FTSM vs. TUSB

Last updated Aug 2, 2026

FTSM (First Trust Enhanced Short Maturity ETF) and TUSB (Thrivent Ultra Short Bond ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past year, FTSM returned 3.88% vs 4.55% for TUSB. Their 0.23 correlation means their historical movements had little consistent relationship. FTSM charges 0.44%/yr vs 0.20%/yr for TUSB.

Performance

FTSM vs. TUSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Enhanced Short Maturity ETF (FTSM) and Thrivent Ultra Short Bond ETF (TUSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTSM achieves a 2.06% return, which is significantly lower than TUSB's 2.58% return.

FTSM

• 1D: 0.04%
• 1M: 0.27%
• 6M: 1.71%
• YTD: 2.06%
• 1Y: 3.88%
• 3Y*: 4.81%
• 5Y*: 3.58%
• 10Y*: 2.59%
• ALL TIME*: 2.24%

TUSB

• 1D: 0.06%
• 1M: 0.47%
• 6M: 2.07%
• YTD: 2.58%
• 1Y: 4.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTSM First Trust Enhanced Short Maturity ETF	$36.56M	$37.97M	$43.15M
TUSB Thrivent Ultra Short Bond ETF	$669.76K	$810.48K	$941.31K

FTSM vs. TUSB - Yearly Performance Comparison

	2026 (YTD)	2025
FTSM First Trust Enhanced Short Maturity ETF	2.06%	4.03%
TUSB Thrivent Ultra Short Bond ETF	2.58%	4.25%

Correlation

The correlation between FTSM and TUSB is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	0.23

Return for Risk

FTSM vs. TUSB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTSM

FTSM Risk / Return Rank: 99
FTSM Sharpe Ratio Rank: 99
FTSM Sortino Ratio Rank: 99
FTSM Omega Ratio Rank: 99
FTSM Calmar Ratio Rank: 99
FTSM Martin Ratio Rank: 99

TUSB

TUSB Risk / Return Rank: 99
TUSB Sharpe Ratio Rank: 98
TUSB Sortino Ratio Rank: 99
TUSB Omega Ratio Rank: 98
TUSB Calmar Ratio Rank: 99
TUSB Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FTSM vs. TUSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Short Maturity ETF (FTSM) and Thrivent Ultra Short Bond ETF (TUSB). 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.

	FTSM	TUSB	Difference
Sharpe ratio: Return per unit of total volatility	8.33	4.80	+3.52
Sortino ratio: Return per unit of downside risk	18.50	8.41	+10.09
Omega ratio: Gain probability vs. loss probability	3.99	2.15	+1.84
Calmar ratio: Return relative to maximum drawdown	34.93	18.79	+16.14
Martin ratio: Return relative to average drawdown	167.30	74.19	+93.11

FTSM vs. TUSB - Sharpe Ratio Comparison

The current FTSM Sharpe Ratio is 8.33, which is higher than the TUSB Sharpe Ratio of 4.80. The chart below compares the historical Sharpe Ratios of FTSM and TUSB, 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

FTSM vs. TUSB - Drawdown Comparison

The maximum FTSM drawdown since its inception was -4.12%, which is greater than TUSB's maximum drawdown of -0.51%. Use the drawdown chart below to compare losses from any high point for FTSM and TUSB.

Drawdown Indicators

	FTSM	TUSB	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-0.51%	-3.61%
Max Drawdown (1Y) Largest decline over 1 year	-0.12%	-0.25%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-0.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-4.12%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.06%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.06%	-0.04%

Volatility

FTSM vs. TUSB - Volatility Comparison

The current volatility for First Trust Enhanced Short Maturity ETF (FTSM) is 0.14%, while Thrivent Ultra Short Bond ETF (TUSB) has a volatility of 0.26%. This indicates that FTSM experiences smaller price fluctuations and is considered to be less risky than TUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTSM	TUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.26%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	0.38%	0.72%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	0.49%	0.97%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.50%	1.23%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.88%	1.23%	-0.35%

FTSM vs. TUSB - Expense Ratio Comparison

FTSM has a 0.44% expense ratio, which is higher than TUSB's 0.20% expense ratio.

Dividends

FTSM vs. TUSB - Dividend Comparison

FTSM's dividend yield for the trailing twelve months is around 4.12%, less than TUSB's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTSM First Trust Enhanced Short Maturity ETF	4.12%	4.28%	4.91%	4.62%	1.62%	0.39%	1.20%	2.38%	2.14%	1.49%	1.03%	0.48%
TUSB Thrivent Ultra Short Bond ETF	4.26%	3.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTSM and TUSB in my portfolio?

FTSM and TUSB have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTSM or TUSB?

TUSB has higher volatility (0.26%) compared to FTSM (0.14%). In terms of maximum drawdown, FTSM dropped -4.12% vs TUSB's -0.51%.

Which ETF is better, FTSM or TUSB?

On 1-year performance, TUSB leads with 4.55% vs 3.88% for FTSM. On fees, TUSB is cheaper at 0.20% per year. On volatility, FTSM has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTSM or TUSB?

Over the 1-year period, TUSB has performed better with a 4.55% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTSM or TUSB?

TUSB is cheaper with a 0.20% expense ratio, compared with 0.44% for FTSM.

Which ETF pays a higher dividend yield, FTSM or TUSB?

TUSB has the higher dividend yield at 4.26%, compared with 4.12% for FTSM.

What is the main difference between FTSM and TUSB?

They also come from different issuers: First Trust and Thrivent. Their fees differ too: 0.44% for FTSM and 0.20% for TUSB.

Which has better risk-adjusted returns?

FTSM currently has the higher Sharpe Ratio (8.33 vs 4.80), 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.