FMUN vs. MUNI

Last updated Jun 4, 2026

FMUN (Fidelity Systematic Municipal Bond Index ETF) and MUNI (PIMCO Intermediate Municipal Bond Active ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, FMUN returned 7.61% vs 6.37% for MUNI. A 0.75 correlation means they provide meaningful diversification when combined. FMUN charges 0.05%/yr vs 0.35%/yr for MUNI.

Performance

FMUN vs. MUNI - Performance Comparison

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

Returns By Period

In the year-to-date period, FMUN achieves a 1.69% return, which is significantly higher than MUNI's 1.32% return.

FMUN

• 1D: 0.03%
• 1M: 0.93%
• YTD: 1.69%
• 6M: 2.24%
• 1Y: 7.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUNI

• 1D: 0.08%
• 1M: 0.42%
• YTD: 1.32%
• 6M: 1.59%
• 1Y: 6.37%
• 3Y*: 3.94%
• 5Y*: 1.28%
• 10Y*: 2.19%

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

FMUN vs. MUNI - Yearly Performance Comparison

	2026 (YTD)	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	1.69%	4.25%
MUNI PIMCO Intermediate Municipal Bond Active ETF	1.32%	5.40%

Correlation

The correlation between FMUN and MUNI is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025	0.75

The correlation between FMUN and MUNI has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

Return for Risk

FMUN vs. MUNI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FMUN

FMUN Risk / Return Rank: 67
FMUN Sharpe Ratio Rank: 75
FMUN Sortino Ratio Rank: 78
FMUN Omega Ratio Rank: 86
FMUN Calmar Ratio Rank: 48
FMUN Martin Ratio Rank: 48

MUNI

MUNI Risk / Return Rank: 76
MUNI Sharpe Ratio Rank: 87
MUNI Sortino Ratio Rank: 91
MUNI Omega Ratio Rank: 93
MUNI Calmar Ratio Rank: 57
MUNI Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FMUN vs. MUNI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). 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	MUNI	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.84	-0.39
Sortino ratio: Return per unit of downside risk	3.54	4.24	-0.70
Omega ratio: Gain probability vs. loss probability	1.53	1.64	-0.10
Calmar ratio: Return relative to maximum drawdown	2.38	2.79	-0.41
Martin ratio: Return relative to average drawdown	7.88	9.15	-1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMUN vs. MUNI - Sharpe Ratio Comparison

The current FMUN Sharpe Ratio is 2.45, which is comparable to the MUNI Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of FMUN and MUNI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMUN	MUNI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.84	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.78	+0.50

Drawdowns

FMUN vs. MUNI - Drawdown Comparison

The maximum FMUN drawdown since its inception was -3.21%, smaller than the maximum MUNI drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for FMUN and MUNI.

Drawdown Indicators

	FMUN	MUNI	Difference
Max Drawdown Largest peak-to-trough decline	-3.21%	-11.15%	+7.94%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-2.29%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-11.15%	—
Current Drawdown Current decline from peak	-0.66%	-0.71%	+0.05%
Average Drawdown Average peak-to-trough decline	-0.82%	-1.73%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.70%	+0.27%

Volatility

FMUN vs. MUNI - Volatility Comparison

Fidelity Systematic Municipal Bond Index ETF (FMUN) has a higher volatility of 1.27% compared to PIMCO Intermediate Municipal Bond Active ETF (MUNI) at 0.77%. This indicates that FMUN's price experiences larger fluctuations and is considered to be riskier than MUNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUN	MUNI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	0.77%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	2.27%	1.60%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	3.12%	2.27%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	3.31%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	3.85%	+0.21%

FMUN vs. MUNI - Expense Ratio Comparison

FMUN has a 0.05% expense ratio, which is lower than MUNI's 0.35% expense ratio.

Dividends

FMUN vs. MUNI - Dividend Comparison

FMUN's dividend yield for the trailing twelve months is around 3.29%, which matches MUNI's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MUNI PIMCO Intermediate Municipal Bond Active ETF	3.28%	3.26%	3.50%	3.09%	2.13%	1.62%	1.92%	2.44%	2.38%	2.37%	2.37%	2.20%

Frequently Asked Questions

Can I hold both FMUN and MUNI in my portfolio?

FMUN and MUNI have a correlation of 0.71, 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 MUNI?

FMUN has higher volatility (1.27%) compared to MUNI (0.77%). In terms of maximum drawdown, FMUN dropped -3.21% vs MUNI's -11.15%.

Which ETF is better, FMUN or MUNI?

On 1-year performance, FMUN leads with 7.61% vs 6.37% for MUNI. On fees, FMUN is cheaper at 0.05% per year. On volatility, MUNI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMUN or MUNI?

Over the 1-year period, FMUN has performed better with a 7.61% return vs 6.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUN or MUNI?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.35% for MUNI.

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

FMUN and MUNI have nearly identical dividend yields, around 3.29%.

What is the main difference between FMUN and MUNI?

They also come from different issuers: Fidelity and PIMCO. Their fees differ too: 0.05% for FMUN and 0.35% for MUNI.

Which has better risk-adjusted returns?

MUNI currently has the higher Sharpe Ratio (2.84 vs 2.45), 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.