FTGC vs. FMUB

Last updated Jul 14, 2026

FTGC (First Trust Global Tactical Commodity Strategy Fund) and FMUB (Fidelity Municipal Bond Opportunities ETF) are both exchange-traded funds - FTGC is a Commodities fund actively managed by First Trust, while FMUB is a Municipal Bonds fund actively managed by Fidelity. Both are actively managed. Over the past year, FTGC returned 32.56% vs 6.92% for FMUB. At a correlation of -0.18, they often move in opposite directions. FTGC charges 0.95%/yr vs 0.30%/yr for FMUB.

Performance

FTGC vs. FMUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Global Tactical Commodity Strategy Fund (FTGC) and Fidelity Municipal Bond Opportunities ETF (FMUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTGC achieves a 24.40% return, which is significantly higher than FMUB's 2.26% return.

FTGC

• 1D: 1.00%
• 1M: 2.09%
• 6M: 20.91%
• YTD: 24.40%
• 1Y: 32.56%
• 3Y*: 14.94%
• 5Y*: 12.87%
• 10Y*: 7.52%

FMUB

• 1D: -0.10%
• 1M: 0.51%
• 6M: 1.75%
• YTD: 2.26%
• 1Y: 6.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTGC vs. FMUB - Yearly Performance Comparison

	2026 (YTD)	2025
FTGC First Trust Global Tactical Commodity Strategy Fund	24.40%	13.97%
FMUB Fidelity Municipal Bond Opportunities ETF	2.26%	4.69%

Correlation

The correlation between FTGC and FMUB is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.18

Return for Risk

FTGC vs. FMUB — Risk / Return Rank

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

FTGC

FTGC Risk / Return Rank: 74
FTGC Sharpe Ratio Rank: 82
FTGC Sortino Ratio Rank: 79
FTGC Omega Ratio Rank: 79
FTGC Calmar Ratio Rank: 67
FTGC Martin Ratio Rank: 63

FMUB

FMUB Risk / Return Rank: 85
FMUB Sharpe Ratio Rank: 93
FMUB Sortino Ratio Rank: 93
FMUB Omega Ratio Rank: 94
FMUB Calmar Ratio Rank: 70
FMUB Martin Ratio Rank: 75

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.

FTGC vs. FMUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Global Tactical Commodity Strategy Fund (FTGC) and Fidelity Municipal Bond Opportunities ETF (FMUB). 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.

	FTGC	FMUB	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.62	-0.54
Sortino ratio: Return per unit of downside risk	2.79	3.79	-1.01
Omega ratio: Gain probability vs. loss probability	1.37	1.56	-0.19
Calmar ratio: Return relative to maximum drawdown	2.65	2.79	-0.14
Martin ratio: Return relative to average drawdown	8.90	11.19	-2.29

FTGC vs. FMUB - Sharpe Ratio Comparison

The current FTGC Sharpe Ratio is 2.08, which is comparable to the FMUB Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of FTGC and FMUB, 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

FTGC vs. FMUB - Drawdown Comparison

The maximum FTGC drawdown since its inception was -59.47%, which is greater than FMUB's maximum drawdown of -2.74%. Use the drawdown chart below to compare losses from any high point for FTGC and FMUB.

Drawdown Indicators

	FTGC	FMUB	Difference
Max Drawdown Largest peak-to-trough decline	-59.47%	-2.74%	-56.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-2.49%	-9.85%
Max Drawdown (3Y) Largest decline over 3 years	-12.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.91%	—	—
Current Drawdown Current decline from peak	-6.71%	-0.34%	-6.37%
Average Drawdown Average peak-to-trough decline	-27.27%	-0.46%	-26.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	0.62%	+3.05%

Volatility

FTGC vs. FMUB - Volatility Comparison

First Trust Global Tactical Commodity Strategy Fund (FTGC) has a higher volatility of 4.23% compared to Fidelity Municipal Bond Opportunities ETF (FMUB) at 0.67%. This indicates that FTGC's price experiences larger fluctuations and is considered to be riskier than FMUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTGC	FMUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	0.67%	+3.56%
Volatility (6M) Calculated over the trailing 6-month period	13.37%	2.08%	+11.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.77%	2.66%	+13.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	3.58%	+12.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.72%	3.58%	+11.14%

FTGC vs. FMUB - Expense Ratio Comparison

FTGC has a 0.95% expense ratio, which is higher than FMUB's 0.30% expense ratio.

Dividends

FTGC vs. FMUB - Dividend Comparison

FTGC's dividend yield for the trailing twelve months is around 15.57%, more than FMUB's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMUB Fidelity Municipal Bond Opportunities ETF	3.49%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FTGC First Trust Global Tactical Commodity Strategy Fund	15.57%	17.74%	3.05%	3.34%	10.35%	7.21%	0.00%	0.81%	0.80%	1.21%

Frequently Asked Questions

Can I hold both FTGC and FMUB in my portfolio?

FTGC and FMUB have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTGC or FMUB?

FTGC has higher volatility (4.23%) compared to FMUB (0.67%). In terms of maximum drawdown, FTGC dropped -59.47% vs FMUB's -2.74%.

Which ETF is better, FTGC or FMUB?

On 1-year performance, FTGC leads with 32.56% vs 6.92% for FMUB. On fees, FMUB is cheaper at 0.30% per year. On volatility, FMUB has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTGC or FMUB?

Over the 1-year period, FTGC has performed better with a 32.56% return vs 6.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTGC or FMUB?

FMUB is cheaper with a 0.30% expense ratio, compared with 0.95% for FTGC.

Which ETF pays a higher dividend yield, FTGC or FMUB?

FTGC has the higher dividend yield at 15.57%, compared with 3.49% for FMUB.

What is the main difference between FTGC and FMUB?

FTGC is categorized as Commodities, while FMUB is Municipal Bonds. They also come from different issuers: First Trust and Fidelity. Their fees differ too: 0.95% for FTGC and 0.30% for FMUB.

Which has better risk-adjusted returns?

FMUB currently has the higher Sharpe Ratio (2.62 vs 2.08), 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.