FMUB vs. SUB

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Municipal Bond Opportunities ETF (FMUB) and iShares Short-Term National Muni Bond ETF (SUB).

FMUB and SUB 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. SUB is a passively managed fund by iShares that tracks the performance of the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. It was launched on Nov 5, 2008.

Performance

FMUB vs. SUB - Performance Comparison

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

FMUB vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	0.10%	6.63%
SUB iShares Short-Term National Muni Bond ETF	0.33%	3.50%

Returns By Period

In the year-to-date period, FMUB achieves a 0.10% return, which is significantly lower than SUB's 0.33% return.

FMUB

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

SUB

• 1D: 0.10%
• 1M: -0.44%
• YTD: 0.33%
• 6M: 1.05%
• 1Y: 3.30%
• 3Y*: 2.79%
• 5Y*: 1.41%
• 10Y*: 1.47%

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

FMUB vs. SUB - Expense Ratio Comparison

FMUB has a 0.30% expense ratio, which is higher than SUB's 0.07% expense ratio.

FMUB

Fidelity Municipal Bond Opportunities ETF

SUB

iShares Short-Term National Muni Bond ETF

Return for Risk

FMUB vs. SUB — Risk / Return Rank

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

SUB

SUB Risk / Return Rank: 90
SUB Sharpe Ratio Rank: 93
SUB Sortino Ratio Rank: 90
SUB Omega Ratio Rank: 97
SUB Calmar Ratio Rank: 87
SUB Martin Ratio Rank: 85

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. SUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and iShares Short-Term National Muni Bond ETF (SUB). 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	SUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.21	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.87	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.06	0.42	+1.64

Correlation

The correlation between FMUB and SUB is 0.55, 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. SUB - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.45%, more than SUB's 2.48% 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%
SUB iShares Short-Term National Muni Bond ETF	2.48%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Drawdowns

FMUB vs. SUB - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.49%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for FMUB and SUB.

Drawdown Indicators

	FMUB	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-2.49%	-9.46%	+6.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.46%	—
Current Drawdown Current decline from peak	-1.86%	-0.56%	-1.30%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.92%	+0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.34%	—

Volatility

Volatility by Period

	FMUB	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	1.51%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	1.64%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.36%	2.59%	+0.77%