FMUB vs. FMUN

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Municipal Bond Opportunities ETF (FMUB) and Fidelity Systematic Municipal Bond Index ETF (FMUN).

FMUB and FMUN 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. FMUN is an actively managed fund by Fidelity. It was launched on Jul 11, 2019.

Performance

FMUB vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Municipal Bond Opportunities ETF (FMUB) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

FMUB vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	0.10%	6.63%
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.40%	4.25%

Returns By Period

In the year-to-date period, FMUB achieves a 0.10% return, which is significantly higher than FMUN's -0.40% return.

FMUB

• 1D: 0.24%
• 1M: -1.86%
• YTD: 0.10%
• 6M: 1.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMUN

• 1D: 0.22%
• 1M: -2.71%
• YTD: -0.40%
• 6M: 1.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMUB vs. FMUN - Expense Ratio Comparison

FMUB has a 0.30% expense ratio, which is higher than FMUN's 0.05% expense ratio.

FMUB

Fidelity Municipal Bond Opportunities ETF

FMUN

Fidelity Systematic Municipal Bond Index ETF

Return for Risk

FMUB vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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	FMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.06	0.95	+1.11

Correlation

The correlation between FMUB and FMUN is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FMUB vs. FMUN - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.45%, more than FMUN's 3.25% yield.

	TTM	2025
FMUB Fidelity Municipal Bond Opportunities ETF	3.45%	2.63%
FMUN Fidelity Systematic Municipal Bond Index ETF	3.25%	2.41%

Drawdowns

FMUB vs. FMUN - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.49%, smaller than the maximum FMUN drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for FMUB and FMUN.

Drawdown Indicators

	FMUB	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.49%	-3.21%	+0.72%
Current Drawdown Current decline from peak	-1.86%	-2.71%	+0.85%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.67%	+0.38%

Volatility

Volatility by Period

	FMUB	FMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	4.16%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	4.16%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.36%	4.16%	-0.80%