FMUB vs. VTES

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Municipal Bond Opportunities ETF (FMUB) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES).

FMUB and VTES 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. VTES is a passively managed fund by Vanguard that tracks the performance of the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. It was launched on Mar 8, 2023.

Performance

FMUB vs. VTES - Performance Comparison

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

FMUB vs. VTES - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	0.35%	6.63%
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares	0.18%	3.61%

Returns By Period

In the year-to-date period, FMUB achieves a 0.35% return, which is significantly higher than VTES's 0.18% return.

FMUB

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

VTES

• 1D: 0.16%
• 1M: -0.97%
• YTD: 0.18%
• 6M: 0.74%
• 1Y: 3.45%
• 3Y*: 2.66%
• 5Y*: —
• 10Y*: —

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

FMUB vs. VTES - Expense Ratio Comparison

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

FMUB

Fidelity Municipal Bond Opportunities ETF

VTES

Vanguard Short-Term Tax-Exempt Bond ETF Shares

Return for Risk

FMUB vs. VTES — Risk / Return Rank

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

VTES

VTES Risk / Return Rank: 84
VTES Sharpe Ratio Rank: 88
VTES Sortino Ratio Rank: 87
VTES Omega Ratio Rank: 96
VTES Calmar Ratio Rank: 80
VTES Martin Ratio Rank: 69

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. VTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES). 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	VTES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.13	1.79	+0.34

Correlation

The correlation between FMUB and VTES 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. VTES - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.44%, more than VTES's 2.76% yield.

	TTM	2025	2024	2023
FMUB Fidelity Municipal Bond Opportunities ETF	3.44%	2.63%	0.00%	0.00%
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares	2.76%	2.77%	2.99%	2.03%

Drawdowns

FMUB vs. VTES - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.49%, roughly equal to the maximum VTES drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for FMUB and VTES.

Drawdown Indicators

	FMUB	VTES	Difference
Max Drawdown Largest peak-to-trough decline	-2.49%	-2.42%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.59%	—
Current Drawdown Current decline from peak	-1.61%	-1.09%	-0.52%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.48%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.49%	—

Volatility

Volatility by Period

	FMUB	VTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	1.82%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	1.75%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.36%	1.75%	+1.61%