FMUB vs. ZTAX

Last updated Jun 23, 2026

FMUB (Fidelity Municipal Bond Opportunities ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, FMUB returned 7.03% vs 8.93% for ZTAX. At a correlation of -0.04, they often move in opposite directions. FMUB charges 0.30%/yr vs 1.14%/yr for ZTAX.

Performance

FMUB vs. ZTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Municipal Bond Opportunities ETF (FMUB) and X-Square Municipal Income Tax Free ETF (ZTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMUB achieves a 2.07% return, which is significantly lower than ZTAX's 3.16% return.

FMUB

• 1D: -0.13%
• 1M: 1.40%
• YTD: 2.07%
• 6M: 2.12%
• 1Y: 7.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTAX

• 1D: 1.76%
• 1M: 2.70%
• YTD: 3.16%
• 6M: 4.79%
• 1Y: 8.93%
• 3Y*: 4.78%
• 5Y*: —
• 10Y*: —

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

FMUB vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	2.07%	4.69%
ZTAX X-Square Municipal Income Tax Free ETF	3.16%	4.52%

Correlation

The correlation between FMUB and ZTAX is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.04

Return for Risk

FMUB vs. ZTAX — Risk / Return Rank

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

FMUB

FMUB Risk / Return Rank: 77
FMUB Sharpe Ratio Rank: 85
FMUB Sortino Ratio Rank: 89
FMUB Omega Ratio Rank: 91
FMUB Calmar Ratio Rank: 59
FMUB Martin Ratio Rank: 63

ZTAX

ZTAX Risk / Return Rank: 16
ZTAX Sharpe Ratio Rank: 12
ZTAX Sortino Ratio Rank: 13
ZTAX Omega Ratio Rank: 16
ZTAX Calmar Ratio Rank: 19
ZTAX Martin Ratio Rank: 18

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. ZTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and X-Square Municipal Income Tax Free ETF (ZTAX). 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	ZTAX	Difference
Sharpe ratio: Return per unit of total volatility	2.66	0.28	+2.38
Sortino ratio: Return per unit of downside risk	3.88	0.63	+3.24
Omega ratio: Gain probability vs. loss probability	1.56	1.11	+0.45
Calmar ratio: Return relative to maximum drawdown	2.83	0.82	+2.02
Martin ratio: Return relative to average drawdown	11.26	2.00	+9.27

FMUB vs. ZTAX - Sharpe Ratio Comparison

The current FMUB Sharpe Ratio is 2.66, which is higher than the ZTAX Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of FMUB and ZTAX, 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. ZTAX - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.74%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for FMUB and ZTAX.

Drawdown Indicators

	FMUB	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-15.33%	+12.59%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-10.99%	+8.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.33%	—
Current Drawdown Current decline from peak	-0.13%	-9.42%	+9.29%
Average Drawdown Average peak-to-trough decline	-0.47%	-6.81%	+6.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	4.48%	-3.85%

Volatility

FMUB vs. ZTAX - Volatility Comparison

The current volatility for Fidelity Municipal Bond Opportunities ETF (FMUB) is 0.75%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 19.58%. This indicates that FMUB experiences smaller price fluctuations and is considered to be less risky than ZTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUB	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	19.58%	-18.83%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	28.53%	-26.48%
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	32.37%	-29.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	28.92%	-25.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	28.92%	-25.28%

FMUB vs. ZTAX - Expense Ratio Comparison

FMUB has a 0.30% expense ratio, which is lower than ZTAX's 1.14% expense ratio.

Dividends

FMUB vs. ZTAX - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.42%, less than ZTAX's 4.43% yield.

Position	TTM	2025	2024	2023
FMUB Fidelity Municipal Bond Opportunities ETF	3.42%	2.63%	0.00%	0.00%
ZTAX X-Square Municipal Income Tax Free ETF	4.43%	4.58%	4.55%	2.14%

Frequently Asked Questions

Can I hold both FMUB and ZTAX in my portfolio?

FMUB and ZTAX have a correlation of 0.00, 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 ZTAX?

ZTAX has higher volatility (19.58%) compared to FMUB (0.75%). In terms of maximum drawdown, FMUB dropped -2.74% vs ZTAX's -15.33%.

Which ETF is better, FMUB or ZTAX?

On 1-year performance, ZTAX leads with 8.93% vs 7.03% for FMUB. On fees, FMUB is cheaper at 0.30% per year. On volatility, FMUB has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMUB or ZTAX?

Over the 1-year period, ZTAX has performed better with a 8.93% return vs 7.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUB or ZTAX?

FMUB is cheaper with a 0.30% expense ratio, compared with 1.14% for ZTAX.

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

ZTAX has the higher dividend yield at 4.43%, compared with 3.42% for FMUB.

What is the main difference between FMUB and ZTAX?

They also come from different issuers: Fidelity and X-Square. Their fees differ too: 0.30% for FMUB and 1.14% for ZTAX.

Which has better risk-adjusted returns?

FMUB currently has the higher Sharpe Ratio (2.66 vs 0.28), 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.