FUMB vs. TOAK

Last updated Jun 24, 2026

FUMB (First Trust Ultra Short Duration Municipal ETF) and TOAK (Twin Oak Short Horizon Absolute Return ETF) are both exchange-traded funds - FUMB is a Municipal Bonds fund actively managed by First Trust, while TOAK is a Multistrategy fund actively managed by Twin Oak. Both are actively managed. Over the past year, FUMB returned 2.65% vs 3.67% for TOAK. At a correlation of -0.02, they often move in opposite directions. FUMB charges 0.45%/yr vs 0.25%/yr for TOAK.

Performance

FUMB vs. TOAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Ultra Short Duration Municipal ETF (FUMB) and Twin Oak Short Horizon Absolute Return ETF (TOAK). 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 TOAK's 1.51% return.

FUMB

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

TOAK

• 1D: 0.02%
• 1M: 0.24%
• YTD: 1.51%
• 6M: 1.57%
• 1Y: 3.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FUMB vs. TOAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FUMB First Trust Ultra Short Duration Municipal ETF	1.30%	2.78%	0.88%
TOAK Twin Oak Short Horizon Absolute Return ETF	1.51%	4.28%	1.36%

Correlation

The correlation between FUMB and TOAK is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Aug 20, 2024	-0.02

The correlation between FUMB and TOAK shifts across timeframes, from -0.13 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FUMB vs. TOAK — 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

TOAK

TOAK Risk / Return Rank: 52
TOAK Sharpe Ratio Rank: 38
TOAK Sortino Ratio Rank: 39
TOAK Omega Ratio Rank: 96
TOAK Calmar Ratio Rank: 45
TOAK Martin Ratio Rank: 42

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. TOAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Ultra Short Duration Municipal ETF (FUMB) and Twin Oak Short Horizon Absolute Return ETF (TOAK). 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	TOAK	Difference
Sharpe ratio: Return per unit of total volatility	3.41	1.26	+2.15
Sortino ratio: Return per unit of downside risk	5.37	1.87	+3.49
Omega ratio: Gain probability vs. loss probability	1.77	1.77	0.00
Calmar ratio: Return relative to maximum drawdown	12.17	2.04	+10.13
Martin ratio: Return relative to average drawdown	45.58	6.27	+39.30

FUMB vs. TOAK - Sharpe Ratio Comparison

The current FUMB Sharpe Ratio is 3.41, which is higher than the TOAK Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of FUMB and TOAK, 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. TOAK - Drawdown Comparison

The maximum FUMB drawdown since its inception was -2.68%, which is greater than TOAK's maximum drawdown of -1.81%. Use the drawdown chart below to compare losses from any high point for FUMB and TOAK.

Drawdown Indicators

	FUMB	TOAK	Difference
Max Drawdown Largest peak-to-trough decline	-2.68%	-1.81%	-0.87%
Max Drawdown (1Y) Largest decline over 1 year	-0.22%	-1.81%	+1.59%
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	-0.10%	-1.53%	+1.43%
Average Drawdown Average peak-to-trough decline	-0.19%	-0.15%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.59%	-0.53%

Volatility

FUMB vs. TOAK - Volatility Comparison

First Trust Ultra Short Duration Municipal ETF (FUMB) has a higher volatility of 0.24% compared to Twin Oak Short Horizon Absolute Return ETF (TOAK) at 0.11%. This indicates that FUMB's price experiences larger fluctuations and is considered to be riskier than TOAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUMB	TOAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	0.11%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	2.74%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	0.78%	2.91%	-2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.17%	2.19%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	2.19%	-0.43%

FUMB vs. TOAK - Expense Ratio Comparison

FUMB has a 0.45% expense ratio, which is higher than TOAK's 0.25% expense ratio.

Dividends

FUMB vs. TOAK - Dividend Comparison

FUMB's dividend yield for the trailing twelve months is around 2.79%, while TOAK has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
TOAK Twin Oak Short Horizon Absolute Return ETF	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 FUMB and TOAK in my portfolio?

FUMB and TOAK have a correlation of -0.13, 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 TOAK?

FUMB has higher volatility (0.24%) compared to TOAK (0.11%). In terms of maximum drawdown, FUMB dropped -2.68% vs TOAK's -1.81%.

Which ETF is better, FUMB or TOAK?

On 1-year performance, TOAK leads with 3.67% vs 2.65% for FUMB. On fees, TOAK is cheaper at 0.25% per year. On volatility, TOAK has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FUMB or TOAK?

Over the 1-year period, TOAK has performed better with a 3.67% return vs 2.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FUMB or TOAK?

TOAK is cheaper with a 0.25% expense ratio, compared with 0.45% for FUMB.

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

FUMB has the higher dividend yield at 2.79%, compared with 0.00% for TOAK.

What is the main difference between FUMB and TOAK?

FUMB is categorized as Municipal Bonds, while TOAK is Multistrategy. They also come from different issuers: First Trust and Twin Oak. Their fees differ too: 0.45% for FUMB and 0.25% for TOAK.

Which has better risk-adjusted returns?

FUMB currently has the higher Sharpe Ratio (3.41 vs 1.26), 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.