FMUN vs. CMF
FMUN (Fidelity Systematic Municipal Bond Index ETF) and CMF (iShares California Muni Bond ETF) are both Municipal Bonds funds. FMUN is actively managed, while CMF is passively managed. Over the past year, FMUN returned 7.10% vs 6.61% for CMF. A 0.74 correlation means they provide meaningful diversification when combined. FMUN charges 0.05%/yr vs 0.25%/yr for CMF.
Performance
FMUN vs. CMF - Performance Comparison
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Returns By Period
In the year-to-date period, FMUN achieves a 1.44% return, which is significantly higher than CMF's 1.28% return.
FMUN
- 1D
- -0.01%
- 1M
- 1.29%
- YTD
- 1.44%
- 6M
- 1.49%
- 1Y
- 7.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMF
- 1D
- -0.02%
- 1M
- 1.39%
- YTD
- 1.28%
- 6M
- 1.51%
- 1Y
- 6.61%
- 3Y*
- 3.14%
- 5Y*
- 0.75%
- 10Y*
- 1.66%
FMUN vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 1.44% | 3.28% |
CMF iShares California Muni Bond ETF | 1.28% | 3.65% |
Correlation
The correlation between FMUN and CMF is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.74 |
The correlation between FMUN and CMF has been stable across timeframes, ranging from 0.74 to 0.74 - a consistent structural relationship.
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Return for Risk
FMUN vs. CMF — Risk / Return Rank
FMUN
CMF
FMUN vs. CMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and iShares California Muni Bond ETF (CMF). 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.
| FMUN | CMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.54 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.28 | -0.05 |
| Martin ratioReturn relative to average drawdown | 7.21 | 7.50 | -0.29 |
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Drawdowns
FMUN vs. CMF - Drawdown Comparison
The maximum FMUN drawdown since its inception was -3.83%, smaller than the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for FMUN and CMF.
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Drawdown Indicators
| FMUN | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.83% | -16.45% | +12.62% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.91% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.45% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.57% | — |
Current DrawdownCurrent decline from peak | -0.91% | -0.61% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -1.13% | -4.76% | +3.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 0.88% | +0.11% |
Volatility
FMUN vs. CMF - Volatility Comparison
Fidelity Systematic Municipal Bond Index ETF (FMUN) has a higher volatility of 0.99% compared to iShares California Muni Bond ETF (CMF) at 0.71%. This indicates that FMUN's price experiences larger fluctuations and is considered to be riskier than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMUN | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 0.71% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.38% | 2.17% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 2.77% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.13% | 4.19% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.13% | 5.08% | -0.95% |
FMUN vs. CMF - Expense Ratio Comparison
FMUN has a 0.05% expense ratio, which is lower than CMF'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%.
Dividends
FMUN vs. CMF - Dividend Comparison
FMUN's dividend yield for the trailing twelve months is around 3.30%, more than CMF's 2.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.94% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.30% | 2.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMUN and CMF have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMUN has higher volatility (0.99%) compared to CMF (0.71%). In terms of maximum drawdown, FMUN dropped -3.83% vs CMF's -16.45%.
On 1-year performance, FMUN leads with 7.10% vs 6.61% for CMF. On fees, FMUN is cheaper at 0.05% per year. On volatility, CMF has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FMUN has performed better with a 7.10% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMUN is cheaper with a 0.05% expense ratio, compared with 0.25% for CMF.
FMUN has the higher dividend yield at 3.30%, compared with 2.94% for CMF.
They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.05% for FMUN and 0.25% for CMF.
CMF currently has the higher Sharpe Ratio (2.40 vs 2.30), 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.
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