AMZA vs. GMUN
AMZA (InfraCap MLP ETF) and GMUN (Goldman Sachs Community Municipal Bond ETF) are both exchange-traded funds - AMZA is a MLPs fund actively managed by Virtus Investment Partners, while GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index. AMZA is actively managed, while GMUN is passively managed. Over the past 3 years, AMZA returned 22.62%/yr vs 3.06%/yr for GMUN. At a correlation of -0.05, they often move in opposite directions. AMZA charges 2.01%/yr vs 0.15%/yr for GMUN.
Performance
AMZA vs. GMUN - Performance Comparison
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Returns By Period
In the year-to-date period, AMZA achieves a 23.85% return, which is significantly higher than GMUN's -0.34% return.
AMZA
- 1D
- 1.33%
- 1M
- -0.19%
- YTD
- 23.85%
- 6M
- 20.59%
- 1Y
- 21.48%
- 3Y*
- 22.62%
- 5Y*
- 19.73%
- 10Y*
- 4.68%
GMUN
- 1D
- 0.00%
- 1M
- -0.79%
- YTD
- -0.34%
- 6M
- 0.02%
- 1Y
- 4.76%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
AMZA vs. GMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AMZA InfraCap MLP ETF | 23.85% | 0.17% | 30.90% | 14.90% |
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 5.92% | 0.31% | 3.68% |
Correlation
The correlation between AMZA and GMUN is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023 | -0.05 |
The correlation between AMZA and GMUN shifts across timeframes, from -0.21 (1 year) to -0.04 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
AMZA vs. GMUN — Risk / Return Rank
AMZA
GMUN
AMZA vs. GMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for InfraCap MLP ETF (AMZA) and Goldman Sachs Community Municipal Bond ETF (GMUN). 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.
| AMZA | GMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.49 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | 1.75 | +0.03 |
| Martin ratioReturn relative to average drawdown | 4.47 | 5.36 | -0.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AMZA | GMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 2.04 | -0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.13 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | 0.99 | -1.01 |
Drawdowns
AMZA vs. GMUN - Drawdown Comparison
The maximum AMZA drawdown since its inception was -91.46%, which is greater than GMUN's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for AMZA and GMUN.
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Drawdown Indicators
| AMZA | GMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.46% | -4.35% | -87.11% |
Max Drawdown (1Y)Largest decline over 1 year | -12.16% | -2.83% | -9.33% |
Max Drawdown (3Y)Largest decline over 3 years | -18.56% | -3.37% | -15.19% |
Max Drawdown (5Y)Largest decline over 5 years | -25.15% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -86.84% | — | — |
Current DrawdownCurrent decline from peak | -8.99% | -2.29% | -6.70% |
Average DrawdownAverage peak-to-trough decline | -45.01% | -1.02% | -43.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.82% | 0.92% | +3.90% |
Volatility
AMZA vs. GMUN - Volatility Comparison
InfraCap MLP ETF (AMZA) has a higher volatility of 5.93% compared to Goldman Sachs Community Municipal Bond ETF (GMUN) at 1.09%. This indicates that AMZA's price experiences larger fluctuations and is considered to be riskier than GMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMZA | GMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.93% | 1.09% | +4.84% |
Volatility (6M)Calculated over the trailing 6-month period | 13.37% | 2.00% | +11.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.66% | 2.42% | +15.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.85% | 2.96% | +22.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.24% | 2.96% | +34.28% |
AMZA vs. GMUN - Expense Ratio Comparison
AMZA has a 2.01% expense ratio, which is higher than GMUN's 0.15% expense ratio.
Dividends
AMZA vs. GMUN - Dividend Comparison
AMZA's dividend yield for the trailing twelve months is around 7.92%, more than GMUN's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMZA InfraCap MLP ETF | 7.92% | 8.81% | 7.29% | 9.40% | 7.65% | 10.24% | 22.13% | 19.47% | 34.46% | 24.16% | 18.36% | 18.21% |
GMUN Goldman Sachs Community Municipal Bond ETF | 3.12% | 2.94% | 3.22% | 2.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AMZA and GMUN have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMZA has higher volatility (5.93%) compared to GMUN (1.09%). In terms of maximum drawdown, AMZA dropped -91.46% vs GMUN's -4.35%.
On 3-year performance, AMZA leads with 22.62% vs 3.06% for GMUN. On fees, GMUN is cheaper at 0.15% per year. On volatility, GMUN has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AMZA has performed better with a 22.62% return vs 3.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GMUN is cheaper with a 0.15% expense ratio, compared with 2.01% for AMZA.
AMZA has the higher dividend yield at 7.92%, compared with 3.12% for GMUN.
AMZA is categorized as MLPs, while GMUN is Municipal Bonds. They also come from different issuers: Virtus Investment Partners and Goldman Sachs. Their fees differ too: 2.01% for AMZA and 0.15% for GMUN.
GMUN currently has the higher Sharpe Ratio (2.04 vs 1.23), 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.
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