FMHI vs. ZMUN
FMHI (First Trust Municipal High Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. FMHI is actively managed, while ZMUN is passively managed. Their 0.22 correlation means their historical movements had little consistent relationship. FMHI charges 0.55%/yr vs 0.30%/yr for ZMUN.
Performance
FMHI vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, FMHI achieves a 1.81% return, which is significantly lower than ZMUN's 2.09% return.
FMHI
- 1D
- -0.17%
- 1M
- -1.74%
- 6M
- 1.23%
- YTD
- 1.81%
- 1Y
- 7.04%
- 3Y*
- 4.76%
- 5Y*
- 0.34%
- 10Y*
- —
- ALL TIME*
- 3.09%
ZMUN
- 1D
- 0.04%
- 1M
- 0.20%
- 6M
- 1.82%
- YTD
- 2.09%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.95M | $5.04M | $4.81M | |
| $247.22K | $279.15K | $385.45K |
FMHI vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMHI First Trust Municipal High Income ETF | 1.81% | 2.03% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.09% | 0.67% |
Correlation
The correlation between FMHI and ZMUN is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025 | 0.22 |
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Return for Risk
FMHI vs. ZMUN — Risk / Return Rank
FMHI
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FMHI vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) 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.
| FMHI | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.55 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.37 | — | — |
| Martin ratioReturn relative to average drawdown | 13.03 | — | — |
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Drawdowns
FMHI vs. ZMUN - Drawdown Comparison
The maximum FMHI drawdown since its inception was -18.83%, which is greater than ZMUN's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for FMHI and ZMUN.
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Drawdown Indicators
| FMHI | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -0.13% | -18.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.35% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.70% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | — | — |
Current DrawdownCurrent decline from peak | -1.74% | 0.00% | -1.74% |
Average DrawdownAverage peak-to-trough decline | -4.45% | -0.02% | -4.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | — | — |
Volatility
FMHI vs. ZMUN - Volatility Comparison
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Volatility by Period
| FMHI | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 0.54% | +2.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.79% | 0.54% | +4.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.69% | 0.54% | +5.15% |
FMHI vs. ZMUN - Expense Ratio Comparison
FMHI has a 0.55% expense ratio, which is higher than ZMUN's 0.30% expense ratio.
Dividends
FMHI vs. ZMUN - Dividend Comparison
FMHI's dividend yield for the trailing twelve months is around 4.36%, more than ZMUN's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 4.36% | 4.16% | 4.01% | 3.89% | 3.57% | 2.87% | 3.13% | 3.33% | 3.46% | 0.30% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.92% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMHI 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.
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 0.55% for FMHI.
FMHI has the higher dividend yield at 4.36%, compared with 2.92% for ZMUN.
They also come from different issuers: First Trust and F/m. Their fees differ too: 0.55% for FMHI and 0.30% for ZMUN.
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