FUMB vs. FXAIX

Last updated Jun 24, 2026

FUMB (First Trust Ultra Short Duration Municipal ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - FUMB is a Municipal Bonds fund actively managed by First Trust, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. FUMB is actively managed, while FXAIX is passively managed. Over the past 5 years, FUMB returned 2.01%/yr vs 13.60%/yr for FXAIX. At a 0.03 correlation, their price movements are largely independent. FUMB charges 0.45%/yr vs 0.02%/yr for FXAIX.

Performance

FUMB vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Ultra Short Duration Municipal ETF (FUMB) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FUMB achieves a 1.30% return, which is significantly lower than FXAIX's 9.79% return.

FUMB

• 1D: -0.10%
• 1M: 0.30%
• YTD: 1.30%
• 6M: 1.25%
• 1Y: 2.65%
• 3Y*: 2.97%
• 5Y*: 2.01%
• 10Y*: —

FXAIX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.79%
• 6M: 8.79%
• 1Y: 25.51%
• 3Y*: 21.39%
• 5Y*: 13.60%
• 10Y*: 15.80%

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

FUMB vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FUMB First Trust Ultra Short Duration Municipal ETF	1.30%	2.78%	3.05%	2.84%	-0.03%	0.38%	1.25%	1.76%	0.35%
FXAIX Fidelity 500 Index Fund	9.79%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-7.59%

Correlation

The correlation between FUMB and FXAIX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.03

Return for Risk

FUMB vs. FXAIX — Risk / Return Rank

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

FUMB

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

FXAIX

FXAIX Risk / Return Rank: 65
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 57
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 78

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.

FUMB vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Ultra Short Duration Municipal ETF (FUMB) and Fidelity 500 Index Fund (FXAIX). 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	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	3.41	2.15	+1.26
Sortino ratio: Return per unit of downside risk	5.37	2.91	+2.46
Omega ratio: Gain probability vs. loss probability	1.77	1.39	+0.38
Calmar ratio: Return relative to maximum drawdown	12.17	3.02	+9.15
Martin ratio: Return relative to average drawdown	45.58	13.62	+31.95

FUMB vs. FXAIX - Sharpe Ratio Comparison

The current FUMB Sharpe Ratio is 3.41, which is higher than the FXAIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of FUMB and FXAIX, 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. FXAIX - Drawdown Comparison

The maximum FUMB drawdown since its inception was -2.68%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FUMB and FXAIX.

Drawdown Indicators

	FUMB	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-2.68%	-33.79%	+31.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.22%	-8.89%	+8.67%
Max Drawdown (3Y) Largest decline over 3 years	-0.60%	-18.76%	+18.16%
Max Drawdown (5Y) Largest decline over 5 years	-1.25%	-24.50%	+23.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-0.10%	-1.72%	+1.62%
Average Drawdown Average peak-to-trough decline	-0.19%	-3.79%	+3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	1.97%	-1.91%

Volatility

FUMB vs. FXAIX - Volatility Comparison

The current volatility for First Trust Ultra Short Duration Municipal ETF (FUMB) is 0.24%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.68%. This indicates that FUMB experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUMB	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	4.68%	-4.44%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	9.84%	-9.28%
Volatility (1Y) Calculated over the trailing 1-year period	0.78%	12.50%	-11.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.17%	17.00%	-15.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	18.12%	-16.36%

FUMB vs. FXAIX - Expense Ratio Comparison

FUMB has a 0.45% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FUMB vs. FXAIX - Dividend Comparison

FUMB's dividend yield for the trailing twelve months is around 2.79%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FUMB First Trust Ultra Short Duration Municipal ETF	2.79%	2.90%	2.86%	2.24%	1.02%	0.43%	0.94%	1.74%	0.15%	0.00%	0.00%	0.00%
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FUMB and FXAIX in my portfolio?

FUMB and FXAIX have a correlation of 0.08, 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 FXAIX?

FXAIX has higher volatility (4.68%) compared to FUMB (0.24%). In terms of maximum drawdown, FUMB dropped -2.68% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FUMB currently has the higher Sharpe Ratio (3.41 vs 2.15), 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.