FMUN vs. NYF

Last updated Jun 24, 2026

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 7.03% vs 6.73% for NYF. A 0.74 correlation means they provide meaningful diversification when combined. FMUN charges 0.05%/yr vs 0.25%/yr for NYF.

Performance

FMUN vs. NYF - Performance Comparison

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

Returns By Period

In the year-to-date period, FMUN achieves a 1.55% return, which is significantly lower than NYF's 1.80% return.

FMUN

• 1D: 0.11%
• 1M: 1.40%
• YTD: 1.55%
• 6M: 1.55%
• 1Y: 7.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NYF

• 1D: -0.07%
• 1M: 1.46%
• YTD: 1.80%
• 6M: 1.84%
• 1Y: 6.73%
• 3Y*: 3.15%
• 5Y*: 0.87%
• 10Y*: 1.72%

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

FMUN vs. NYF - Yearly Performance Comparison

	2026 (YTD)	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	1.55%	3.28%
NYF iShares New York Muni Bond ETF	1.80%	3.21%

Correlation

The correlation between FMUN and NYF is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.74

The correlation between FMUN and NYF has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

Return for Risk

FMUN vs. NYF — 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: 76
FMUN Sortino Ratio Rank: 79
FMUN Omega Ratio Rank: 86
FMUN Calmar Ratio Rank: 47
FMUN Martin Ratio Rank: 46

NYF

NYF Risk / Return Rank: 72
NYF Sharpe Ratio Rank: 81
NYF Sortino Ratio Rank: 84
NYF Omega Ratio Rank: 89
NYF Calmar Ratio Rank: 52
NYF Martin Ratio Rank: 53

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. 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 ratio: Return per unit of total volatility	2.28	2.47	-0.19
Sortino ratio: Return per unit of downside risk	3.29	3.55	-0.26
Omega ratio: Gain probability vs. loss probability	1.49	1.54	-0.04
Calmar ratio: Return relative to maximum drawdown	2.20	2.45	-0.25
Martin ratio: Return relative to average drawdown	7.13	8.72	-1.59

FMUN vs. NYF - Sharpe Ratio Comparison

The current FMUN Sharpe Ratio is 2.28, which is comparable to the NYF Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of FMUN and NYF, 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. 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.

Drawdown Indicators

	FMUN	NYF	Difference
Max Drawdown Largest 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	—	-5.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.12%	—
Current Drawdown Current decline from peak	-0.80%	-0.28%	-0.52%
Average Drawdown Average peak-to-trough decline	-1.13%	-2.30%	+1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	0.77%	+0.22%

Volatility

FMUN vs. NYF - Volatility Comparison

Fidelity Systematic Municipal Bond Index ETF (FMUN) has a higher volatility of 0.98% compared to iShares New York Muni Bond ETF (NYF) at 0.72%. This indicates that FMUN's price experiences larger fluctuations and is considered to be riskier than NYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUN	NYF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.72%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.38%	2.13%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	2.74%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	4.00%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.12%	4.48%	-0.36%

FMUN vs. NYF - Expense Ratio Comparison

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

FMUN's dividend yield for the trailing twelve months is around 3.29%, more than NYF's 3.08% 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%
NYF iShares New York Muni Bond ETF	3.08%	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

Can I hold both FMUN and NYF in my portfolio?

FMUN and NYF have a correlation of 0.78, 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 NYF?

FMUN has higher volatility (0.98%) compared to NYF (0.72%). In terms of maximum drawdown, FMUN dropped -3.83% vs NYF's -13.12%.

Which ETF is better, FMUN or NYF?

On 1-year performance, FMUN leads with 7.03% vs 6.73% for NYF. On fees, FMUN is cheaper at 0.05% per year. On volatility, NYF has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMUN or NYF?

Over the 1-year period, FMUN has performed better with a 7.03% return vs 6.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUN or NYF?

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

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

FMUN has the higher dividend yield at 3.29%, compared with 3.08% for NYF.

What is the main difference between FMUN and NYF?

They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.05% for FMUN and 0.25% for NYF.

Which has better risk-adjusted returns?

NYF currently has the higher Sharpe Ratio (2.47 vs 2.28), 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.