FMUN vs. VOOV

Last updated Jun 4, 2026

FMUN (Fidelity Systematic Municipal Bond Index ETF) and VOOV (Vanguard S&P 500 Value ETF) are both exchange-traded funds - FMUN is a Municipal Bonds fund actively managed by Fidelity, while VOOV is a Large Cap Value Equities fund tracking the S&P 500 Value Index. FMUN is actively managed, while VOOV is passively managed. Over the past year, FMUN returned 7.61% vs 21.33% for VOOV. At a 0.27 correlation, their price movements are largely independent. FMUN charges 0.05%/yr vs 0.07%/yr for VOOV.

Performance

FMUN vs. VOOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Systematic Municipal Bond Index ETF (FMUN) and Vanguard S&P 500 Value ETF (VOOV). 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 lower than VOOV's 7.51% return.

FMUN

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

VOOV

• 1D: -0.40%
• 1M: 2.22%
• YTD: 7.51%
• 6M: 7.76%
• 1Y: 21.33%
• 3Y*: 15.68%
• 5Y*: 10.64%
• 10Y*: 11.82%

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

FMUN vs. VOOV - Yearly Performance Comparison

	2026 (YTD)	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	1.69%	4.25%
VOOV Vanguard S&P 500 Value ETF	7.51%	25.51%

Correlation

The correlation between FMUN and VOOV is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025	0.27

Return for Risk

FMUN vs. VOOV — 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

VOOV

VOOV Risk / Return Rank: 65
VOOV Sharpe Ratio Rank: 64
VOOV Sortino Ratio Rank: 64
VOOV Omega Ratio Rank: 62
VOOV Calmar Ratio Rank: 67
VOOV Martin Ratio Rank: 69

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. VOOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and Vanguard S&P 500 Value ETF (VOOV). 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	VOOV	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.18	+0.27
Sortino ratio: Return per unit of downside risk	3.54	3.04	+0.50
Omega ratio: Gain probability vs. loss probability	1.53	1.39	+0.14
Calmar ratio: Return relative to maximum drawdown	2.38	3.42	-1.03
Martin ratio: Return relative to average drawdown	7.88	13.04	-5.16
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. VOOV - Sharpe Ratio Comparison

The current FMUN Sharpe Ratio is 2.45, which is comparable to the VOOV Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of FMUN and VOOV, 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	VOOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.18	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.75	+0.53

Drawdowns

FMUN vs. VOOV - Drawdown Comparison

The maximum FMUN drawdown since its inception was -3.21%, smaller than the maximum VOOV drawdown of -37.31%. Use the drawdown chart below to compare losses from any high point for FMUN and VOOV.

Drawdown Indicators

	FMUN	VOOV	Difference
Max Drawdown Largest peak-to-trough decline	-3.21%	-37.31%	+34.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-6.27%	+3.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.10%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.31%	—
Current Drawdown Current decline from peak	-0.66%	-0.52%	-0.14%
Average Drawdown Average peak-to-trough decline	-0.82%	-3.84%	+3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.64%	-0.67%

Volatility

FMUN vs. VOOV - Volatility Comparison

The current volatility for Fidelity Systematic Municipal Bond Index ETF (FMUN) is 1.27%, while Vanguard S&P 500 Value ETF (VOOV) has a volatility of 2.01%. This indicates that FMUN experiences smaller price fluctuations and is considered to be less risky than VOOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUN	VOOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	2.01%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	2.27%	7.06%	-4.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.12%	9.83%	-6.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	14.45%	-10.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	16.95%	-12.89%

FMUN vs. VOOV - Expense Ratio Comparison

FMUN has a 0.05% expense ratio, which is lower than VOOV's 0.07% 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. VOOV - Dividend Comparison

FMUN's dividend yield for the trailing twelve months is around 3.29%, more than VOOV's 1.68% 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%
VOOV Vanguard S&P 500 Value ETF	1.68%	1.76%	2.10%	1.69%	2.19%	1.87%	2.45%	2.10%	2.65%	2.13%	2.24%	2.36%

Frequently Asked Questions

Can I hold both FMUN and VOOV in my portfolio?

FMUN and VOOV have a correlation of 0.22, 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 VOOV?

VOOV has higher volatility (2.01%) compared to FMUN (1.27%). In terms of maximum drawdown, FMUN dropped -3.21% vs VOOV's -37.31%.

Which ETF is better, FMUN or VOOV?

On 1-year performance, VOOV leads with 21.33% vs 7.61% for FMUN. On fees, FMUN is cheaper at 0.05% per year. On volatility, FMUN has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMUN or VOOV?

Over the 1-year period, VOOV has performed better with a 21.33% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUN or VOOV?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.07% for VOOV.

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

FMUN has the higher dividend yield at 3.29%, compared with 1.68% for VOOV.

What is the main difference between FMUN and VOOV?

FMUN is categorized as Municipal Bonds, while VOOV is Large Cap Value Equities. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.05% for FMUN and 0.07% for VOOV.

Which has better risk-adjusted returns?

FMUN currently has the higher Sharpe Ratio (2.45 vs 2.18), 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.