WXET vs. FMF

Last updated Jul 14, 2026

WXET (Teucrium 2x Daily Wheat ETF) and FMF (First Trust Managed Futures Strategy Fund) are both exchange-traded funds - WXET is a Leveraged Commodities fund actively managed by Teucrium, while FMF is a Hedge Fund fund actively managed by First Trust. Both are actively managed. Over the past year, WXET returned 2.11% vs 15.36% for FMF. At a correlation of -0.18, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

WXET vs. FMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Teucrium 2x Daily Wheat ETF (WXET) 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, WXET achieves a 36.00% return, which is significantly higher than FMF's 7.98% return.

WXET

• 1D: -1.68%
• 1M: 13.05%
• 6M: 32.83%
• YTD: 36.00%
• 1Y: 2.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMF

• 1D: 0.92%
• 1M: -1.02%
• 6M: 5.23%
• YTD: 7.98%
• 1Y: 15.36%
• 3Y*: 5.68%
• 5Y*: 4.35%
• 10Y*: 2.66%

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

WXET vs. FMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WXET Teucrium 2x Daily Wheat ETF	36.00%	-37.99%	-0.40%
FMF First Trust Managed Futures Strategy Fund	7.98%	4.54%	0.01%

Correlation

The correlation between WXET and FMF is -0.09, 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 (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	-0.18

Return for Risk

WXET vs. FMF — Risk / Return Rank

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

WXET

WXET Risk / Return Rank: 11
WXET Sharpe Ratio Rank: 10
WXET Sortino Ratio Rank: 12
WXET Omega Ratio Rank: 12
WXET Calmar Ratio Rank: 10
WXET Martin Ratio Rank: 10

FMF

FMF Risk / Return Rank: 66
FMF Sharpe Ratio Rank: 59
FMF Sortino Ratio Rank: 62
FMF Omega Ratio Rank: 57
FMF Calmar Ratio Rank: 81
FMF Martin Ratio Rank: 71

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.

WXET vs. FMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Teucrium 2x Daily Wheat ETF (WXET) 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.

	WXET	FMF	Difference
Sharpe ratio: Return per unit of total volatility	0.04	1.57	-1.53
Sortino ratio: Return per unit of downside risk	0.45	2.29	-1.85
Omega ratio: Gain probability vs. loss probability	1.05	1.28	-0.23
Calmar ratio: Return relative to maximum drawdown	0.07	3.42	-3.35
Martin ratio: Return relative to average drawdown	0.13	10.28	-10.16

WXET vs. FMF - Sharpe Ratio Comparison

The current WXET Sharpe Ratio is 0.04, which is lower than the FMF Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of WXET 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.

Drawdowns

WXET vs. FMF - Drawdown Comparison

The maximum WXET drawdown since its inception was -48.31%, which is greater than FMF's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for WXET and FMF.

Drawdown Indicators

	WXET	FMF	Difference
Max Drawdown Largest peak-to-trough decline	-48.31%	-22.21%	-26.10%
Max Drawdown (1Y) Largest decline over 1 year	-30.76%	-4.51%	-26.25%
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	-29.70%	-2.75%	-26.95%
Average Drawdown Average peak-to-trough decline	-30.80%	-9.80%	-21.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.75%	1.50%	+15.25%

Volatility

WXET vs. FMF - Volatility Comparison

Teucrium 2x Daily Wheat ETF (WXET) has a higher volatility of 15.22% compared to First Trust Managed Futures Strategy Fund (FMF) at 3.45%. This indicates that WXET'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

	WXET	FMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.22%	3.45%	+11.77%
Volatility (6M) Calculated over the trailing 6-month period	41.40%	7.68%	+33.72%
Volatility (1Y) Calculated over the trailing 1-year period	48.94%	9.83%	+39.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.47%	10.77%	+37.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.47%	11.63%	+36.84%

WXET vs. FMF - Expense Ratio Comparison

Both WXET and FMF have an expense ratio of 0.95%.

Dividends

WXET vs. FMF - Dividend Comparison

WXET's dividend yield for the trailing twelve months is around 1.77%, less than FMF's 5.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMF First Trust Managed Futures Strategy Fund	5.01%	5.60%	4.85%	3.09%	0.41%	3.29%	0.02%	1.05%	1.56%	0.82%
WXET Teucrium 2x Daily Wheat ETF	1.77%	3.57%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WXET and FMF in my portfolio?

WXET and FMF have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WXET or FMF?

WXET has higher volatility (15.22%) compared to FMF (3.45%). In terms of maximum drawdown, WXET dropped -48.31% vs FMF's -22.21%.

Which ETF is better, WXET or FMF?

On 1-year performance, FMF leads with 15.36% vs 2.11% for WXET. Both ETFs have the same 0.95% expense ratio. On volatility, FMF has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WXET or FMF?

Over the 1-year period, FMF has performed better with a 15.36% return vs 2.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WXET or FMF?

WXET and FMF have the same expense ratio: 0.95% per year.

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

FMF has the higher dividend yield at 5.01%, compared with 1.77% for WXET.

What is the main difference between WXET and FMF?

WXET is categorized as Leveraged Commodities, while FMF is Hedge Fund. They also come from different issuers: Teucrium and First Trust.

Which has better risk-adjusted returns?

FMF currently has the higher Sharpe Ratio (1.57 vs 0.04), 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.