FMUN vs. FETH

Last updated Aug 5, 2026

FMUN (Fidelity Systematic Municipal Bond Index ETF) and FETH (Fidelity Ethereum Fund) are both exchange-traded funds - FMUN is a Municipal Bonds fund actively managed by Fidelity, while FETH is a Cryptocurrency fund tracking the Fidelity Ethereum Reference Rate Index. FMUN is actively managed, while FETH is passively managed. Over the past year, FMUN returned 5.03% vs -49.07% for FETH. Their 0.12 correlation means their historical movements had little consistent relationship. FMUN charges 0.05%/yr vs 0.25%/yr for FETH.

Performance

FMUN vs. FETH - Performance Comparison

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

Returns By Period

In the year-to-date period, FMUN achieves a 0.55% return, which is significantly higher than FETH's -36.98% return.

FMUN

• 1D: 0.37%
• 1M: -1.62%
• 6M: -0.38%
• YTD: 0.55%
• 1Y: 5.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.89%

FETH

• 1D: 0.27%
• 1M: 10.15%
• 6M: -18.55%
• YTD: -36.98%
• 1Y: -49.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.68%

*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)
FETH Fidelity Ethereum Fund	$29.03M	$29.27M	$34.84M
FMUN Fidelity Systematic Municipal Bond Index ETF	$585.46K	$512.82K	$541.96K

FMUN vs. FETH - Yearly Performance Comparison

	2026 (YTD)	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	0.55%	3.28%
FETH Fidelity Ethereum Fund	-36.98%	63.86%

Correlation

The correlation between FMUN and FETH is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.12

Return for Risk

FMUN vs. FETH — Risk / Return Rank

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

FMUN

FMUN Risk / Return Rank: 55
FMUN Sharpe Ratio Rank: 62
FMUN Sortino Ratio Rank: 60
FMUN Omega Ratio Rank: 72
FMUN Calmar Ratio Rank: 40
FMUN Martin Ratio Rank: 40

FETH

FETH Risk / Return Rank: 3
FETH Sharpe Ratio Rank: 3
FETH Sortino Ratio Rank: 3
FETH Omega Ratio Rank: 3
FETH Calmar Ratio Rank: 3
FETH Martin Ratio Rank: 4

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.

FMUN vs. FETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and Fidelity Ethereum Fund (FETH). 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	FETH	Difference
Sharpe ratio: Return per unit of total volatility	1.65	-0.74	+2.38
Sortino ratio: Return per unit of downside risk	2.31	-0.95	+3.26
Omega ratio: Gain probability vs. loss probability	1.34	0.89	+0.44
Calmar ratio: Return relative to maximum drawdown	1.57	-0.72	+2.30
Martin ratio: Return relative to average drawdown	4.78	-1.07	+5.86

FMUN vs. FETH - Sharpe Ratio Comparison

The current FMUN Sharpe Ratio is 1.65, which is higher than the FETH Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of FMUN and FETH, 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

FMUN vs. FETH - Drawdown Comparison

The maximum FMUN drawdown since its inception was -3.83%, smaller than the maximum FETH drawdown of -67.94%. Use the drawdown chart below to compare losses from any high point for FMUN and FETH.

Drawdown Indicators

	FMUN	FETH	Difference
Max Drawdown Largest peak-to-trough decline	-3.83%	-67.94%	+64.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-67.94%	+64.73%
Current Drawdown Current decline from peak	-1.78%	-61.45%	+59.67%
Average Drawdown Average peak-to-trough decline	-1.11%	-35.35%	+34.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	45.78%	-44.73%

Volatility

FMUN vs. FETH - Volatility Comparison

The current volatility for Fidelity Systematic Municipal Bond Index ETF (FMUN) is 0.89%, while Fidelity Ethereum Fund (FETH) has a volatility of 11.18%. This indicates that FMUN experiences smaller price fluctuations and is considered to be less risky than FETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUN	FETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	11.18%	-10.29%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	43.42%	-40.90%
Volatility (1Y) Calculated over the trailing 1-year period	3.06%	66.97%	-63.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.04%	71.09%	-67.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.04%	71.09%	-67.05%

FMUN vs. FETH - Expense Ratio Comparison

FMUN has a 0.05% expense ratio, which is lower than FETH'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. FETH - Dividend Comparison

FMUN's dividend yield for the trailing twelve months is around 3.33%, while FETH has not paid dividends to shareholders.

Position	TTM	2025
FETH Fidelity Ethereum Fund	0.00%	0.00%
FMUN Fidelity Systematic Municipal Bond Index ETF	3.33%	2.41%

Frequently Asked Questions

Can I hold both FMUN and FETH in my portfolio?

FMUN and FETH have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMUN or FETH?

FETH has higher volatility (11.18%) compared to FMUN (0.89%). In terms of maximum drawdown, FMUN dropped -3.83% vs FETH's -67.94%.

Which ETF is better, FMUN or FETH?

On 1-year performance, FMUN leads with 5.03% vs -49.07% for FETH. On fees, FMUN is cheaper at 0.05% per year. On volatility, FMUN has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMUN or FETH?

Over the 1-year period, FMUN has performed better with a 5.03% return vs -49.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUN or FETH?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.25% for FETH.

Which ETF pays a higher dividend yield, FMUN or FETH?

FMUN has the higher dividend yield at 3.33%, compared with 0.00% for FETH.

What is the main difference between FMUN and FETH?

FMUN is categorized as Municipal Bonds, while FETH is Cryptocurrency. Their fees differ too: 0.05% for FMUN and 0.25% for FETH.

Which has better risk-adjusted returns?

FMUN currently has the higher Sharpe Ratio (1.65 vs -0.74), 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.