FMUB vs. MEAR

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Municipal Bond Opportunities ETF (FMUB) and iShares Short Maturity Municipal Bond ETF (MEAR).

FMUB and MEAR 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. MEAR is an actively managed fund by iShares. It was launched on Mar 3, 2015.

Performance

FMUB vs. MEAR - Performance Comparison

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

FMUB vs. MEAR - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	0.10%	6.63%
MEAR iShares Short Maturity Municipal Bond ETF	0.47%	3.43%

Returns By Period

In the year-to-date period, FMUB achieves a 0.10% return, which is significantly lower than MEAR's 0.47% return.

FMUB

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

MEAR

• 1D: 0.12%
• 1M: -0.31%
• YTD: 0.47%
• 6M: 1.07%
• 1Y: 3.12%
• 3Y*: 3.50%
• 5Y*: 2.30%
• 10Y*: 1.74%

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

FMUB vs. MEAR - Expense Ratio Comparison

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

FMUB

Fidelity Municipal Bond Opportunities ETF

MEAR

iShares Short Maturity Municipal Bond ETF

Return for Risk

FMUB vs. MEAR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MEAR

MEAR Risk / Return Rank: 97
MEAR Sharpe Ratio Rank: 97
MEAR Sortino Ratio Rank: 97
MEAR Omega Ratio Rank: 98
MEAR Calmar Ratio Rank: 94
MEAR Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FMUB vs. MEAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and iShares Short Maturity Municipal Bond ETF (MEAR). 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	MEAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.71	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.06	1.09	+0.97

Correlation

The correlation between FMUB and MEAR is 0.16, 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. MEAR - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.45%, more than MEAR's 2.87% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUB Fidelity Municipal Bond Opportunities ETF	3.45%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MEAR iShares Short Maturity Municipal Bond ETF	2.64%	2.95%	3.44%	3.30%	0.88%	0.30%	0.90%	1.57%	1.36%	1.01%	0.81%	0.53%

Drawdowns

FMUB vs. MEAR - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.49%, smaller than the maximum MEAR drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for FMUB and MEAR.

Drawdown Indicators

	FMUB	MEAR	Difference
Max Drawdown Largest peak-to-trough decline	-2.49%	-2.68%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.86%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-2.68%	—
Current Drawdown Current decline from peak	-1.86%	-0.35%	-1.51%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.19%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.15%	—

Volatility

Volatility by Period

	FMUB	MEAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	1.16%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	0.98%	+2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.36%	1.52%	+1.84%