FSMB vs. XMMO
FSMB (First Trust Short Duration Managed Municipal ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - FSMB is a Municipal Bonds fund actively managed by First Trust, while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. FSMB is actively managed, while XMMO is passively managed. Over the past 5 years, FSMB returned 1.38%/yr vs 13.41%/yr for XMMO. Their 0.05 correlation means their historical movements had little consistent relationship. FSMB charges 0.45%/yr vs 0.35%/yr for XMMO.
Performance
FSMB vs. XMMO - 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 XMMO's 11.79% 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%
XMMO
- 1D
- 0.22%
- 1M
- -5.42%
- 6M
- 10.34%
- YTD
- 11.79%
- 1Y
- 20.56%
- 3Y*
- 23.81%
- 5Y*
- 13.41%
- 10Y*
- 18.04%
- ALL TIME*
- 12.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.97M | $2.13M | $2.43M | |
| $60.32M | $71.93M | $66.65M |
FSMB vs. XMMO - 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% |
XMMO Invesco S&P MidCap Momentum ETF | 11.79% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | -4.78% |
Correlation
The correlation between FSMB and XMMO is 0.10, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 27, 2018 | 0.05 |
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Return for Risk
FSMB vs. XMMO — Risk / Return Rank
FSMB
XMMO
FSMB vs. XMMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration Managed Municipal ETF (FSMB) and Invesco S&P MidCap Momentum ETF (XMMO). 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 | XMMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.17 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 1.38 | +0.85 |
| Martin ratioReturn relative to average drawdown | 7.31 | 5.81 | +1.49 |
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Drawdowns
FSMB vs. XMMO - Drawdown Comparison
The maximum FSMB drawdown since its inception was -6.32%, smaller than the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for FSMB and XMMO.
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Drawdown Indicators
| FSMB | XMMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.32% | -55.37% | +49.05% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -13.91% | +12.62% |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | -24.93% | +23.17% |
Max Drawdown (5Y)Largest decline over 5 years | -5.97% | -27.91% | +21.94% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.74% | — |
Current DrawdownCurrent decline from peak | -0.49% | -11.24% | +10.75% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -9.42% | +8.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 3.29% | -2.90% |
Volatility
FSMB vs. XMMO - Volatility Comparison
The current volatility for First Trust Short Duration Managed Municipal ETF (FSMB) is 0.55%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 7.88%. This indicates that FSMB experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMB | XMMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 7.88% | -7.33% |
Volatility (6M)Calculated over the trailing 6-month period | 1.12% | 18.46% | -17.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.45% | 21.50% | -20.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 21.86% | -19.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.90% | 22.43% | -19.53% |
FSMB vs. XMMO - Expense Ratio Comparison
FSMB has a 0.45% expense ratio, which is higher than XMMO's 0.35% expense ratio.
Dividends
FSMB vs. XMMO - Dividend Comparison
FSMB's dividend yield for the trailing twelve months is around 3.18%, more than XMMO's 0.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
XMMO Invesco S&P MidCap Momentum ETF | 0.63% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
FSMB and XMMO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XMMO has higher volatility (7.88%) compared to FSMB (0.55%). In terms of maximum drawdown, FSMB dropped -6.32% vs XMMO's -55.37%.
On 5-year performance, XMMO leads with 13.41% vs 1.38% for FSMB. On fees, XMMO is cheaper at 0.35% 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, XMMO has performed better with a 13.41% return vs 1.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMMO is cheaper with a 0.35% expense ratio, compared with 0.45% for FSMB.
FSMB has the higher dividend yield at 3.18%, compared with 0.63% for XMMO.
FSMB is categorized as Municipal Bonds, while XMMO is Momentum. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.45% for FSMB and 0.35% for XMMO.
FSMB currently has the higher Sharpe Ratio (1.98 vs 0.89), 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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