CPHY vs. ZMUN

Last updated Jun 23, 2026

CPHY (F/m Compoundr High Yield Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both exchange-traded funds - CPHY is a High Yield Bonds fund tracking the Nasdaq Compoundr U.S. High Yield Bond Index, while ZMUN is a Municipal Bonds fund tracking the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.18 correlation, their price movements are largely independent. CPHY charges 0.35%/yr vs 0.30%/yr for ZMUN.

Performance

CPHY vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Compoundr High Yield Bond ETF (CPHY) 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, CPHY achieves a 0.61% return, which is significantly lower than ZMUN's 1.77% return.

CPHY

• 1D: -0.08%
• 1M: 0.53%
• YTD: 0.61%
• 6M: 0.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: -0.03%
• 1M: 0.30%
• YTD: 1.77%
• 6M: 1.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPHY vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
CPHY F/m Compoundr High Yield Bond ETF	0.61%	0.81%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.77%	0.67%

Correlation

The correlation between CPHY and ZMUN is 0.18, 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 Sep 30, 2025	0.18

Return for Risk

CPHY vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Compoundr High Yield Bond ETF (CPHY) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

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

Drawdowns

CPHY vs. ZMUN - Drawdown Comparison

The maximum CPHY drawdown since its inception was -2.51%, which is greater than ZMUN's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for CPHY and ZMUN.

Drawdown Indicators

	CPHY	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.51%	-0.10%	-2.41%
Current Drawdown Current decline from peak	-0.38%	-0.03%	-0.35%
Average Drawdown Average peak-to-trough decline	-0.56%	-0.01%	-0.55%

Volatility

Volatility by Period

	CPHY	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.58%	0.54%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.58%	0.54%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.58%	0.54%	+3.04%

CPHY vs. ZMUN - Expense Ratio Comparison

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

Dividends

CPHY vs. ZMUN - Dividend Comparison

CPHY has not paid dividends to shareholders, while ZMUN's dividend yield for the trailing twelve months is around 2.28%.

Position	TTM	2025
CPHY F/m Compoundr High Yield Bond ETF	0.00%	0.00%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both CPHY and ZMUN in my portfolio?

CPHY and ZMUN have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPHY 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, CPHY or ZMUN?

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

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

ZMUN has the higher dividend yield at 2.28%, compared with 0.00% for CPHY.

What is the main difference between CPHY and ZMUN?

CPHY is categorized as High Yield Bonds, while ZMUN is Municipal Bonds. CPHY tracks Nasdaq Compoundr U.S. High Yield Bond Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. Their fees differ too: 0.35% for CPHY and 0.30% for ZMUN.