XAGG vs. FMF

Last updated Jun 23, 2026

XAGG (Eaton Vance Income Opportunities ETF) and FMF (First Trust Managed Futures Strategy Fund) are both exchange-traded funds - XAGG is a Multisector Bonds fund actively managed by Eaton Vance, while FMF is a Hedge Fund fund actively managed by First Trust. Both are actively managed. At a correlation of -0.07, they often move in opposite directions. XAGG charges 0.50%/yr vs 0.95%/yr for FMF.

Performance

XAGG vs. FMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Income Opportunities ETF (XAGG) 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, XAGG achieves a 2.22% return, which is significantly lower than FMF's 8.63% return.

XAGG

• 1D: 0.15%
• 1M: 0.66%
• YTD: 2.22%
• 6M: 2.32%
• 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)

XAGG vs. FMF - Yearly Performance Comparison

	2026 (YTD)	2025
XAGG Eaton Vance Income Opportunities ETF	2.22%	1.75%
FMF First Trust Managed Futures Strategy Fund	8.63%	0.89%

Correlation

The correlation between XAGG and FMF is -0.07, 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 Nov 10, 2025	-0.07

Return for Risk

XAGG vs. FMF — Risk / Return Rank

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

XAGG

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.

XAGG vs. FMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Income Opportunities ETF (XAGG) 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.

	XAGG	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

XAGG vs. FMF - Drawdown Comparison

The maximum XAGG drawdown since its inception was -2.88%, smaller than the maximum FMF drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for XAGG and FMF.

Drawdown Indicators

	XAGG	FMF	Difference
Max Drawdown Largest peak-to-trough decline	-2.88%	-22.21%	+19.33%
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	-0.39%	-2.17%	+1.78%
Average Drawdown Average peak-to-trough decline	-0.56%	-9.83%	+9.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.24%	—

Volatility

Volatility by Period

	XAGG	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	3.51%	9.58%	-6.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	10.74%	-7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	11.65%	-8.14%

XAGG vs. FMF - Expense Ratio Comparison

XAGG has a 0.50% expense ratio, which is lower than FMF's 0.95% expense ratio.

Dividends

XAGG vs. FMF - Dividend Comparison

XAGG's dividend yield for the trailing twelve months is around 3.85%, less than FMF's 5.06% yield.

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%
XAGG Eaton Vance Income Opportunities ETF	3.85%	1.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XAGG and FMF in my portfolio?

XAGG and FMF have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XAGG or FMF?

On fees, XAGG is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XAGG or FMF?

XAGG is cheaper with a 0.50% expense ratio, compared with 0.95% for FMF.

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

FMF has the higher dividend yield at 5.06%, compared with 3.85% for XAGG.

What is the main difference between XAGG and FMF?

XAGG is categorized as Multisector Bonds, while FMF is Hedge Fund. They also come from different issuers: Eaton Vance and First Trust. Their fees differ too: 0.50% for XAGG and 0.95% for FMF.