FMUN vs. MUB
Compare and contrast key facts about Fidelity Systematic Municipal Bond Index ETF (FMUN) and iShares National AMT-Free Muni Bond ETF (MUB).
FMUN and MUB 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. MUB is a passively managed fund by iShares that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Sep 7, 2007.
Performance
FMUN vs. MUB - Performance Comparison
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FMUN vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | -0.40% | 4.25% |
MUB iShares National AMT-Free Muni Bond ETF | -0.37% | 5.68% |
Returns By Period
In the year-to-date period, FMUN achieves a -0.40% return, which is significantly lower than MUB's -0.37% return.
FMUN
- 1D
- 0.22%
- 1M
- -2.71%
- YTD
- -0.40%
- 6M
- 1.25%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUB
- 1D
- 0.19%
- 1M
- -2.28%
- YTD
- -0.37%
- 6M
- 1.28%
- 1Y
- 3.94%
- 3Y*
- 2.53%
- 5Y*
- 0.79%
- 10Y*
- 1.96%
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FMUN vs. MUB - Expense Ratio Comparison
FMUN has a 0.05% expense ratio, which is lower than MUB's 0.07% 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%.
Return for Risk
FMUN vs. MUB — Risk / Return Rank
FMUN
MUB
FMUN vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and iShares National AMT-Free Muni Bond ETF (MUB). 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.
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Sharpe Ratios by Period
| FMUN | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.96 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.20 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.95 | 0.57 | +0.37 |
Correlation
The correlation between FMUN and MUB is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FMUN vs. MUB - Dividend Comparison
FMUN's dividend yield for the trailing twelve months is around 3.25%, more than MUB's 3.19% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.25% | 2.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MUB iShares National AMT-Free Muni Bond ETF | 3.19% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Drawdowns
FMUN vs. MUB - Drawdown Comparison
The maximum FMUN drawdown since its inception was -3.21%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for FMUN and MUB.
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Drawdown Indicators
| FMUN | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.21% | -13.68% | +10.47% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.30% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.88% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -2.71% | -2.28% | -0.43% |
Average DrawdownAverage peak-to-trough decline | -0.67% | -2.24% | +1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.03% | — |
Volatility
FMUN vs. MUB - Volatility Comparison
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Volatility by Period
| FMUN | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.53% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.03% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 4.14% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 4.04% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.16% | 4.91% | -0.75% |