FMUN vs. NYF
FMUN (Fidelity Systematic Municipal Bond Index ETF) and NYF (iShares New York Muni Bond ETF) are both Municipal Bonds funds. FMUN is actively managed, while NYF is passively managed. Over the past year, FMUN returned 4.46% vs 4.45% for NYF. Their 0.75 correlation means they have sometimes moved together and sometimes differently. FMUN charges 0.05%/yr vs 0.09%/yr for NYF.
Performance
FMUN vs. NYF - Performance Comparison
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Returns By Period
In the year-to-date period, FMUN achieves a -0.03% return, which is significantly lower than NYF's 0.39% return.
FMUN
- 1D
- -0.24%
- 1M
- -2.19%
- 6M
- -0.88%
- YTD
- -0.03%
- 1Y
- 4.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.46%
NYF
- 1D
- -0.04%
- 1M
- -1.80%
- 6M
- -0.30%
- YTD
- 0.39%
- 1Y
- 4.45%
- 3Y*
- 2.74%
- 5Y*
- 0.47%
- 10Y*
- 1.60%
- ALL TIME*
- 3.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $530.62K | $503.69K | $533.19K | |
| $8.19M | $7.30M | $7.67M |
FMUN vs. NYF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | -0.03% | 3.28% |
NYF iShares New York Muni Bond ETF | 0.39% | 3.21% |
Correlation
The correlation between FMUN and NYF is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.75 |
The correlation between FMUN and NYF has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.
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Return for Risk
FMUN vs. NYF — Risk / Return Rank
FMUN
NYF
FMUN vs. NYF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and iShares New York Muni Bond ETF (NYF). 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 | NYF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.38 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 1.82 | -0.20 |
| Martin ratioReturn relative to average drawdown | 4.97 | 6.02 | -1.05 |
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Drawdowns
FMUN vs. NYF - Drawdown Comparison
The maximum FMUN drawdown since its inception was -3.83%, smaller than the maximum NYF drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for FMUN and NYF.
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Drawdown Indicators
| FMUN | NYF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.83% | -13.12% | +9.29% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.76% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.62% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.60% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.12% | — |
Current DrawdownCurrent decline from peak | -2.35% | -1.80% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -2.29% | +1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.83% | +0.21% |
Volatility
FMUN vs. NYF - Volatility Comparison
The current volatility for Fidelity Systematic Municipal Bond Index ETF (FMUN) is 0.75%, while iShares New York Muni Bond ETF (NYF) has a volatility of 0.83%. This indicates that FMUN experiences smaller price fluctuations and is considered to be less risky than NYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMUN | NYF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.83% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 2.23% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 2.79% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.03% | 4.01% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.03% | 4.48% | -0.45% |
FMUN vs. NYF - Expense Ratio Comparison
FMUN has a 0.05% expense ratio, which is lower than NYF's 0.09% 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. NYF - Dividend Comparison
FMUN's dividend yield for the trailing twelve months is around 3.35%, more than NYF's 3.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.35% | 2.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NYF iShares New York Muni Bond ETF | 2.90% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
Frequently Asked Questions
FMUN and NYF have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NYF has higher volatility (0.83%) compared to FMUN (0.75%). In terms of maximum drawdown, FMUN dropped -3.83% vs NYF's -13.12%.
On 1-year performance, FMUN leads with 4.46% vs 4.45% for NYF. 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 4.46% return vs 4.45%. 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 0.09% for NYF.
FMUN has the higher dividend yield at 3.35%, compared with 2.90% for NYF.
They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.05% for FMUN and 0.09% for NYF.
NYF currently has the higher Sharpe Ratio (1.80 vs 1.67), 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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