FTMA vs. ZMUN

Last updated Jun 4, 2026

FTMA (Franklin Massachusetts Municipal Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - FTMA tracks the Actively Managed while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.06 correlation, their price movements are largely independent. FTMA charges 0.35%/yr vs 0.30%/yr for ZMUN.

Performance

FTMA vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Massachusetts Municipal Income ETF (FTMA) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTMA achieves a 2.06% return, which is significantly higher than ZMUN's 1.57% return.

FTMA

• 1D: -0.06%
• 1M: 0.80%
• YTD: 2.06%
• 6M: 2.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: -0.02%
• 1M: 0.21%
• YTD: 1.57%
• 6M: 1.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTMA vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
FTMA Franklin Massachusetts Municipal Income ETF	2.06%	0.43%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.57%	0.49%

Correlation

The correlation between FTMA and ZMUN is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 11, 2025	0.06

Return for Risk

FTMA vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Massachusetts Municipal Income ETF (FTMA) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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

	FTMA	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	6.46	-5.16

Drawdowns

FTMA vs. ZMUN - Drawdown Comparison

The maximum FTMA drawdown since its inception was -2.27%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for FTMA and ZMUN.

Drawdown Indicators

	FTMA	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.27%	-0.09%	-2.18%
Current Drawdown Current decline from peak	-0.06%	-0.02%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.01%	-0.50%

Volatility

Volatility by Period

	FTMA	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	0.54%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.52%	0.54%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.52%	0.54%	+2.98%

FTMA vs. ZMUN - Expense Ratio Comparison

FTMA has a 0.35% expense ratio, which is higher than ZMUN's 0.30% expense ratio.

Dividends

FTMA vs. ZMUN - Dividend Comparison

FTMA's dividend yield for the trailing twelve months is around 1.96%, less than ZMUN's 2.28% yield.

Position	TTM	2025
FTMA Franklin Massachusetts Municipal Income ETF	1.96%	0.54%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both FTMA and ZMUN in my portfolio?

FTMA and ZMUN have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTMA or ZMUN?

On fees, ZMUN is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTMA or ZMUN?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.35% for FTMA.

Which ETF pays a higher dividend yield, FTMA or ZMUN?

ZMUN has the higher dividend yield at 2.28%, compared with 1.96% for FTMA.

What is the main difference between FTMA and ZMUN?

FTMA tracks Actively Managed, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: Franklin Templeton and F/m Investments. Their fees differ too: 0.35% for FTMA and 0.30% for ZMUN.