BMOP vs. ZMUN

Last updated Jun 4, 2026

BMOP (BNY Mellon Municipal Opportunities ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. BMOP is actively managed, while ZMUN is passively managed. At a 0.22 correlation, their price movements are largely independent. BMOP charges 0.54%/yr vs 0.30%/yr for ZMUN.

Performance

BMOP vs. ZMUN - Performance Comparison

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

Returns By Period

BMOP

• 1D: -0.07%
• 1M: 0.84%
• YTD: —
• 6M: —
• 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)

BMOP vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)
BMOP BNY Mellon Municipal Opportunities ETF	1.37%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.48%

Correlation

The correlation between BMOP and ZMUN is 0.22, 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 Jan 13, 2026	0.22

Return for Risk

BMOP vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Opportunities ETF (BMOP) 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

	BMOP	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	6.46	-5.50

Drawdowns

BMOP vs. ZMUN - Drawdown Comparison

The maximum BMOP drawdown since its inception was -2.80%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for BMOP and ZMUN.

Drawdown Indicators

	BMOP	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-0.09%	-2.71%
Current Drawdown Current decline from peak	-0.09%	-0.02%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.82%	-0.01%	-0.81%

Volatility

Volatility by Period

	BMOP	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	0.54%	+3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.75%	0.54%	+3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.75%	0.54%	+3.21%

BMOP vs. ZMUN - Expense Ratio Comparison

BMOP has a 0.54% expense ratio, which is higher than ZMUN's 0.30% expense ratio.

Dividends

BMOP vs. ZMUN - Dividend Comparison

BMOP's dividend yield for the trailing twelve months is around 1.20%, less than ZMUN's 2.28% yield.

Position	TTM	2025
BMOP BNY Mellon Municipal Opportunities ETF	1.20%	0.00%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both BMOP and ZMUN in my portfolio?

BMOP and ZMUN have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMOP 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, BMOP or ZMUN?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.54% for BMOP.

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

ZMUN has the higher dividend yield at 2.28%, compared with 1.20% for BMOP.

What is the main difference between BMOP and ZMUN?

They also come from different issuers: BNY Mellon and F/m Investments. Their fees differ too: 0.54% for BMOP and 0.30% for ZMUN.