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. At a 0.23 correlation, their price movements are largely independent. 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 2.92% return, which is significantly higher than ZMUN's 1.78% return.
FMHI
- 1D
- -0.05%
- 1M
- 1.62%
- YTD
- 2.92%
- 6M
- 3.16%
- 1Y
- 7.99%
- 3Y*
- 5.04%
- 5Y*
- 0.83%
- 10Y*
- —
ZMUN
- 1D
- 0.01%
- 1M
- 0.31%
- YTD
- 1.78%
- 6M
- 1.87%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMHI vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMHI First Trust Municipal High Income ETF | 2.92% | 2.03% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.78% | 0.67% |
Correlation
The correlation between FMHI and ZMUN is 0.23, 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 | 0.23 |
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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 | 1.58 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | — | — |
| Martin ratioReturn relative to average drawdown | 12.86 | — | — |
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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 -0.10%. 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% | -0.10% | -18.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.35% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -6.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | — | — |
Current DrawdownCurrent decline from peak | -0.06% | -0.02% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -4.49% | -0.01% | -4.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | — | — |
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 | 0.78% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.16% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.06% | 0.54% | +2.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.77% | 0.54% | +4.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.71% | 0.54% | +5.17% |
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 4.23%, more than ZMUN's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 4.23% | 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 | 2.28% | 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 0.23, 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 4.23%, compared with 2.28% for ZMUN.
They also come from different issuers: First Trust and F/m Investments. Their fees differ too: 0.55% for FMHI and 0.30% for ZMUN.
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