FCAL vs. ZMUN

Last updated Jun 5, 2026

FCAL (First Trust California Municipal High Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. FCAL is actively managed, while ZMUN is passively managed. At a 0.26 correlation, their price movements are largely independent. FCAL charges 0.50%/yr vs 0.30%/yr for ZMUN.

Performance

FCAL vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust California Municipal High Income ETF (FCAL) 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, FCAL achieves a 1.83% return, which is significantly higher than ZMUN's 1.61% return.

FCAL

• 1D: -0.06%
• 1M: 0.71%
• YTD: 1.83%
• 6M: 2.29%
• 1Y: 6.71%
• 3Y*: 3.67%
• 5Y*: 0.80%
• 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)

FCAL vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
FCAL First Trust California Municipal High Income ETF	1.83%	1.94%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.73%

Correlation

The correlation between FCAL and ZMUN is 0.26, 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	0.26

Return for Risk

FCAL vs. ZMUN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCAL

FCAL Risk / Return Rank: 72
FCAL Sharpe Ratio Rank: 78
FCAL Sortino Ratio Rank: 84
FCAL Omega Ratio Rank: 89
FCAL Calmar Ratio Rank: 54
FCAL Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FCAL vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) 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.

	FCAL	ZMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.49	—	—
Sortino ratio: Return per unit of downside risk	3.70	—	—
Omega ratio: Gain probability vs. loss probability	1.56	—	—
Calmar ratio: Return relative to maximum drawdown	2.62	—	—
Martin ratio: Return relative to average drawdown	9.82	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FCAL	ZMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	6.54	-6.04

Drawdowns

FCAL vs. ZMUN - Drawdown Comparison

The maximum FCAL drawdown since its inception was -14.81%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for FCAL and ZMUN.

Drawdown Indicators

	FCAL	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-0.09%	-14.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.44%	—	—
Current Drawdown Current decline from peak	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-3.35%	-0.01%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	—	—

Volatility

Volatility by Period

	FCAL	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	0.54%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.25%	0.54%	+3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.25%	0.54%	+4.71%

FCAL vs. ZMUN - Expense Ratio Comparison

FCAL has a 0.50% expense ratio, which is higher than ZMUN's 0.30% expense ratio.

Dividends

FCAL vs. ZMUN - Dividend Comparison

FCAL's dividend yield for the trailing twelve months is around 3.33%, more than ZMUN's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCAL First Trust California Municipal High Income ETF	3.33%	3.22%	2.99%	2.74%	2.38%	2.03%	2.11%	2.68%	2.99%	1.30%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCAL and ZMUN in my portfolio?

FCAL and ZMUN have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCAL 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, FCAL or ZMUN?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.50% for FCAL.

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

FCAL has the higher dividend yield at 3.33%, compared with 2.28% for ZMUN.

What is the main difference between FCAL and ZMUN?

They also come from different issuers: First Trust and F/m Investments. Their fees differ too: 0.50% for FCAL and 0.30% for ZMUN.