SAIA vs. FMF

Last updated Jun 4, 2026

SAIA (Saia, Inc.) is a stock, while FMF (First Trust Managed Futures Strategy Fund) is Hedge Fund fund actively managed by First Trust. Over the past 10 years, SAIA returned 33.57%/yr vs 3.17%/yr for FMF. At a 0.06 correlation, their price movements are largely independent.

Performance

SAIA vs. FMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saia, Inc. (SAIA) and First Trust Managed Futures Strategy Fund (FMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAIA achieves a 42.25% return, which is significantly higher than FMF's 10.96% return. Over the past 10 years, SAIA has outperformed FMF with an annualized return of 33.57%, while FMF has yielded a comparatively lower 3.17% annualized return.

SAIA

• 1D: -1.41%
• 1M: 14.66%
• YTD: 42.25%
• 6M: 42.39%
• 1Y: 73.32%
• 3Y*: 15.32%
• 5Y*: 17.18%
• 10Y*: 33.57%

FMF

• 1D: 0.33%
• 1M: 1.08%
• YTD: 10.96%
• 6M: 11.47%
• 1Y: 22.22%
• 3Y*: 6.78%
• 5Y*: 4.62%
• 10Y*: 3.17%

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

SAIA vs. FMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAIA Saia, Inc.	42.25%	-28.35%	4.00%	108.99%	-37.79%	86.41%	94.16%	66.82%	-21.10%	60.25%
FMF First Trust Managed Futures Strategy Fund	10.96%	4.54%	8.17%	-0.18%	5.24%	3.57%	5.69%	-5.16%	-2.64%	1.70%

Correlation

The correlation between SAIA and FMF is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Aug 5, 2013	0.06

The correlation between SAIA and FMF shifts across timeframes, from -0.02 (5 years) to 0.10 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SAIA vs. FMF — Risk / Return Rank

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

SAIA

SAIA Risk / Return Rank: 80
SAIA Sharpe Ratio Rank: 81
SAIA Sortino Ratio Rank: 78
SAIA Omega Ratio Rank: 75
SAIA Calmar Ratio Rank: 82
SAIA Martin Ratio Rank: 82

FMF

FMF Risk / Return Rank: 78
FMF Sharpe Ratio Rank: 70
FMF Sortino Ratio Rank: 72
FMF Omega Ratio Rank: 68
FMF Calmar Ratio Rank: 93
FMF Martin Ratio Rank: 86

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.

SAIA vs. FMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saia, Inc. (SAIA) and First Trust Managed Futures Strategy Fund (FMF). 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.

	SAIA	FMF	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.31	-0.77
Sortino ratio: Return per unit of downside risk	2.23	3.31	-1.08
Omega ratio: Gain probability vs. loss probability	1.26	1.42	-0.15
Calmar ratio: Return relative to maximum drawdown	2.96	6.52	-3.57
Martin ratio: Return relative to average drawdown	7.76	18.49	-10.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAIA vs. FMF - Sharpe Ratio Comparison

The current SAIA Sharpe Ratio is 1.54, which is lower than the FMF Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of SAIA and FMF, 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

	SAIA	FMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.31	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.43	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.27	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.17	+0.21

Drawdowns

SAIA vs. FMF - Drawdown Comparison

The maximum SAIA drawdown since its inception was -80.35%, which is greater than FMF's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for SAIA and FMF.

Drawdown Indicators

	SAIA	FMF	Difference
Max Drawdown Largest peak-to-trough decline	-80.35%	-22.21%	-58.14%
Max Drawdown (1Y) Largest decline over 1 year	-24.92%	-3.42%	-21.50%
Max Drawdown (3Y) Largest decline over 3 years	-60.94%	-7.25%	-53.69%
Max Drawdown (5Y) Largest decline over 5 years	-60.94%	-14.98%	-45.96%
Max Drawdown (10Y) Largest decline over 10 years	-60.94%	-16.89%	-44.05%
Current Drawdown Current decline from peak	-23.34%	-0.07%	-23.27%
Average Drawdown Average peak-to-trough decline	-28.75%	-9.86%	-18.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.50%	1.20%	+8.30%

Volatility

SAIA vs. FMF - Volatility Comparison

Saia, Inc. (SAIA) has a higher volatility of 12.03% compared to First Trust Managed Futures Strategy Fund (FMF) at 1.89%. This indicates that SAIA's price experiences larger fluctuations and is considered to be riskier than FMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAIA	FMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.03%	1.89%	+10.14%
Volatility (6M) Calculated over the trailing 6-month period	35.50%	7.11%	+28.39%
Volatility (1Y) Calculated over the trailing 1-year period	47.96%	9.66%	+38.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.36%	10.74%	+40.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.74%	11.72%	+34.02%

Dividends

SAIA vs. FMF - Dividend Comparison

SAIA has not paid dividends to shareholders, while FMF's dividend yield for the trailing twelve months is around 4.96%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMF First Trust Managed Futures Strategy Fund	4.96%	5.60%	4.85%	3.09%	0.41%	3.29%	0.02%	1.05%	1.56%	0.82%
SAIA Saia, Inc.	0.00%	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 SAIA and FMF in my portfolio?

SAIA and FMF have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAIA or FMF?

SAIA has higher volatility (12.03%) compared to FMF (1.89%). In terms of maximum drawdown, SAIA dropped -80.35% vs FMF's -22.21%.

Which has better risk-adjusted returns?

FMF currently has the higher Sharpe Ratio (2.31 vs 1.54), 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.