WAGN vs. FMF

Last updated Jun 23, 2026

WAGN (Pabrai Wagons ETF) and FMF (First Trust Managed Futures Strategy Fund) are both exchange-traded funds - WAGN is a Global Equities fund actively managed by Pabrai, while FMF is a Hedge Fund fund actively managed by First Trust. Both are actively managed. At a correlation of -0.03, they often move in opposite directions. WAGN charges 0.90%/yr vs 0.95%/yr for FMF.

Performance

WAGN vs. FMF - Performance Comparison

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

Returns By Period

WAGN

• 1D: -0.34%
• 1M: 0.17%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMF

• 1D: 0.58%
• 1M: -1.90%
• YTD: 8.63%
• 6M: 9.11%
• 1Y: 19.91%
• 3Y*: 6.82%
• 5Y*: 4.57%
• 10Y*: 2.93%

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

WAGN vs. FMF - Yearly Performance Comparison

	2026 (YTD)
WAGN Pabrai Wagons ETF	3.33%
FMF First Trust Managed Futures Strategy Fund	3.89%

Correlation

The correlation between WAGN and FMF is -0.03, 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 (All Time) Calculated using the full available price history since Feb 9, 2026	-0.03

Return for Risk

WAGN vs. FMF — Risk / Return Rank

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

WAGN

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

FMF

FMF Risk / Return Rank: 75
FMF Sharpe Ratio Rank: 66
FMF Sortino Ratio Rank: 69
FMF Omega Ratio Rank: 65
FMF Calmar Ratio Rank: 92
FMF Martin Ratio Rank: 83

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.

WAGN vs. FMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pabrai Wagons ETF (WAGN) 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.

	WAGN	FMF	Difference
Sharpe ratio: Return per unit of total volatility	—	2.09	—
Sortino ratio: Return per unit of downside risk	—	3.03	—
Omega ratio: Gain probability vs. loss probability	—	1.37	—
Calmar ratio: Return relative to maximum drawdown	—	5.85	—
Martin ratio: Return relative to average drawdown	—	16.12	—

Drawdowns

WAGN vs. FMF - Drawdown Comparison

The maximum WAGN drawdown since its inception was -7.02%, smaller than the maximum FMF drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for WAGN and FMF.

Drawdown Indicators

	WAGN	FMF	Difference
Max Drawdown Largest peak-to-trough decline	-7.02%	-22.21%	+15.19%
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	-7.02%	-2.17%	-4.85%
Average Drawdown Average peak-to-trough decline	-2.64%	-9.83%	+7.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.24%	—

Volatility

Volatility by Period

	WAGN	FMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.31%	9.58%	+9.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.31%	10.74%	+8.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.31%	11.65%	+7.66%

WAGN vs. FMF - Expense Ratio Comparison

WAGN has a 0.90% expense ratio, which is lower than FMF's 0.95% expense ratio.

Dividends

WAGN vs. FMF - Dividend Comparison

WAGN has not paid dividends to shareholders, while FMF's dividend yield for the trailing twelve months is around 5.06%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMF First Trust Managed Futures Strategy Fund	5.06%	5.60%	4.85%	3.09%	0.41%	3.29%	0.02%	1.05%	1.56%	0.82%
WAGN Pabrai Wagons ETF	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 WAGN and FMF in my portfolio?

WAGN and FMF 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 ETF is better, WAGN or FMF?

On fees, WAGN is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WAGN or FMF?

WAGN is cheaper with a 0.90% expense ratio, compared with 0.95% for FMF.

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

FMF has the higher dividend yield at 5.06%, compared with 0.00% for WAGN.

What is the main difference between WAGN and FMF?

WAGN is categorized as Global Equities, while FMF is Hedge Fund. They also come from different issuers: Pabrai and First Trust. Their fees differ too: 0.90% for WAGN and 0.95% for FMF.