FMUB vs. AMUN

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Municipal Bond Opportunities ETF (FMUB) and abrdn Ultra Short Municipal Income Active ETF (AMUN).

FMUB and AMUN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FMUB is an actively managed fund by Fidelity. It was launched on Feb 16, 2023. AMUN is an actively managed fund by abrdn. It was launched on Oct 20, 2025.

Performance

FMUB vs. AMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Municipal Bond Opportunities ETF (FMUB) and abrdn Ultra Short Municipal Income Active ETF (AMUN). The values are adjusted to include any dividend payments, if applicable.

FMUB vs. AMUN - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	0.35%	0.36%
AMUN abrdn Ultra Short Municipal Income Active ETF	0.54%	0.14%

Returns By Period

In the year-to-date period, FMUB achieves a 0.35% return, which is significantly lower than AMUN's 0.54% return.

FMUB

• 1D: 0.25%
• 1M: -1.37%
• YTD: 0.35%
• 6M: 1.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMUN

• 1D: 0.02%
• 1M: -0.04%
• YTD: 0.54%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMUB vs. AMUN - Expense Ratio Comparison

FMUB has a 0.30% expense ratio, which is higher than AMUN's 0.25% expense ratio.

FMUB

Fidelity Municipal Bond Opportunities ETF

AMUN

abrdn Ultra Short Municipal Income Active ETF

Return for Risk

FMUB vs. AMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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.

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

Sharpe Ratios by Period

	FMUB	AMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.13	1.39	+0.74

Correlation

The correlation between FMUB and AMUN is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FMUB vs. AMUN - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.44%, more than AMUN's 1.14% yield.

	TTM	2025
FMUB Fidelity Municipal Bond Opportunities ETF	3.44%	2.63%
AMUN abrdn Ultra Short Municipal Income Active ETF	1.14%	0.66%

Drawdowns

FMUB vs. AMUN - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.49%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for FMUB and AMUN.

Drawdown Indicators

	FMUB	AMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.49%	-0.61%	-1.88%
Current Drawdown Current decline from peak	-1.61%	-0.05%	-1.56%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.11%	-0.19%

Volatility

Volatility by Period

	FMUB	AMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	1.12%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	1.12%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.36%	1.12%	+2.24%