BKMS vs. ZMUN

Last updated Jun 5, 2026

BKMS (BNY Mellon Municipal Short Duration ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. BKMS is actively managed, while ZMUN is passively managed. At a 0.02 correlation, their price movements are largely independent. BKMS charges 0.35%/yr vs 0.30%/yr for ZMUN.

Performance

BKMS vs. ZMUN - Performance Comparison

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

Returns By Period

BKMS

• 1D: 0.04%
• 1M: 0.34%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.04%
• 1M: 0.31%
• YTD: 1.61%
• 6M: 1.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BKMS vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)
BKMS BNY Mellon Municipal Short Duration ETF	0.62%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.52%

Correlation

The correlation between BKMS and ZMUN is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.02

Return for Risk

BKMS vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Short Duration ETF (BKMS) 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

	BKMS	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	6.54	-5.26

Drawdowns

BKMS vs. ZMUN - Drawdown Comparison

The maximum BKMS drawdown since its inception was -0.87%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for BKMS and ZMUN.

Drawdown Indicators

	BKMS	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-0.09%	-0.78%
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.01%	-0.28%

Volatility

Volatility by Period

	BKMS	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.24%	0.54%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.24%	0.54%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.24%	0.54%	+0.70%

BKMS vs. ZMUN - Expense Ratio Comparison

BKMS has a 0.35% expense ratio, which is higher than ZMUN's 0.30% expense ratio.

Dividends

BKMS vs. ZMUN - Dividend Comparison

BKMS's dividend yield for the trailing twelve months is around 1.11%, less than ZMUN's 2.28% yield.

Position	TTM	2025
BKMS BNY Mellon Municipal Short Duration ETF	1.11%	0.00%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both BKMS and ZMUN in my portfolio?

BKMS and ZMUN have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKMS or ZMUN?

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.

Which ETF is cheaper, BKMS or ZMUN?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.35% for BKMS.

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

ZMUN has the higher dividend yield at 2.28%, compared with 1.11% for BKMS.

What is the main difference between BKMS and ZMUN?

They also come from different issuers: BNY Mellon and F/m Investments. Their fees differ too: 0.35% for BKMS and 0.30% for ZMUN.