TAFI vs. FUMB

Last updated Aug 2, 2026

TAFI (AB Tax-Aware Short Duration ETF) and FUMB (First Trust Ultra Short Duration Municipal ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, TAFI returned 3.45%/yr vs 2.94%/yr for FUMB. Their 0.23 correlation means their historical movements had little consistent relationship. TAFI charges 0.27%/yr vs 0.45%/yr for FUMB.

Performance

TAFI vs. FUMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Tax-Aware Short Duration ETF (TAFI) 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, TAFI achieves a 0.92% return, which is significantly lower than FUMB's 1.47% return.

TAFI

• 1D: 0.00%
• 1M: -0.44%
• 6M: 0.32%
• YTD: 0.92%
• 1Y: 2.52%
• 3Y*: 3.45%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.20%

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
TAFI AB Tax-Aware Short Duration ETF	$7.43M	$8.15M	$11.64M

TAFI vs. FUMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TAFI AB Tax-Aware Short Duration ETF	0.92%	4.35%	2.48%	4.10%	0.56%
FUMB First Trust Ultra Short Duration Municipal ETF	1.47%	2.78%	3.05%	2.84%	0.70%

Correlation

The correlation between TAFI and FUMB is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (All Time) Calculated using the full available price history since Sep 14, 2022	0.23

Over the past year, the correlation between TAFI and FUMB has dropped to 0.03 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.

Return for Risk

TAFI vs. FUMB — Risk / Return Rank

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

TAFI

TAFI Risk / Return Rank: 78
TAFI Sharpe Ratio Rank: 83
TAFI Sortino Ratio Rank: 88
TAFI Omega Ratio Rank: 87
TAFI Calmar Ratio Rank: 65
TAFI Martin Ratio Rank: 65

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.

TAFI vs. FUMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Tax-Aware Short Duration ETF (TAFI) 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.

	TAFI	FUMB	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.82	-0.88
Sortino ratio: Return per unit of downside risk	2.98	4.40	-1.42
Omega ratio: Gain probability vs. loss probability	1.39	1.61	-0.22
Calmar ratio: Return relative to maximum drawdown	2.28	10.77	-8.49
Martin ratio: Return relative to average drawdown	7.81	35.87	-28.06

TAFI vs. FUMB - Sharpe Ratio Comparison

The current TAFI Sharpe Ratio is 1.94, which is lower than the FUMB Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of TAFI 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

TAFI vs. FUMB - Drawdown Comparison

The maximum TAFI drawdown since its inception was -2.00%, smaller than the maximum FUMB drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for TAFI and FUMB.

Drawdown Indicators

	TAFI	FUMB	Difference
Max Drawdown Largest peak-to-trough decline	-2.00%	-2.68%	+0.68%
Max Drawdown (1Y) Largest decline over 1 year	-1.21%	-0.22%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-1.87%	-0.60%	-1.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.25%	—
Current Drawdown Current decline from peak	-0.60%	-0.15%	-0.45%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.19%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.07%	+0.28%

Volatility

TAFI vs. FUMB - Volatility Comparison

AB Tax-Aware Short Duration ETF (TAFI) has a higher volatility of 0.44% compared to First Trust Ultra Short Duration Municipal ETF (FUMB) at 0.34%. This indicates that TAFI'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

	TAFI	FUMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	0.34%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	0.62%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	0.84%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.96%	1.18%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.96%	1.75%	+0.21%

TAFI vs. FUMB - Expense Ratio Comparison

TAFI has a 0.27% expense ratio, which is lower than FUMB's 0.45% expense ratio.

Dividends

TAFI vs. FUMB - Dividend Comparison

TAFI's dividend yield for the trailing twelve months is around 3.13%, 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%
TAFI AB Tax-Aware Short Duration ETF	2.86%	3.21%	3.34%	3.27%	0.79%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TAFI and FUMB in my portfolio?

TAFI and FUMB have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAFI or FUMB?

TAFI has higher volatility (0.44%) compared to FUMB (0.34%). In terms of maximum drawdown, TAFI dropped -2.00% vs FUMB's -2.68%.

Which ETF is better, TAFI or FUMB?

On 3-year performance, TAFI leads with 3.45% vs 2.94% for FUMB. On fees, TAFI is cheaper at 0.27% 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, TAFI or FUMB?

Over the 3-year period, TAFI has performed better with a 3.45% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAFI or FUMB?

TAFI is cheaper with a 0.27% expense ratio, compared with 0.45% for FUMB.

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

TAFI has the higher dividend yield at 2.86%, compared with 2.75% for FUMB.

What is the main difference between TAFI and FUMB?

They also come from different issuers: AllianceBernstein and First Trust. Their fees differ too: 0.27% for TAFI and 0.45% for FUMB.

Which has better risk-adjusted returns?

FUMB currently has the higher Sharpe Ratio (2.82 vs 1.94), 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.