APMU vs. ZMUN
APMU (ActivePassive Intermediate Municipal Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. APMU is actively managed, while ZMUN is passively managed. At a 0.15 correlation, their price movements are largely independent. APMU charges 0.36%/yr vs 0.30%/yr for ZMUN.
Performance
APMU vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, APMU achieves a 0.44% return, which is significantly lower than ZMUN's 1.57% return.
APMU
- 1D
- -0.04%
- 1M
- 0.25%
- YTD
- 0.44%
- 6M
- 0.72%
- 1Y
- 4.28%
- 3Y*
- 3.03%
- 5Y*
- —
- 10Y*
- —
ZMUN
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 1.57%
- 6M
- 1.86%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
APMU vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
APMU ActivePassive Intermediate Municipal Bond ETF | 0.44% | 0.73% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.57% | 0.73% |
Correlation
The correlation between APMU and ZMUN is 0.15, 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 1, 2025 | 0.15 |
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Return for Risk
APMU vs. ZMUN — Risk / Return Rank
APMU
ZMUN
APMU vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ActivePassive Intermediate Municipal Bond ETF (APMU) 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.
| APMU | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.38 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | — | — |
| Martin ratioReturn relative to average drawdown | 5.30 | — | — |
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
| APMU | ZMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.81 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 6.46 | -5.64 |
Drawdowns
APMU vs. ZMUN - Drawdown Comparison
The maximum APMU drawdown since its inception was -4.39%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for APMU and ZMUN.
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Drawdown Indicators
| APMU | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.39% | -0.09% | -4.30% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.41% | — | — |
Current DrawdownCurrent decline from peak | -1.17% | -0.02% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -0.01% | -0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | — | — |
Volatility
APMU vs. ZMUN - Volatility Comparison
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Volatility by Period
| APMU | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.68% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.37% | 0.54% | +1.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.81% | 0.54% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.81% | 0.54% | +2.27% |
APMU vs. ZMUN - Expense Ratio Comparison
APMU has a 0.36% expense ratio, which is higher than ZMUN's 0.30% expense ratio.
Dividends
APMU vs. ZMUN - Dividend Comparison
APMU's dividend yield for the trailing twelve months is around 2.66%, more than ZMUN's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
APMU ActivePassive Intermediate Municipal Bond ETF | 2.66% | 2.63% | 2.42% | 1.31% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.28% | 0.70% | 0.00% | 0.00% |
Frequently Asked Questions
APMU and ZMUN have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMUN is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMUN is cheaper with a 0.30% expense ratio, compared with 0.36% for APMU.
APMU has the higher dividend yield at 2.66%, compared with 2.28% for ZMUN.
They also come from different issuers: ActivePassive and F/m Investments. Their fees differ too: 0.36% for APMU and 0.30% for ZMUN.
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