FMUB vs. OVM

Last updated Aug 6, 2026

FMUB (Fidelity Municipal Bond Opportunities ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, FMUB returned 5.57% vs 8.56% for OVM. Their 0.59 correlation means they have sometimes moved together and sometimes differently. FMUB charges 0.30%/yr vs 0.82%/yr for OVM.

Performance

FMUB vs. OVM - Performance Comparison

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

Returns By Period

In the year-to-date period, FMUB achieves a 1.70% return, which is significantly lower than OVM's 3.15% return.

FMUB

• 1D: 0.31%
• 1M: -0.83%
• 6M: 1.01%
• YTD: 1.70%
• 1Y: 5.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.83%

OVM

• 1D: 0.16%
• 1M: -1.25%
• 6M: 1.91%
• YTD: 3.15%
• 1Y: 8.56%
• 3Y*: 4.93%
• 5Y*: 1.13%
• 10Y*: —
• ALL TIME*: 2.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMUB Fidelity Municipal Bond Opportunities ETF	$1.88M	$2.46M	$1.66M
OVM Overlay Shares Municipal Bond ETF	$273.94K	$290.76K	$341.01K

FMUB vs. OVM - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	1.70%	4.69%
OVM Overlay Shares Municipal Bond ETF	3.15%	6.66%

Correlation

The correlation between FMUB and OVM is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.59

The correlation between FMUB and OVM has been stable across timeframes, ranging from 0.59 to 0.61 - a consistent structural relationship.

Return for Risk

FMUB vs. OVM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FMUB

FMUB Risk / Return Rank: 72
FMUB Sharpe Ratio Rank: 80
FMUB Sortino Ratio Rank: 79
FMUB Omega Ratio Rank: 87
FMUB Calmar Ratio Rank: 55
FMUB Martin Ratio Rank: 60

OVM

OVM Risk / Return Rank: 74
OVM Sharpe Ratio Rank: 72
OVM Sortino Ratio Rank: 73
OVM Omega Ratio Rank: 75
OVM Calmar Ratio Rank: 75
OVM Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FMUB vs. OVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and Overlay Shares Municipal Bond ETF (OVM). 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.

	FMUB	OVM	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.88	+0.18
Sortino ratio: Return per unit of downside risk	2.88	2.68	+0.20
Omega ratio: Gain probability vs. loss probability	1.42	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	2.24	2.98	-0.74
Martin ratio: Return relative to average drawdown	8.13	10.77	-2.64

FMUB vs. OVM - Sharpe Ratio Comparison

The current FMUB Sharpe Ratio is 2.06, which is comparable to the OVM Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of FMUB and OVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FMUB vs. OVM - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.74%, smaller than the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for FMUB and OVM.

Drawdown Indicators

	FMUB	OVM	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-15.58%	+12.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-2.88%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.58%	—
Current Drawdown Current decline from peak	-0.88%	-1.25%	+0.37%
Average Drawdown Average peak-to-trough decline	-0.49%	-3.93%	+3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.80%	-0.11%

Volatility

FMUB vs. OVM - Volatility Comparison

The current volatility for Fidelity Municipal Bond Opportunities ETF (FMUB) is 1.03%, while Overlay Shares Municipal Bond ETF (OVM) has a volatility of 1.81%. This indicates that FMUB experiences smaller price fluctuations and is considered to be less risky than OVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUB	OVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.81%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	3.57%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	4.58%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.59%	5.46%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.59%	6.52%	-2.93%

FMUB vs. OVM - Expense Ratio Comparison

FMUB has a 0.30% expense ratio, which is lower than OVM's 0.82% expense ratio.

Dividends

FMUB vs. OVM - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.52%, less than OVM's 5.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FMUB Fidelity Municipal Bond Opportunities ETF	3.52%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OVM Overlay Shares Municipal Bond ETF	5.77%	5.45%	4.91%	4.66%	4.21%	6.10%	3.97%	0.58%

Frequently Asked Questions

Can I hold both FMUB and OVM in my portfolio?

FMUB and OVM have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMUB or OVM?

OVM has higher volatility (1.81%) compared to FMUB (1.03%). In terms of maximum drawdown, FMUB dropped -2.74% vs OVM's -15.58%.

Which ETF is better, FMUB or OVM?

On 1-year performance, OVM leads with 8.56% vs 5.57% for FMUB. On fees, FMUB is cheaper at 0.30% per year. On volatility, FMUB has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMUB or OVM?

Over the 1-year period, OVM has performed better with a 8.56% return vs 5.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUB or OVM?

FMUB is cheaper with a 0.30% expense ratio, compared with 0.82% for OVM.

Which ETF pays a higher dividend yield, FMUB or OVM?

OVM has the higher dividend yield at 5.77%, compared with 3.52% for FMUB.

What is the main difference between FMUB and OVM?

They also come from different issuers: Fidelity and Liquid Strategies. Their fees differ too: 0.30% for FMUB and 0.82% for OVM.

Which has better risk-adjusted returns?

FMUB currently has the higher Sharpe Ratio (2.06 vs 1.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.