FSMB vs ULST

Comparison between FIRST TRUST SHORT DURATION MANAGED MUNICIPAL ETF (FSMB, ETF) and STATE STREET(R) ULTRA SHORT TERM BOND ETF (ULST, ETF).

5-Year PerformanceULST has outperformed FSMB, delivering a return of +3.5% compared to +1.5%

FSMB vs ULST - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	FSMB(ETF)	ULST(ETF)
Net Assets	$599M	$600M
Expense Ratio	0.34%	0.20%
Max Drawdown	7.98%	6.34%
Sharpe Ratio	0.25	0.36
5Y Beta	-0.01	-0.01
5Y Dividends CAGR	14.01%	37.68%

Net Assets

FSMB

$599M

Winner

ULST

$600M

Expense Ratio

FSMB

0.34%

Winner

ULST

0.20%

Max Drawdown

FSMB

7.98%

Winner

ULST

6.34%

Sharpe Ratio

FSMB

0.25

Winner

ULST

0.36

5Y Beta

Winner

FSMB

-0.01

ULST

-0.01

5Y Dividends CAGR

FSMB

14.01%

Winner

ULST

37.68%

FSMB vs ULST - Historical Returns

Returns include dividend reinvestment.

Period	FSMB	ULST
1 month	+0.39%	+0.25%
3 months	-0.05%	+0.63%
6 months	+1.44%	+1.59%
1 year	+3.92%	+3.89%
5 years(CAGR)	+1.50%	+3.51%
10 years(CAGR)	N/A	+2.69%
Max(CAGR)	+2.18%	+2.20%

Winner

FSMB

+0.39%

ULST

+0.25%

FSMB

-0.05%

Winner

ULST

+0.63%

FSMB

+1.44%

Winner

ULST

+1.59%

Winner

FSMB

+3.92%

ULST

+3.89%

5Y(CAGR)

FSMB

+1.50%

Winner

ULST

+3.51%

10Y(CAGR)

FSMB

N/A

ULST

+2.69%

Max(CAGR)

FSMB

+2.18%

Winner

ULST

+2.20%

FSMB vs ULST - Annual Returns (2013 - 2026)

Returns include dividend reinvestment.

Year	FSMB	ULST
2026	+1.08%	+1.21%
2025	+4.14%	+4.81%
2024	+2.35%	+5.25%
2023	+3.49%	+5.59%
2022	-3.93%	+0.87%
2021	+1.17%	+0.21%
2020	+3.44%	+1.45%
2019	+3.90%	+3.25%
2018	+0.61%	+1.94%
2017	N/A	+1.29%
2016	N/A	+1.54%
2015	N/A	+0.14%
2014	N/A	+0.29%
2013	N/A	+0.22%

FSMB vs ULST Drawdown Comparison

The maximum drawdown for FSMB was -6.32%, occurring on Mar 20, 2020. Recovery took 91 trading sessions.

The maximum drawdown for ULST was -6.20%, occurring on Mar 25, 2020. Recovery took 81 trading sessions.

The current FSMB drawdown is -0.30%. The current ULST drawdown is -0.05%.

Rank	FSMB	ULST
#1	-6.32% Mar 6, 2020 - Jul 16, 2020	-6.20% Mar 5, 2020 - Jun 30, 2020
#2	-5.97% Jul 28, 2021 - Jul 9, 2024	-1.22% Oct 5, 2021 - Nov 23, 2022
#3	-1.76% Apr 3, 2025 - Jun 4, 2025	-0.54% Aug 5, 2024 - Aug 13, 2024
#4	-1.29% Feb 26, 2026 - Mar 24, 2026	-0.54% May 2, 2014 - Jul 22, 2014
#5	-0.93% Feb 10, 2021 - Apr 15, 2021	-0.51% Jan 31, 2025 - Feb 11, 2025
#6	-0.82% Oct 2, 2024 - Nov 27, 2024	-0.50% Feb 8, 2016 - Apr 7, 2016
#7	-0.80% Dec 9, 2024 - Jan 30, 2025	-0.49% Nov 12, 2014 - Jun 1, 2015
#8	-0.63% Aug 11, 2020 - Nov 4, 2020	-0.44% Jun 1, 2015 - Feb 8, 2016
#9	-0.55% Mar 10, 2025 - Apr 3, 2025	-0.39% Jul 22, 2014 - Nov 3, 2014
#10	-0.53% Aug 28, 2019 - Oct 9, 2019	-0.39% Sep 18, 2020 - Nov 25, 2020
#11	-0.39% Sep 17, 2025 - Nov 26, 2025	-0.37% Apr 3, 2025 - Apr 16, 2025
#12	-0.30% Feb 6, 2025 - Feb 21, 2025	-0.34% May 31, 2016 - Jun 8, 2016
#13	-0.29% Nov 1, 2019 - Nov 21, 2019	-0.32% Jun 10, 2016 - Jul 18, 2016
#14	-0.27% Apr 19, 2021 - May 25, 2021	-0.27% May 19, 2016 - May 31, 2016
#15	-0.27% Jan 6, 2020 - Jan 10, 2020	-0.27% Jan 13, 2014 - Feb 25, 2014

Correlation

Correlation between FSMB and ULST is 0.92 which considered as a very strong positive correlation - the stocks move almost identically together.

0.92

-101

Dividend Comparison (2013 - 2026)

FSMB vs ULST dividend yield comparison.

Year	FSMB	ULST
2026	1.33%	1.66%
2025	3.09%	4.46%
2024	2.88%	5.03%
2023	2.40%	4.45%
2022	1.47%	1.70%
2021	1.20%	0.54%
2020	1.79%	1.34%
2019	2.27%	2.56%
2018	0.19%	2.13%
2017	0.00%	1.21%
2016	0.00%	0.93%
2015	0.00%	0.37%
2014	0.00%	0.34%
2013	0.00%	0.07%