Are FMF and TLT in the same category?

FMF is an alternatives ETF and TLT is a bond ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

Which returned more over the last year, FMF or TLT?

In the year to Nov 4, 2026, with distributions reinvested, FMF returned +11.1% and TLT −4.8%.

Which is cheaper, FMF or TLT?

TLT is cheaper, by 0.83 percentage points a year. That is about $83 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Across categories

FMF vs TLT: Differences, Returns & Fees

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Over the year to Nov 4, 2026, FMF returned +11.1% to TLT's −4.8%, and TLT charges 0.15% to FMF's 0.98%.

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Net assets on Nov 3, 2026: $298m for First Trust Managed Futures Strategy Fund and $48.3bn for iShares 20+ Year Treasury Bond ETF.

FMF on its own →TLT on its own →

At a glance

+11.1%

FMF total return, 1 year

−4.8%

TLT total return, 1 year

0.98%

FMF expense ratio

0.15%

TLT expense ratio

Pair scorecard

TLT costs 0.83 points a year less; their one-year returns differ by 15.9 points; TLT is far larger, $48.3bn against $298m.

FMF vs TLT: Differences, Returns & Fees
Measure	FMF	TLT
Return
Measure	FMF	TLT
Total return, 1 year	+11.1%	−4.8%
Total return, 52 weeks	+10.6%
Drawdown
Measure	FMF	TLT
Below its high		41.8%, high on Aug 4, 2020
Against its benchmark
Measure	FMF	TLT
What it tracks	not published	ICE U.S. Treasury 20+ Year Bond Index
Treasury bills, 52 weeks	+3.7%
Against cash	6.9 points ahead
Cost and size
Measure	FMF	TLT
Expense ratio	0.98%	0.15%
Net assets, as of Nov 3, 2026	$298m	$48.3bn
Holdings
Measure	FMF	TLT
Holdings in common	not published
Risk
Measure	FMF	TLT
Correlation with the S&P 500’s weekly returns	+0.16
Beta to the S&P 500	+0.11: about 0.11% for each 1%
Its average week when the S&P 500 fell	fell 0.11%
Down-week capture	9.9%
Weeks the S&P 500 fell	26 of 52, by 1.07% on average

Method

Side by side

FMF First Trust Managed Futures Strategy Fund TLT iShares 20+ Year Treasury Bond ETF

Where it sits Alternatives ETF Bond ETF

Issuer First Trust iShares

What it is Managed futures Tracks an index of 20+ year Treasuries

Total return, 1 year +11.1% −4.8%

Its benchmark over the same days not measured −4.7% (BBLB)

Gap to its benchmark not measured −0.1 pts vs BBLB

Expense ratio 0.98% 0.15%

Holdings not read by ETFIQ 47

Net assets, as of Nov 3, 2026 $298m $48.3bn

FMF and TLT on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

Alert

About each fund

FMF

FMF is a managed futures fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.16 with the S&P 500’s and a beta of +0.11, so for each 1% the index moved it moved about 0.11% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FMF fell 0.11% on average, a down-week capture of 9.9%. Over the same 52 weeks FMF returned +10.6% and a Treasury bill fund +3.7%, so it finished 6.9 percentage points ahead of cash.

TLT

TLT tracks an index of 20+ year Treasuries. Over the year to Nov 4, 2026 it returned −4.8% with distributions reinvested, against −4.7% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 41.8% below its high of Aug 4, 2020 on Nov 4, 2026.

Questions people ask

Are FMF and TLT in the same category?: FMF is an alternatives ETF and TLT is a bond ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, FMF or TLT?: In the year to Nov 4, 2026, with distributions reinvested, FMF returned +11.1% and TLT −4.8%.
Which is cheaper, FMF or TLT?: TLT is cheaper, by 0.83 percentage points a year. That is about $83 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

AGG vs FMF BND vs FMF FMF vs GLD FMF vs QQQ AHLT vs TLT MFUT vs TLT ISMF vs TLT ASMF vs TLT

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →FMF on its own →TLT on its own →Hold both: look the portfolio through →Rankings →FMF dividend history →TLT dividend history →TLT holdings →Standards and sources →

Sources and dates

FMF filings on SEC EDGAR ↗

FMF prospectus with the expense ratio (SEC) ↗

First Trust page for FMF ↗

TLT filings on SEC EDGAR ↗

TLT prospectus with the expense ratio (SEC) ↗

iShares page for TLT ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, FMF against TLT, data as of Nov 4, 2026. https://etfiq.com/compare/any/fmf-vs-tlt

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