return.
FSMB
- 1D
- -0.05%
- 1M
- -0.46%
- 6M
- 0.36%
- YTD
- 0.98%
- 1Y
- 2.61%
- 3Y*
- 3.27%
- 5Y*
- 1.38%
- 10Y*
- —
- ALL TIME*
- 2.12%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.97M | $2.13M | $2.43M | |
| $968.42M | $871.56M | $931.57M |
FSMB vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 0.98% | 4.22% | 2.35% | 3.54% | -3.75% | 1.20% | 3.53% | 3.80% | 0.60% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -11.70% |
Correlation
The correlation between FSMB and USO is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 27, 2018 | -0.04 |
Over the past year, the inverse relationship between FSMB and USO has strengthened: their correlation has moved from -0.04 to -0.24, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FSMB vs. USO — Risk / Return Rank
FSMB
USO
FSMB vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration Managed Municipal ETF (FSMB) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.25 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 1.93 | +0.30 |
| Martin ratioReturn relative to average drawdown | 7.31 | 5.60 | +1.71 |
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Drawdowns
FSMB vs. USO - Drawdown Comparison
The maximum FSMB drawdown since its inception was -6.32%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FSMB and USO.
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Drawdown Indicators
| FSMB | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.32% | -98.19% | +91.87% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -32.49% | +31.20% |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | -32.49% | +30.73% |
Max Drawdown (5Y)Largest decline over 5 years | -5.97% | -36.23% | +30.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -0.49% | -86.26% | +85.77% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -75.38% | +74.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 12.03% | -11.64% |
Volatility
FSMB vs. USO - Volatility Comparison
The current volatility for First Trust Short Duration Managed Municipal ETF (FSMB) is 0.55%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that FSMB experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMB | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 17.73% | -17.18% |
Volatility (6M)Calculated over the trailing 6-month period | 1.12% | 42.79% | -41.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.45% | 46.91% | -45.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 37.06% | -35.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.90% | 39.29% | -36.39% |
FSMB vs. USO - Expense Ratio Comparison
FSMB has a 0.45% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
FSMB vs. USO - Dividend Comparison
FSMB's dividend yield for the trailing twelve months is around 3.18%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 3.18% | 3.09% | 2.88% | 2.40% | 1.47% | 1.20% | 1.79% | 2.27% | 0.19% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FSMB and USO 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.
USO has higher volatility (17.73%) compared to FSMB (0.55%). In terms of maximum drawdown, FSMB dropped -6.32% vs USO's -98.19%.
On 5-year performance, USO leads with 20.59% vs 1.38% for FSMB. On fees, FSMB is cheaper at 0.45% per year. On volatility, FSMB has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 20.59% return vs 1.38%. 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 0.86% for USO.
FSMB has the higher dividend yield at 3.18%, compared with 0.00% for USO.
FSMB is categorized as Municipal Bonds, while USO is Oil & Gas. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.45% for FSMB and 0.86% for USO.
FSMB currently has the higher Sharpe Ratio (1.98 vs 1.34), 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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