PMIO vs. FUMB

Last updated Jun 23, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and FUMB (First Trust Ultra Short Duration Municipal ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, PMIO returned 6.62% vs 2.75% for FUMB. At a 0.25 correlation, their price movements are largely independent. PMIO charges 0.25%/yr vs 0.45%/yr for FUMB.

Performance

PMIO vs. FUMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Municipal Income Opportunities ETF (PMIO) 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, PMIO achieves a 1.96% return, which is significantly higher than FUMB's 1.40% return.

PMIO

• 1D: -0.03%
• 1M: 1.29%
• YTD: 1.96%
• 6M: 2.15%
• 1Y: 6.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FUMB

• 1D: 0.12%
• 1M: 0.40%
• YTD: 1.40%
• 6M: 1.40%
• 1Y: 2.75%
• 3Y*: 3.01%
• 5Y*: 2.03%
• 10Y*: —

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

PMIO vs. FUMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	1.96%	5.30%	2.41%
FUMB First Trust Ultra Short Duration Municipal ETF	1.40%	2.78%	1.54%

Correlation

The correlation between PMIO and FUMB is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jun 28, 2024	0.25

Return for Risk

PMIO vs. FUMB — Risk / Return Rank

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

PMIO

PMIO Risk / Return Rank: 80
PMIO Sharpe Ratio Rank: 91
PMIO Sortino Ratio Rank: 94
PMIO Omega Ratio Rank: 95
PMIO Calmar Ratio Rank: 62
PMIO Martin Ratio Rank: 58

FUMB

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

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.

PMIO vs. FUMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) 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.

	PMIO	FUMB	Difference
Sharpe ratio: Return per unit of total volatility	3.01	3.58	-0.57
Sortino ratio: Return per unit of downside risk	4.52	5.69	-1.17
Omega ratio: Gain probability vs. loss probability	1.69	1.83	-0.14
Calmar ratio: Return relative to maximum drawdown	2.97	12.64	-9.67
Martin ratio: Return relative to average drawdown	9.87	47.61	-37.74

PMIO vs. FUMB - Sharpe Ratio Comparison

The current PMIO Sharpe Ratio is 3.01, which is comparable to the FUMB Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of PMIO 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

PMIO vs. FUMB - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, which is greater than FUMB's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for PMIO and FUMB.

Drawdown Indicators

	PMIO	FUMB	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-2.68%	-0.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-0.22%	-2.02%
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	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.19%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.06%	+0.61%

Volatility

PMIO vs. FUMB - Volatility Comparison

PGIM Municipal Income Opportunities ETF (PMIO) has a higher volatility of 0.60% compared to First Trust Ultra Short Duration Municipal ETF (FUMB) at 0.21%. This indicates that PMIO'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

	PMIO	FUMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.21%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	0.55%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	0.77%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.06%	1.17%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.06%	1.76%	+1.30%

PMIO vs. FUMB - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is lower than FUMB's 0.45% expense ratio.

Dividends

PMIO vs. FUMB - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 3.91%, more than FUMB's 2.79% yield.

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%
PMIO PGIM Municipal Income Opportunities ETF	3.91%	4.00%	2.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMIO and FUMB in my portfolio?

PMIO and FUMB have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMIO or FUMB?

PMIO has higher volatility (0.60%) compared to FUMB (0.21%). In terms of maximum drawdown, PMIO dropped -3.39% vs FUMB's -2.68%.

Which ETF is better, PMIO or FUMB?

On 1-year performance, PMIO leads with 6.62% vs 2.75% for FUMB. On fees, PMIO is cheaper at 0.25% per year. On volatility, FUMB has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMIO or FUMB?

Over the 1-year period, PMIO has performed better with a 6.62% return vs 2.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMIO or FUMB?

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

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

PMIO has the higher dividend yield at 3.91%, compared with 2.79% for FUMB.

What is the main difference between PMIO and FUMB?

They also come from different issuers: PGIM and First Trust. Their fees differ too: 0.25% for PMIO and 0.45% for FUMB.

Which has better risk-adjusted returns?

FUMB currently has the higher Sharpe Ratio (3.58 vs 3.01), 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.