FMUN vs. FBND
FMUN (Fidelity Systematic Municipal Bond Index ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - FMUN is a Municipal Bonds fund actively managed by Fidelity, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past year, FMUN returned 7.24% vs 5.08% for FBND. A 0.64 correlation means they provide meaningful diversification when combined. FMUN charges 0.05%/yr vs 0.36%/yr for FBND.
Performance
FMUN vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, FMUN achieves a 1.63% return, which is significantly higher than FBND's 0.61% return.
FMUN
- 1D
- -0.06%
- 1M
- 0.90%
- YTD
- 1.63%
- 6M
- 2.20%
- 1Y
- 7.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FBND
- 1D
- 0.11%
- 1M
- 0.25%
- YTD
- 0.61%
- 6M
- 0.60%
- 1Y
- 5.08%
- 3Y*
- 4.80%
- 5Y*
- 0.86%
- 10Y*
- 2.57%
FMUN vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 1.63% | 4.25% |
FBND Fidelity Total Bond ETF | 0.61% | 5.40% |
Correlation
The correlation between FMUN and FBND is 0.60, 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 | 0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025 | 0.64 |
The correlation between FMUN and FBND has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.
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Return for Risk
FMUN vs. FBND — Risk / Return Rank
FMUN
FBND
FMUN vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and Fidelity Total Bond ETF (FBND). 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.
| FMUN | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.23 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 1.91 | +0.35 |
| Martin ratioReturn relative to average drawdown | 7.49 | 5.77 | +1.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMUN | FBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.34 | 1.34 | +1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.15 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.27 | 0.45 | +0.82 |
Drawdowns
FMUN vs. FBND - Drawdown Comparison
The maximum FMUN drawdown since its inception was -3.21%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FMUN and FBND.
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Drawdown Indicators
| FMUN | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.21% | -17.25% | +14.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.66% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.25% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.25% | — |
Current DrawdownCurrent decline from peak | -0.72% | -1.32% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -0.82% | -3.35% | +2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.88% | +0.09% |
Volatility
FMUN vs. FBND - Volatility Comparison
Fidelity Systematic Municipal Bond Index ETF (FMUN) and Fidelity Total Bond ETF (FBND) have volatilities of 1.27% and 1.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMUN | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.26% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | 2.73% | -0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.12% | 3.86% | -0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 5.92% | -1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.06% | 6.09% | -2.03% |
FMUN vs. FBND - Expense Ratio Comparison
FMUN has a 0.05% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
FMUN vs. FBND - Dividend Comparison
FMUN's dividend yield for the trailing twelve months is around 3.29%, less than FBND's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.70% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.29% | 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 FBND have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMUN has higher volatility (1.27%) compared to FBND (1.26%). In terms of maximum drawdown, FMUN dropped -3.21% vs FBND's -17.25%.
On 1-year performance, FMUN leads with 7.24% vs 5.08% for FBND. On fees, FMUN is cheaper at 0.05% per year. Their volatility is very similar. 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 7.24% return vs 5.08%. 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 0.36% for FBND.
FBND has the higher dividend yield at 4.70%, compared with 3.29% for FMUN.
FMUN is categorized as Municipal Bonds, while FBND is Intermediate Core-Plus Bond. Their fees differ too: 0.05% for FMUN and 0.36% for FBND.
FMUN currently has the higher Sharpe Ratio (2.34 vs 1.34), 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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