FMUN vs. AMUN

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Systematic Municipal Bond Index ETF (FMUN) and abrdn Ultra Short Municipal Income Active ETF (AMUN).

FMUN and AMUN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FMUN is an actively managed fund by Fidelity. It was launched on Jul 11, 2019. AMUN is an actively managed fund by abrdn. It was launched on Oct 20, 2025.

Performance

FMUN vs. AMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Systematic Municipal Bond Index ETF (FMUN) and abrdn Ultra Short Municipal Income Active ETF (AMUN). The values are adjusted to include any dividend payments, if applicable.

FMUN vs. AMUN - Yearly Performance Comparison

	2026 (YTD)	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.40%	0.47%
AMUN abrdn Ultra Short Municipal Income Active ETF	0.54%	0.14%

Returns By Period

In the year-to-date period, FMUN achieves a -0.40% return, which is significantly lower than AMUN's 0.54% return.

FMUN

• 1D: 0.22%
• 1M: -2.71%
• YTD: -0.40%
• 6M: 1.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMUN

• 1D: 0.02%
• 1M: -0.04%
• YTD: 0.54%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMUN vs. AMUN - Expense Ratio Comparison

FMUN has a 0.05% expense ratio, which is lower than AMUN's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

AMUN

abrdn Ultra Short Municipal Income Active ETF

FMUN

Fidelity Systematic Municipal Bond Index ETF

Return for Risk

FMUN vs. AMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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

	FMUN	AMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.39	-0.44

Correlation

The correlation between FMUN and AMUN is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FMUN vs. AMUN - Dividend Comparison

FMUN's dividend yield for the trailing twelve months is around 3.25%, more than AMUN's 1.14% yield.

	TTM	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	3.25%	2.41%
AMUN abrdn Ultra Short Municipal Income Active ETF	1.14%	0.66%

Drawdowns

FMUN vs. AMUN - Drawdown Comparison

The maximum FMUN drawdown since its inception was -3.21%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for FMUN and AMUN.

Drawdown Indicators

	FMUN	AMUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.21%	-0.61%	-2.60%
Current Drawdown Current decline from peak	-2.71%	-0.05%	-2.66%
Average Drawdown Average peak-to-trough decline	-0.67%	-0.11%	-0.56%

Volatility

Volatility by Period

	FMUN	AMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	1.12%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.16%	1.12%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.16%	1.12%	+3.04%