FMUN vs. OVM

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Systematic Municipal Bond Index ETF (FMUN) and Overlay Shares Municipal Bond ETF (OVM).

FMUN and OVM 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. OVM is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019.

Performance

FMUN vs. OVM - Performance Comparison

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

FMUN vs. OVM - Yearly Performance Comparison

	2026 (YTD)	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.40%	4.25%
OVM Overlay Shares Municipal Bond ETF	1.20%	8.62%

Returns By Period

In the year-to-date period, FMUN achieves a -0.40% return, which is significantly lower than OVM's 1.20% return.

FMUN

• 1D: 0.22%
• 1M: -2.71%
• YTD: -0.40%
• 6M: 1.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVM

• 1D: 0.57%
• 1M: -1.86%
• YTD: 1.20%
• 6M: 3.29%
• 1Y: 7.50%
• 3Y*: 4.29%
• 5Y*: 1.47%
• 10Y*: —

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

FMUN vs. OVM - Expense Ratio Comparison

FMUN has a 0.05% expense ratio, which is lower than OVM's 0.82% expense ratio.

OVM

Overlay Shares Municipal Bond ETF

FMUN

Fidelity Systematic Municipal Bond Index ETF

Return for Risk

FMUN vs. OVM — Risk / Return Rank

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

OVM

OVM Risk / Return Rank: 75
OVM Sharpe Ratio Rank: 74
OVM Sortino Ratio Rank: 74
OVM Omega Ratio Rank: 75
OVM Calmar Ratio Rank: 77
OVM Martin Ratio Rank: 76

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. OVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and Overlay Shares Municipal Bond ETF (OVM). 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.

Sharpe Ratios by Period

	FMUN	OVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.33	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.37	+0.58

Correlation

The correlation between FMUN and OVM is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FMUN vs. OVM - Dividend Comparison

FMUN's dividend yield for the trailing twelve months is around 3.25%, less than OVM's 6.76% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
FMUN Fidelity Systematic Municipal Bond Index ETF	3.25%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OVM Overlay Shares Municipal Bond ETF	6.76%	5.45%	4.91%	4.66%	4.21%	6.10%	3.97%	0.58%

Drawdowns

FMUN vs. OVM - Drawdown Comparison

The maximum FMUN drawdown since its inception was -3.21%, smaller than the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for FMUN and OVM.

Drawdown Indicators

	FMUN	OVM	Difference
Max Drawdown Largest peak-to-trough decline	-3.21%	-15.58%	+12.37%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.58%	—
Current Drawdown Current decline from peak	-2.71%	-1.86%	-0.85%
Average Drawdown Average peak-to-trough decline	-0.67%	-4.11%	+3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.97%	—

Volatility

Volatility by Period

	FMUN	OVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.98%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	5.68%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.16%	5.37%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.16%	6.60%	-2.44%