FMUN vs. NRGU

Last updated Jul 17, 2026

FMUN (Fidelity Systematic Municipal Bond Index ETF) and NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) are both exchange-traded funds - FMUN is a Municipal Bonds fund actively managed by Fidelity, while NRGU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%). FMUN is actively managed, while NRGU is passively managed. Over the past year, FMUN returned 6.84% vs 119.26% for NRGU. At a correlation of -0.15, they often move in opposite directions. FMUN charges 0.05%/yr vs 0.95%/yr for NRGU.

Performance

FMUN vs. NRGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Systematic Municipal Bond Index ETF (FMUN) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMUN achieves a 1.36% return, which is significantly lower than NRGU's 118.00% return.

FMUN

• 1D: -0.18%
• 1M: -0.02%
• 6M: 0.58%
• YTD: 1.36%
• 1Y: 6.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NRGU

• 1D: 3.84%
• 1M: 18.77%
• 6M: 86.19%
• YTD: 118.00%
• 1Y: 119.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMUN vs. NRGU - Yearly Performance Comparison

	2026 (YTD)	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	1.36%	3.28%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	118.00%	36.44%

Correlation

The correlation between FMUN and NRGU is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.15

The correlation between FMUN and NRGU shifts across timeframes, from -0.25 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FMUN vs. NRGU — Risk / Return Rank

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

FMUN

FMUN Risk / Return Rank: 74
FMUN Sharpe Ratio Rank: 86
FMUN Sortino Ratio Rank: 87
FMUN Omega Ratio Rank: 92
FMUN Calmar Ratio Rank: 53
FMUN Martin Ratio Rank: 52

NRGU

NRGU Risk / Return Rank: 55
NRGU Sharpe Ratio Rank: 58
NRGU Sortino Ratio Rank: 52
NRGU Omega Ratio Rank: 50
NRGU Calmar Ratio Rank: 69
NRGU Martin Ratio Rank: 47

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. NRGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). 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	NRGU	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.56	+0.67
Sortino ratio: Return per unit of downside risk	3.20	2.08	+1.12
Omega ratio: Gain probability vs. loss probability	1.48	1.26	+0.22
Calmar ratio: Return relative to maximum drawdown	2.14	2.73	-0.59
Martin ratio: Return relative to average drawdown	7.00	6.13	+0.88

FMUN vs. NRGU - Sharpe Ratio Comparison

The current FMUN Sharpe Ratio is 2.23, which is higher than the NRGU Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FMUN and NRGU, 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. NRGU - Drawdown Comparison

The maximum FMUN drawdown since its inception was -3.83%, smaller than the maximum NRGU drawdown of -57.50%. Use the drawdown chart below to compare losses from any high point for FMUN and NRGU.

Drawdown Indicators

	FMUN	NRGU	Difference
Max Drawdown Largest peak-to-trough decline	-3.83%	-57.50%	+53.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-43.89%	+40.68%
Current Drawdown Current decline from peak	-0.99%	-24.81%	+23.82%
Average Drawdown Average peak-to-trough decline	-1.09%	-26.06%	+24.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	19.53%	-18.55%

Volatility

FMUN vs. NRGU - Volatility Comparison

The current volatility for Fidelity Systematic Municipal Bond Index ETF (FMUN) is 0.66%, while MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a volatility of 23.48%. This indicates that FMUN experiences smaller price fluctuations and is considered to be less risky than NRGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUN	NRGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	23.48%	-22.82%
Volatility (6M) Calculated over the trailing 6-month period	2.43%	63.97%	-61.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	76.98%	-73.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.05%	89.07%	-85.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.05%	89.07%	-85.02%

FMUN vs. NRGU - Expense Ratio Comparison

FMUN has a 0.05% expense ratio, which is lower than NRGU's 0.95% expense ratio.

Dividends

FMUN vs. NRGU - Dividend Comparison

FMUN's dividend yield for the trailing twelve months is around 3.32%, while NRGU has not paid dividends to shareholders.

Position	TTM	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	3.32%	2.41%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMUN and NRGU in my portfolio?

FMUN and NRGU have a correlation of -0.25, 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 NRGU?

NRGU has higher volatility (23.48%) compared to FMUN (0.66%). In terms of maximum drawdown, FMUN dropped -3.83% vs NRGU's -57.50%.

Which ETF is better, FMUN or NRGU?

On 1-year performance, NRGU leads with 119.26% vs 6.84% for FMUN. On fees, FMUN is cheaper at 0.05% per year. On volatility, FMUN has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMUN or NRGU?

Over the 1-year period, NRGU has performed better with a 119.26% return vs 6.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUN or NRGU?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.95% for NRGU.

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

FMUN has the higher dividend yield at 3.32%, compared with 0.00% for NRGU.

What is the main difference between FMUN and NRGU?

FMUN is categorized as Municipal Bonds, while NRGU is Leveraged Equities. They also come from different issuers: Fidelity and BMO. Their fees differ too: 0.05% for FMUN and 0.95% for NRGU.

Which has better risk-adjusted returns?

FMUN currently has the higher Sharpe Ratio (2.23 vs 1.56), 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.