TAXM vs. FTGC

Last updated Jun 24, 2026

TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) and FTGC (First Trust Global Tactical Commodity Strategy Fund) are both exchange-traded funds - TAXM is a Municipal Bonds fund actively managed by BondBloxx, while FTGC is a Commodities fund actively managed by First Trust. Both are actively managed. Over the past year, TAXM returned 5.91% vs 28.18% for FTGC. At a correlation of -0.15, they often move in opposite directions. TAXM charges 0.35%/yr vs 0.95%/yr for FTGC.

Performance

TAXM vs. FTGC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) and First Trust Global Tactical Commodity Strategy Fund (FTGC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAXM achieves a 1.31% return, which is significantly lower than FTGC's 18.86% return.

TAXM

• 1D: -0.12%
• 1M: 1.14%
• YTD: 1.31%
• 6M: 1.47%
• 1Y: 5.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FTGC

• 1D: -1.14%
• 1M: -7.37%
• YTD: 18.86%
• 6M: 17.54%
• 1Y: 28.18%
• 3Y*: 14.26%
• 5Y*: 12.29%
• 10Y*: 7.15%

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

TAXM vs. FTGC - Yearly Performance Comparison

	2026 (YTD)	2025
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	1.31%	3.90%
FTGC First Trust Global Tactical Commodity Strategy Fund	18.86%	9.40%

Correlation

The correlation between TAXM and FTGC is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	-0.15

Return for Risk

TAXM vs. FTGC — Risk / Return Rank

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

TAXM

TAXM Risk / Return Rank: 69
TAXM Sharpe Ratio Rank: 78
TAXM Sortino Ratio Rank: 82
TAXM Omega Ratio Rank: 85
TAXM Calmar Ratio Rank: 49
TAXM Martin Ratio Rank: 49

FTGC

FTGC Risk / Return Rank: 55
FTGC Sharpe Ratio Rank: 56
FTGC Sortino Ratio Rank: 53
FTGC Omega Ratio Rank: 54
FTGC Calmar Ratio Rank: 55
FTGC Martin Ratio Rank: 57

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.

TAXM vs. FTGC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) and First Trust Global Tactical Commodity Strategy Fund (FTGC). 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.

	TAXM	FTGC	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.82	+0.41
Sortino ratio: Return per unit of downside risk	3.27	2.46	+0.80
Omega ratio: Gain probability vs. loss probability	1.46	1.32	+0.14
Calmar ratio: Return relative to maximum drawdown	2.20	2.60	-0.41
Martin ratio: Return relative to average drawdown	7.51	9.67	-2.15

TAXM vs. FTGC - Sharpe Ratio Comparison

The current TAXM Sharpe Ratio is 2.24, which is comparable to the FTGC Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of TAXM and FTGC, 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

TAXM vs. FTGC - Drawdown Comparison

The maximum TAXM drawdown since its inception was -3.10%, smaller than the maximum FTGC drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for TAXM and FTGC.

Drawdown Indicators

	TAXM	FTGC	Difference
Max Drawdown Largest peak-to-trough decline	-3.10%	-59.47%	+56.37%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-10.87%	+8.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.91%	—
Current Drawdown Current decline from peak	-0.67%	-10.87%	+10.20%
Average Drawdown Average peak-to-trough decline	-0.71%	-27.34%	+26.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	2.94%	-2.15%

Volatility

TAXM vs. FTGC - Volatility Comparison

The current volatility for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) is 0.69%, while First Trust Global Tactical Commodity Strategy Fund (FTGC) has a volatility of 3.07%. This indicates that TAXM experiences smaller price fluctuations and is considered to be less risky than FTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAXM	FTGC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	3.07%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	13.21%	-11.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	15.70%	-13.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	15.87%	-12.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	14.71%	-11.20%

TAXM vs. FTGC - Expense Ratio Comparison

TAXM has a 0.35% expense ratio, which is lower than FTGC's 0.95% expense ratio.

Dividends

TAXM vs. FTGC - Dividend Comparison

TAXM's dividend yield for the trailing twelve months is around 3.28%, less than FTGC's 16.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTGC First Trust Global Tactical Commodity Strategy Fund	16.13%	17.74%	3.05%	3.34%	10.35%	7.21%	0.00%	0.81%	0.80%	1.21%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	3.28%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TAXM and FTGC in my portfolio?

TAXM and FTGC 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, TAXM or FTGC?

FTGC has higher volatility (3.07%) compared to TAXM (0.69%). In terms of maximum drawdown, TAXM dropped -3.10% vs FTGC's -59.47%.

Which ETF is better, TAXM or FTGC?

On 1-year performance, FTGC leads with 28.18% vs 5.91% for TAXM. On fees, TAXM is cheaper at 0.35% per year. On volatility, TAXM has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAXM or FTGC?

Over the 1-year period, FTGC has performed better with a 28.18% return vs 5.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAXM or FTGC?

TAXM is cheaper with a 0.35% expense ratio, compared with 0.95% for FTGC.

Which ETF pays a higher dividend yield, TAXM or FTGC?

FTGC has the higher dividend yield at 16.13%, compared with 3.28% for TAXM.

What is the main difference between TAXM and FTGC?

TAXM is categorized as Municipal Bonds, while FTGC is Commodities. They also come from different issuers: BondBloxx and First Trust. Their fees differ too: 0.35% for TAXM and 0.95% for FTGC.

Which has better risk-adjusted returns?

TAXM currently has the higher Sharpe Ratio (2.24 vs 1.82), 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.