VTG vs. FMF

Last updated Jun 24, 2026

VTG (Vanguard Total Treasury ETF) and FMF (First Trust Managed Futures Strategy Fund) are both exchange-traded funds - VTG is a Intermediate Core Bond fund tracking the Bloomberg U.S. Treasury Total Return Unhedged USD Index, while FMF is a Hedge Fund fund actively managed by First Trust. VTG is passively managed, while FMF is actively managed. At a correlation of -0.17, they often move in opposite directions. VTG charges 0.03%/yr vs 0.95%/yr for FMF.

Performance

VTG vs. FMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Treasury ETF (VTG) 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, VTG achieves a 0.11% return, which is significantly lower than FMF's 7.37% return.

VTG

• 1D: 0.09%
• 1M: 0.64%
• YTD: 0.11%
• 6M: 0.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMF

• 1D: -1.16%
• 1M: -3.03%
• YTD: 7.37%
• 6M: 7.60%
• 1Y: 18.26%
• 3Y*: 6.41%
• 5Y*: 4.13%
• 10Y*: 2.81%

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

VTG vs. FMF - Yearly Performance Comparison

	2026 (YTD)	2025
VTG Vanguard Total Treasury ETF	0.11%	3.07%
FMF First Trust Managed Futures Strategy Fund	7.37%	7.19%

Correlation

The correlation between VTG and FMF is -0.17, 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 (All Time) Calculated using the full available price history since Jul 9, 2025	-0.17

Return for Risk

VTG vs. FMF — Risk / Return Rank

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

VTG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FMF

FMF Risk / Return Rank: 70
FMF Sharpe Ratio Rank: 60
FMF Sortino Ratio Rank: 63
FMF Omega Ratio Rank: 58
FMF Calmar Ratio Rank: 90
FMF Martin Ratio Rank: 79

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.

VTG vs. FMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Treasury ETF (VTG) 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.

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.

	VTG	FMF	Difference
Sharpe ratio: Return per unit of total volatility	—	1.90	—
Sortino ratio: Return per unit of downside risk	—	2.75	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	5.36	—
Martin ratio: Return relative to average drawdown	—	14.57	—

Drawdowns

VTG vs. FMF - Drawdown Comparison

The maximum VTG drawdown since its inception was -2.89%, smaller than the maximum FMF drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for VTG and FMF.

Drawdown Indicators

	VTG	FMF	Difference
Max Drawdown Largest peak-to-trough decline	-2.89%	-22.21%	+19.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.42%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.89%	—
Current Drawdown Current decline from peak	-1.68%	-3.30%	+1.62%
Average Drawdown Average peak-to-trough decline	-0.79%	-9.83%	+9.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.26%	—

Volatility

Volatility by Period

	VTG	FMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	9.64%	-6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.52%	10.75%	-7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.52%	11.66%	-8.14%

VTG vs. FMF - Expense Ratio Comparison

VTG has a 0.03% expense ratio, which is lower than FMF's 0.95% expense ratio.

Dividends

VTG vs. FMF - Dividend Comparison

VTG's dividend yield for the trailing twelve months is around 3.20%, less than FMF's 5.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMF First Trust Managed Futures Strategy Fund	5.12%	5.60%	4.85%	3.09%	0.41%	3.29%	0.02%	1.05%	1.56%	0.82%
VTG Vanguard Total Treasury ETF	3.20%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTG and FMF in my portfolio?

VTG and FMF have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VTG or FMF?

On fees, VTG is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VTG or FMF?

VTG is cheaper with a 0.03% expense ratio, compared with 0.95% for FMF.

Which ETF pays a higher dividend yield, VTG or FMF?

FMF has the higher dividend yield at 5.12%, compared with 3.20% for VTG.

What is the main difference between VTG and FMF?

VTG is categorized as Intermediate Core Bond, while FMF is Hedge Fund. They also come from different issuers: Vanguard and First Trust. Their fees differ too: 0.03% for VTG and 0.95% for FMF.