FUMB vs. CMCI

Last updated Aug 4, 2026

FUMB (First Trust Ultra Short Duration Municipal ETF) and CMCI (VanEck CMCI Commodity Strategy ETF) are both exchange-traded funds - FUMB is a Municipal Bonds fund actively managed by First Trust, while CMCI is a Commodities fund tracking the UBS Bloomberg CMCI Composite Total Return Index. FUMB is actively managed, while CMCI is passively managed. Over the past year, FUMB returned 2.19% vs 28.48% for CMCI. Their -0.06 correlation means they have often moved in opposite directions in the past. FUMB charges 0.45%/yr vs 0.65%/yr for CMCI.

Performance

FUMB vs. CMCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Ultra Short Duration Municipal ETF (FUMB) and VanEck CMCI Commodity Strategy ETF (CMCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FUMB achieves a 1.39% return, which is significantly lower than CMCI's 21.41% return.

FUMB

• 1D: -0.07%
• 1M: -0.01%
• 6M: 0.86%
• YTD: 1.39%
• 1Y: 2.19%
• 3Y*: 2.92%
• 5Y*: 1.99%
• 10Y*: —
• ALL TIME*: 1.78%

CMCI

• 1D: -0.31%
• 1M: 5.64%
• 6M: 18.02%
• YTD: 21.41%
• 1Y: 28.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.63%

*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)
CMCI VanEck CMCI Commodity Strategy ETF	$789.37	$2.03K	$13.08K
FUMB First Trust Ultra Short Duration Municipal ETF	$985.06K	$934.27K	$1.49M

FUMB vs. CMCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FUMB First Trust Ultra Short Duration Municipal ETF	1.39%	2.78%	3.05%	1.30%
CMCI VanEck CMCI Commodity Strategy ETF	21.41%	7.90%	5.68%	-2.74%

Correlation

The correlation between FUMB and CMCI is -0.12, 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.	-0.12
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	-0.06

Return for Risk

FUMB vs. CMCI — Risk / Return Rank

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

FUMB

FUMB Risk / Return Rank: 96
FUMB Sharpe Ratio Rank: 94
FUMB Sortino Ratio Rank: 95
FUMB Omega Ratio Rank: 95
FUMB Calmar Ratio Rank: 98
FUMB Martin Ratio Rank: 97

CMCI

CMCI Risk / Return Rank: 81
CMCI Sharpe Ratio Rank: 89
CMCI Sortino Ratio Rank: 88
CMCI Omega Ratio Rank: 87
CMCI Calmar Ratio Rank: 71
CMCI Martin Ratio Rank: 72

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.

FUMB vs. CMCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Ultra Short Duration Municipal ETF (FUMB) and VanEck CMCI Commodity Strategy ETF (CMCI). 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.

	FUMB	CMCI	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.28	+0.35
Sortino ratio: Return per unit of downside risk	4.08	3.14	+0.93
Omega ratio: Gain probability vs. loss probability	1.56	1.40	+0.16
Calmar ratio: Return relative to maximum drawdown	9.61	2.66	+6.96
Martin ratio: Return relative to average drawdown	32.75	9.38	+23.37

FUMB vs. CMCI - Sharpe Ratio Comparison

The current FUMB Sharpe Ratio is 2.64, which is comparable to the CMCI Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of FUMB and CMCI, 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

FUMB vs. CMCI - Drawdown Comparison

The maximum FUMB drawdown since its inception was -2.68%, smaller than the maximum CMCI drawdown of -11.54%. Use the drawdown chart below to compare losses from any high point for FUMB and CMCI.

Drawdown Indicators

	FUMB	CMCI	Difference
Max Drawdown Largest peak-to-trough decline	-2.68%	-11.54%	+8.86%
Max Drawdown (1Y) Largest decline over 1 year	-0.23%	-10.77%	+10.54%
Max Drawdown (3Y) Largest decline over 3 years	-0.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.25%	—	—
Current Drawdown Current decline from peak	-0.23%	-4.38%	+4.15%
Average Drawdown Average peak-to-trough decline	-0.19%	-3.69%	+3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	3.05%	-2.98%

Volatility

FUMB vs. CMCI - Volatility Comparison

The current volatility for First Trust Ultra Short Duration Municipal ETF (FUMB) is 0.35%, while VanEck CMCI Commodity Strategy ETF (CMCI) has a volatility of 3.84%. This indicates that FUMB experiences smaller price fluctuations and is considered to be less risky than CMCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUMB	CMCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	3.84%	-3.49%
Volatility (6M) Calculated over the trailing 6-month period	0.62%	10.22%	-9.60%
Volatility (1Y) Calculated over the trailing 1-year period	0.84%	12.57%	-11.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.18%	12.65%	-11.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.75%	12.65%	-10.90%

FUMB vs. CMCI - Expense Ratio Comparison

FUMB has a 0.45% expense ratio, which is lower than CMCI's 0.65% expense ratio.

Dividends

FUMB vs. CMCI - Dividend Comparison

FUMB's dividend yield for the trailing twelve months is around 2.75%, less than CMCI's 8.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CMCI VanEck CMCI Commodity Strategy ETF	8.14%	9.89%	3.93%	1.64%	0.00%	0.00%	0.00%	0.00%	0.00%
FUMB First Trust Ultra Short Duration Municipal ETF	2.75%	2.90%	2.86%	2.24%	1.02%	0.43%	0.94%	1.74%	0.15%

Frequently Asked Questions

Can I hold both FUMB and CMCI in my portfolio?

FUMB and CMCI have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUMB or CMCI?

CMCI has higher volatility (3.84%) compared to FUMB (0.35%). In terms of maximum drawdown, FUMB dropped -2.68% vs CMCI's -11.54%.

Which ETF is better, FUMB or CMCI?

On 1-year performance, CMCI leads with 28.48% vs 2.19% for FUMB. On fees, FUMB is cheaper at 0.45% per year. On volatility, FUMB has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FUMB or CMCI?

Over the 1-year period, CMCI has performed better with a 28.48% return vs 2.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FUMB or CMCI?

FUMB is cheaper with a 0.45% expense ratio, compared with 0.65% for CMCI.

Which ETF pays a higher dividend yield, FUMB or CMCI?

CMCI has the higher dividend yield at 8.14%, compared with 2.75% for FUMB.

What is the main difference between FUMB and CMCI?

FUMB is categorized as Municipal Bonds, while CMCI is Commodities. They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.45% for FUMB and 0.65% for CMCI.

Which has better risk-adjusted returns?

FUMB currently has the higher Sharpe Ratio (2.63 vs 2.28), 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.