MINO vs. FUMB

Last updated Aug 2, 2026

MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) and FUMB (First Trust Ultra Short Duration Municipal ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, MINO returned 4.16%/yr vs 2.94%/yr for FUMB. Their 0.25 correlation means their historical movements had little consistent relationship. MINO charges 0.39%/yr vs 0.45%/yr for FUMB.

Performance

MINO vs. FUMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) and First Trust Ultra Short Duration Municipal ETF (FUMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MINO achieves a 0.87% return, which is significantly lower than FUMB's 1.47% return.

MINO

• 1D: -0.20%
• 1M: -1.84%
• 6M: 0.17%
• YTD: 0.87%
• 1Y: 5.64%
• 3Y*: 4.16%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.16%

FUMB

• 1D: -0.07%
• 1M: 0.07%
• 6M: 0.94%
• YTD: 1.47%
• 1Y: 2.27%
• 3Y*: 2.94%
• 5Y*: 2.02%
• 10Y*: —
• ALL TIME*: 1.79%

*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)
FUMB First Trust Ultra Short Duration Municipal ETF	$841.15K	$875.00K	$1.49M
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	$4.84M	$4.61M	$4.86M

MINO vs. FUMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	0.87%	4.42%	3.13%	8.46%	-10.43%	0.26%
FUMB First Trust Ultra Short Duration Municipal ETF	1.47%	2.78%	3.05%	2.84%	-0.03%	0.02%

Correlation

The correlation between MINO and FUMB is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.23
Correlation (All Time) Calculated using the full available price history since Sep 9, 2021	0.25

Return for Risk

MINO vs. FUMB — Risk / Return Rank

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

MINO

MINO Risk / Return Rank: 85
MINO Sharpe Ratio Rank: 91
MINO Sortino Ratio Rank: 93
MINO Omega Ratio Rank: 94
MINO Calmar Ratio Rank: 75
MINO Martin Ratio Rank: 74

FUMB

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

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.

MINO vs. FUMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) and First Trust Ultra Short Duration Municipal ETF (FUMB). 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.

	MINO	FUMB	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.82	-0.49
Sortino ratio: Return per unit of downside risk	3.52	4.40	-0.89
Omega ratio: Gain probability vs. loss probability	1.49	1.61	-0.12
Calmar ratio: Return relative to maximum drawdown	2.67	10.77	-8.10
Martin ratio: Return relative to average drawdown	9.12	35.87	-26.75

MINO vs. FUMB - Sharpe Ratio Comparison

The current MINO Sharpe Ratio is 2.33, which is comparable to the FUMB Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of MINO and FUMB, 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

MINO vs. FUMB - Drawdown Comparison

The maximum MINO drawdown since its inception was -15.24%, which is greater than FUMB's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for MINO and FUMB.

Drawdown Indicators

	MINO	FUMB	Difference
Max Drawdown Largest peak-to-trough decline	-15.24%	-2.68%	-12.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-0.22%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	-4.71%	-0.60%	-4.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.25%	—
Current Drawdown Current decline from peak	-1.84%	-0.15%	-1.69%
Average Drawdown Average peak-to-trough decline	-4.13%	-0.19%	-3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.07%	+0.63%

Volatility

MINO vs. FUMB - Volatility Comparison

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) has a higher volatility of 0.90% compared to First Trust Ultra Short Duration Municipal ETF (FUMB) at 0.34%. This indicates that MINO's price experiences larger fluctuations and is considered to be riskier than FUMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MINO	FUMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.34%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.07%	0.62%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	2.76%	0.84%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.49%	1.18%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.49%	1.75%	+2.74%

MINO vs. FUMB - Expense Ratio Comparison

MINO has a 0.39% expense ratio, which is lower than FUMB's 0.45% expense ratio.

Dividends

MINO vs. FUMB - Dividend Comparison

MINO's dividend yield for the trailing twelve months is around 3.95%, more than FUMB's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	3.64%	3.71%	3.91%	3.78%	2.87%	0.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MINO and FUMB in my portfolio?

MINO and FUMB have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MINO or FUMB?

MINO has higher volatility (0.90%) compared to FUMB (0.34%). In terms of maximum drawdown, MINO dropped -15.24% vs FUMB's -2.68%.

Which ETF is better, MINO or FUMB?

On 3-year performance, MINO leads with 4.16% vs 2.94% for FUMB. On fees, MINO is cheaper at 0.39% per year. On volatility, FUMB has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MINO or FUMB?

Over the 3-year period, MINO has performed better with a 4.16% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MINO or FUMB?

MINO is cheaper with a 0.39% expense ratio, compared with 0.45% for FUMB.

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

MINO has the higher dividend yield at 3.64%, compared with 2.75% for FUMB.

What is the main difference between MINO and FUMB?

They also come from different issuers: PIMCO and First Trust. Their fees differ too: 0.39% for MINO and 0.45% for FUMB.

Which has better risk-adjusted returns?

FUMB currently has the higher Sharpe Ratio (2.82 vs 2.33), 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.