FTMU vs. ZMUN

Last updated Jun 6, 2026

FTMU (Franklin Municipal Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. FTMU is actively managed, while ZMUN is passively managed. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.30% expense ratio.

Performance

FTMU vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Municipal Income ETF (FTMU) 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, FTMU achieves a 2.50% return, which is significantly higher than ZMUN's 1.61% return.

FTMU

• 1D: -0.26%
• 1M: 0.57%
• YTD: 2.50%
• 6M: 2.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.61%
• 6M: 1.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTMU vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
FTMU Franklin Municipal Income ETF	2.50%	-0.02%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.56%

Correlation

The correlation between FTMU and ZMUN is 0.05, 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 Oct 28, 2025	0.05

Return for Risk

FTMU vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Municipal Income ETF (FTMU) 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

	FTMU	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	6.52	-5.36

Drawdowns

FTMU vs. ZMUN - Drawdown Comparison

The maximum FTMU drawdown since its inception was -3.07%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for FTMU and ZMUN.

Drawdown Indicators

	FTMU	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.07%	-0.09%	-2.98%
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-0.68%	-0.01%	-0.67%

Volatility

Volatility by Period

	FTMU	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	0.54%	+3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.62%	0.54%	+3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	0.54%	+3.08%

FTMU vs. ZMUN - Expense Ratio Comparison

Both FTMU and ZMUN have an expense ratio of 0.30%.

Dividends

FTMU vs. ZMUN - Dividend Comparison

FTMU's dividend yield for the trailing twelve months is around 2.39%, more than ZMUN's 2.28% yield.

Position	TTM	2025
FTMU Franklin Municipal Income ETF	2.39%	0.75%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both FTMU and ZMUN in my portfolio?

FTMU and ZMUN have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTMU or ZMUN?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTMU or ZMUN?

FTMU and ZMUN have the same expense ratio: 0.30% per year.

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

FTMU has the higher dividend yield at 2.39%, compared with 2.28% for ZMUN.

What is the main difference between FTMU and ZMUN?

They also come from different issuers: Franklin Templeton and F/m Investments.