RVNL vs. FUMB

Last updated Jun 6, 2026

RVNL (GraniteShares 2x Long RIVN Daily ETF) and FUMB (First Trust Ultra Short Duration Municipal ETF) are both exchange-traded funds - RVNL is a Leveraged Equities fund actively managed by GraniteShares, while FUMB is a Municipal Bonds fund actively managed by First Trust. Both are actively managed. Over the past year, RVNL returned -16.81% vs 2.60% for FUMB. At a correlation of -0.05, they often move in opposite directions. RVNL charges 1.15%/yr vs 0.45%/yr for FUMB.

Performance

RVNL vs. FUMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long RIVN Daily ETF (RVNL) 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, RVNL achieves a -45.20% return, which is significantly lower than FUMB's 1.17% return.

RVNL

• 1D: -19.35%
• 1M: 21.38%
• YTD: -45.20%
• 6M: -37.35%
• 1Y: -16.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FUMB

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.17%
• 6M: 1.35%
• 1Y: 2.60%
• 3Y*: 2.99%
• 5Y*: 1.99%
• 10Y*: —

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

RVNL vs. FUMB - Yearly Performance Comparison

	2026 (YTD)	2025
RVNL GraniteShares 2x Long RIVN Daily ETF	-45.20%	117.81%
FUMB First Trust Ultra Short Duration Municipal ETF	1.17%	2.20%

Correlation

The correlation between RVNL and FUMB is -0.07, 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	-0.07
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	-0.05

Return for Risk

RVNL vs. FUMB — Risk / Return Rank

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

RVNL

RVNL Risk / Return Rank: 11
RVNL Sharpe Ratio Rank: 8
RVNL Sortino Ratio Rank: 17
RVNL Omega Ratio Rank: 16
RVNL Calmar Ratio Rank: 7
RVNL Martin Ratio Rank: 7

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: 97
FUMB Martin Ratio Rank: 97

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.

RVNL vs. FUMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long RIVN Daily ETF (RVNL) 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.

	RVNL	FUMB	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	3.43	-3.57
Sortino ratio: Return per unit of downside risk	0.77	5.45	-4.67
Omega ratio: Gain probability vs. loss probability	1.09	1.78	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.23	11.94	-12.17
Martin ratio: Return relative to average drawdown	-0.42	45.33	-45.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RVNL vs. FUMB - Sharpe Ratio Comparison

The current RVNL Sharpe Ratio is -0.13, which is lower than the FUMB Sharpe Ratio of 3.43. The chart below compares the historical Sharpe Ratios of RVNL 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.

Sharpe Ratios by Period

	RVNL	FUMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	3.43	-3.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	1.01	-0.87

Drawdowns

RVNL vs. FUMB - Drawdown Comparison

The maximum RVNL drawdown since its inception was -72.92%, which is greater than FUMB's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for RVNL and FUMB.

Drawdown Indicators

	RVNL	FUMB	Difference
Max Drawdown Largest peak-to-trough decline	-72.92%	-2.68%	-70.24%
Max Drawdown (1Y) Largest decline over 1 year	-72.92%	-0.22%	-72.70%
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	-57.98%	0.00%	-57.98%
Average Drawdown Average peak-to-trough decline	-40.22%	-0.19%	-40.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.30%	0.06%	+40.24%

Volatility

RVNL vs. FUMB - Volatility Comparison

GraniteShares 2x Long RIVN Daily ETF (RVNL) has a higher volatility of 37.10% compared to First Trust Ultra Short Duration Municipal ETF (FUMB) at 0.20%. This indicates that RVNL'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

	RVNL	FUMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.10%	0.20%	+36.90%
Volatility (6M) Calculated over the trailing 6-month period	93.68%	0.54%	+93.14%
Volatility (1Y) Calculated over the trailing 1-year period	127.61%	0.76%	+126.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	125.00%	1.16%	+123.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	125.00%	1.77%	+123.23%

RVNL vs. FUMB - Expense Ratio Comparison

RVNL has a 1.15% expense ratio, which is higher than FUMB's 0.45% expense ratio.

Dividends

RVNL vs. FUMB - Dividend Comparison

RVNL has not paid dividends to shareholders, while FUMB's dividend yield for the trailing twelve months is around 2.80%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FUMB First Trust Ultra Short Duration Municipal ETF	2.80%	2.90%	2.86%	2.24%	1.02%	0.43%	0.94%	1.74%	0.15%
RVNL GraniteShares 2x Long RIVN Daily 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 RVNL and FUMB in my portfolio?

RVNL and FUMB have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RVNL or FUMB?

RVNL has higher volatility (37.10%) compared to FUMB (0.20%). In terms of maximum drawdown, RVNL dropped -72.92% vs FUMB's -2.68%.

Which ETF is better, RVNL or FUMB?

On 1-year performance, FUMB leads with 2.60% vs -16.81% for RVNL. On fees, FUMB is cheaper at 0.45% per year. On volatility, FUMB has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RVNL or FUMB?

Over the 1-year period, FUMB has performed better with a 2.60% return vs -16.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RVNL or FUMB?

FUMB is cheaper with a 0.45% expense ratio, compared with 1.15% for RVNL.

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

FUMB has the higher dividend yield at 2.80%, compared with 0.00% for RVNL.

What is the main difference between RVNL and FUMB?

RVNL is categorized as Leveraged Equities, while FUMB is Municipal Bonds. They also come from different issuers: GraniteShares and First Trust. Their fees differ too: 1.15% for RVNL and 0.45% for FUMB.

Which has better risk-adjusted returns?

FUMB currently has the higher Sharpe Ratio (3.43 vs -0.13), 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.