FMNY vs. ZMUN
FMNY (First Trust New York High Income Municipal ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. FMNY is actively managed, while ZMUN is passively managed. At a 0.12 correlation, their price movements are largely independent. FMNY charges 0.65%/yr vs 0.30%/yr for ZMUN.
Performance
FMNY vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, FMNY achieves a 1.81% return, which is significantly higher than ZMUN's 1.61% return.
FMNY
- 1D
- -0.12%
- 1M
- 0.52%
- YTD
- 1.81%
- 6M
- 2.18%
- 1Y
- 7.40%
- 3Y*
- 4.02%
- 5Y*
- 0.58%
- 10Y*
- —
ZMUN
- 1D
- 0.04%
- 1M
- 0.31%
- YTD
- 1.61%
- 6M
- 1.88%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMNY vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 1.81% | 1.71% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.61% | 0.73% |
Correlation
The correlation between FMNY and ZMUN is 0.12, 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 | 0.12 |
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Return for Risk
FMNY vs. ZMUN — Risk / Return Rank
FMNY
ZMUN
FMNY vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) 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.
| FMNY | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.47 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | — | — |
| Martin ratioReturn relative to average drawdown | 8.50 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMNY | ZMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 6.54 | -6.36 |
Drawdowns
FMNY vs. ZMUN - Drawdown Comparison
The maximum FMNY drawdown since its inception was -15.90%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for FMNY and ZMUN.
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Drawdown Indicators
| FMNY | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.90% | -0.09% | -15.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.88% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | 0.00% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -5.68% | -0.01% | -5.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | — | — |
Volatility
FMNY vs. ZMUN - Volatility Comparison
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Volatility by Period
| FMNY | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 0.54% | +2.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 0.54% | +3.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 0.54% | +3.45% |
FMNY vs. ZMUN - Expense Ratio Comparison
FMNY has a 0.65% expense ratio, which is higher than ZMUN's 0.30% expense ratio.
Dividends
FMNY vs. ZMUN - Dividend Comparison
FMNY's dividend yield for the trailing twelve months is around 3.69%, more than ZMUN's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 3.69% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.28% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMNY and ZMUN have a correlation of 0.12, 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 0.65% for FMNY.
FMNY has the higher dividend yield at 3.69%, compared with 2.28% for ZMUN.
They also come from different issuers: First Trust and F/m Investments. Their fees differ too: 0.65% for FMNY and 0.30% for ZMUN.
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