FMUN vs. VTEB

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Systematic Municipal Bond Index ETF (FMUN) and Vanguard Tax-Exempt Bond ETF (VTEB).

FMUN and VTEB 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. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.

Performance

FMUN vs. VTEB - Performance Comparison

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

FMUN vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.17%	4.25%
VTEB Vanguard Tax-Exempt Bond ETF	0.09%	5.58%

Returns By Period

In the year-to-date period, FMUN achieves a -0.17% return, which is significantly lower than VTEB's 0.09% return.

FMUN

• 1D: 0.23%
• 1M: -2.22%
• YTD: -0.17%
• 6M: 1.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VTEB

• 1D: 0.32%
• 1M: -1.61%
• YTD: 0.09%
• 6M: 1.54%
• 1Y: 3.92%
• 3Y*: 2.78%
• 5Y*: 0.88%
• 10Y*: 2.09%

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

FMUN vs. VTEB - Expense Ratio Comparison

Both FMUN and VTEB have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

FMUN

Fidelity Systematic Municipal Bond Index ETF

VTEB

Vanguard Tax-Exempt Bond ETF

Return for Risk

FMUN vs. VTEB — Risk / Return Rank

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

VTEB

VTEB Risk / Return Rank: 48
VTEB Sharpe Ratio Rank: 53
VTEB Sortino Ratio Rank: 43
VTEB Omega Ratio Rank: 59
VTEB Calmar Ratio Rank: 46
VTEB Martin Ratio Rank: 39

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. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and Vanguard Tax-Exempt Bond ETF (VTEB). 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	VTEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.99	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.23	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.45	+0.55

Correlation

The correlation between FMUN and VTEB is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FMUN vs. VTEB - Dividend Comparison

FMUN's dividend yield for the trailing twelve months is around 3.25%, less than VTEB's 3.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUN Fidelity Systematic Municipal Bond Index ETF	3.25%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTEB Vanguard Tax-Exempt Bond ETF	3.37%	3.29%	3.14%	2.79%	2.09%	1.64%	1.99%	2.30%	2.25%	1.96%	1.66%	0.58%

Drawdowns

FMUN vs. VTEB - Drawdown Comparison

The maximum FMUN drawdown since its inception was -3.21%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for FMUN and VTEB.

Drawdown Indicators

	FMUN	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-3.21%	-17.00%	+13.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.00%	—
Current Drawdown Current decline from peak	-2.49%	-1.86%	-0.63%
Average Drawdown Average peak-to-trough decline	-0.67%	-2.35%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.17%	—

Volatility

Volatility by Period

	FMUN	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.87%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	4.00%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.16%	3.88%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.16%	5.25%	-1.09%