AMUN vs. ZMUN

Last updated Jun 4, 2026

AMUN (abrdn Ultra Short Municipal Income Active ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. AMUN is actively managed, while ZMUN is passively managed. At a 0.19 correlation, their price movements are largely independent. AMUN charges 0.25%/yr vs 0.30%/yr for ZMUN.

Performance

AMUN vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Ultra Short Municipal Income Active ETF (AMUN) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMUN achieves a 1.11% return, which is significantly lower than ZMUN's 1.57% return.

AMUN

• 1D: -0.02%
• 1M: 0.32%
• YTD: 1.11%
• 6M: 1.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: -0.02%
• 1M: 0.21%
• YTD: 1.57%
• 6M: 1.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMUN vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
AMUN abrdn Ultra Short Municipal Income Active ETF	1.11%	0.14%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.57%	0.60%

Correlation

The correlation between AMUN and ZMUN is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 21, 2025	0.19

Return for Risk

AMUN vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Ultra Short Municipal Income Active ETF (AMUN) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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.

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

Sharpe Ratios by Period

	AMUN	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.05	6.46	-4.41

Drawdowns

AMUN vs. ZMUN - Drawdown Comparison

The maximum AMUN drawdown since its inception was -0.61%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for AMUN and ZMUN.

Drawdown Indicators

	AMUN	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-0.09%	-0.52%
Current Drawdown Current decline from peak	-0.02%	-0.02%	0.00%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.01%	-0.08%

Volatility

Volatility by Period

	AMUN	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.01%	0.54%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.01%	0.54%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.01%	0.54%	+0.47%

AMUN vs. ZMUN - Expense Ratio Comparison

AMUN has a 0.25% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

AMUN vs. ZMUN - Dividend Comparison

AMUN's dividend yield for the trailing twelve months is around 1.89%, less than ZMUN's 2.28% yield.

Position	TTM	2025
AMUN abrdn Ultra Short Municipal Income Active ETF	1.89%	0.66%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both AMUN and ZMUN in my portfolio?

AMUN and ZMUN have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AMUN or ZMUN?

On fees, AMUN is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AMUN or ZMUN?

AMUN is cheaper with a 0.25% expense ratio, compared with 0.30% for ZMUN.

Which ETF pays a higher dividend yield, AMUN or ZMUN?

ZMUN has the higher dividend yield at 2.28%, compared with 1.89% for AMUN.

What is the main difference between AMUN and ZMUN?

They also come from different issuers: abrdn and F/m Investments. Their fees differ too: 0.25% for AMUN and 0.30% for ZMUN.