FMUB vs. WTIU

Last updated Aug 2, 2026

FMUB (Fidelity Municipal Bond Opportunities ETF) and WTIU (MicroSectors Energy 3X Leveraged ETN) are both exchange-traded funds - FMUB is a Municipal Bonds fund actively managed by Fidelity, while WTIU is a Leveraged Equities fund tracking the Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). FMUB is actively managed, while WTIU is passively managed. Over the past year, FMUB returned 4.81% vs 114.64% for WTIU. Their -0.22 correlation means they have often moved in opposite directions in the past. FMUB charges 0.30%/yr vs 0.95%/yr for WTIU.

Performance

FMUB vs. WTIU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Municipal Bond Opportunities ETF (FMUB) and MicroSectors Energy 3X Leveraged ETN (WTIU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMUB achieves a 0.94% return, which is significantly lower than WTIU's 104.80% return.

FMUB

• 1D: -0.13%
• 1M: -1.59%
• 6M: 0.32%
• YTD: 0.94%
• 1Y: 4.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.29%

WTIU

• 1D: 3.15%
• 1M: 45.95%
• 6M: 51.31%
• YTD: 104.80%
• 1Y: 114.64%
• 3Y*: 0.02%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.45%

*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	$1.86M	$2.43M	$1.70M
WTIU MicroSectors Energy 3X Leveraged ETN	$1.32M	$870.89K	$849.27K

FMUB vs. WTIU - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	0.94%	4.69%
WTIU MicroSectors Energy 3X Leveraged ETN	104.80%	26.86%

Correlation

The correlation between FMUB and WTIU is -0.35, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.35
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.22

The correlation between FMUB and WTIU shifts across timeframes, from -0.35 (1 year) to -0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FMUB vs. WTIU — Risk / Return Rank

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

FMUB

FMUB Risk / Return Rank: 76
FMUB Sharpe Ratio Rank: 84
FMUB Sortino Ratio Rank: 84
FMUB Omega Ratio Rank: 88
FMUB Calmar Ratio Rank: 61
FMUB Martin Ratio Rank: 65

WTIU

WTIU Risk / Return Rank: 55
WTIU Sharpe Ratio Rank: 62
WTIU Sortino Ratio Rank: 56
WTIU Omega Ratio Rank: 54
WTIU Calmar Ratio Rank: 60
WTIU Martin Ratio Rank: 44

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. WTIU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and MicroSectors Energy 3X Leveraged ETN (WTIU). 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	WTIU	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.44	+0.52
Sortino ratio: Return per unit of downside risk	2.75	1.93	+0.82
Omega ratio: Gain probability vs. loss probability	1.40	1.24	+0.16
Calmar ratio: Return relative to maximum drawdown	2.14	2.09	+0.05
Martin ratio: Return relative to average drawdown	7.91	4.79	+3.12

FMUB vs. WTIU - Sharpe Ratio Comparison

The current FMUB Sharpe Ratio is 1.96, which is higher than the WTIU Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FMUB and WTIU, 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. WTIU - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.74%, smaller than the maximum WTIU drawdown of -75.73%. Use the drawdown chart below to compare losses from any high point for FMUB and WTIU.

Drawdown Indicators

	FMUB	WTIU	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-75.73%	+72.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-48.11%	+45.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-75.73%	—
Current Drawdown Current decline from peak	-1.62%	-27.41%	+25.79%
Average Drawdown Average peak-to-trough decline	-0.48%	-39.21%	+38.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	21.07%	-20.40%

Volatility

FMUB vs. WTIU - Volatility Comparison

The current volatility for Fidelity Municipal Bond Opportunities ETF (FMUB) is 0.86%, while MicroSectors Energy 3X Leveraged ETN (WTIU) has a volatility of 21.18%. This indicates that FMUB experiences smaller price fluctuations and is considered to be less risky than WTIU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUB	WTIU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	21.18%	-20.32%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	57.82%	-55.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.75%	69.90%	-67.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.59%	70.86%	-67.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.59%	70.86%	-67.27%

FMUB vs. WTIU - Expense Ratio Comparison

FMUB has a 0.30% expense ratio, which is lower than WTIU's 0.95% expense ratio.

Dividends

FMUB vs. WTIU - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.55%, while WTIU has not paid dividends to shareholders.

Position	TTM	2025
FMUB Fidelity Municipal Bond Opportunities ETF	3.55%	2.63%
WTIU MicroSectors Energy 3X Leveraged ETN	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMUB and WTIU in my portfolio?

FMUB and WTIU have a correlation of -0.35, 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 WTIU?

WTIU has higher volatility (21.18%) compared to FMUB (0.86%). In terms of maximum drawdown, FMUB dropped -2.74% vs WTIU's -75.73%.

Which ETF is better, FMUB or WTIU?

On 1-year performance, WTIU leads with 114.64% vs 4.81% for FMUB. On fees, FMUB is cheaper at 0.30% per year. On volatility, FMUB has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMUB or WTIU?

Over the 1-year period, WTIU has performed better with a 114.64% return vs 4.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUB or WTIU?

FMUB is cheaper with a 0.30% expense ratio, compared with 0.95% for WTIU.

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

FMUB has the higher dividend yield at 3.55%, compared with 0.00% for WTIU.

What is the main difference between FMUB and WTIU?

FMUB is categorized as Municipal Bonds, while WTIU is Leveraged Equities. They also come from different issuers: Fidelity and REX. Their fees differ too: 0.30% for FMUB and 0.95% for WTIU.

Which has better risk-adjusted returns?

FMUB currently has the higher Sharpe Ratio (1.96 vs 1.44), 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.