FTNJ vs. ZMUN

Last updated Aug 2, 2026

FTNJ (Franklin New Jersey Municipal Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - FTNJ tracks the Actively Managed while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. Their 0.23 correlation means their historical movements had little consistent relationship. FTNJ charges 0.35%/yr vs 0.30%/yr for ZMUN.

Performance

FTNJ vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin New Jersey Municipal Income ETF (FTNJ) 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, FTNJ achieves a 0.82% return, which is significantly lower than ZMUN's 2.09% return.

FTNJ

• 1D: 0.12%
• 1M: -1.70%
• 6M: 0.36%
• YTD: 0.82%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ZMUN

• 1D: 0.04%
• 1M: 0.20%
• 6M: 1.82%
• YTD: 2.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTNJ Franklin New Jersey Municipal Income ETF	$1.38M	$1.09M	$908.42K
ZMUN F/m Ultrashort Tax-Free Municipal ETF	$247.22K	$279.15K	$385.45K

FTNJ vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
FTNJ Franklin New Jersey Municipal Income ETF	0.82%	0.34%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.09%	0.53%

Correlation

The correlation between FTNJ and ZMUN is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 10, 2025	0.23

Return for Risk

FTNJ vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin New Jersey Municipal Income ETF (FTNJ) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

FTNJ vs. ZMUN - Drawdown Comparison

The maximum FTNJ drawdown since its inception was -2.72%, which is greater than ZMUN's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for FTNJ and ZMUN.

Drawdown Indicators

	FTNJ	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.72%	-0.13%	-2.59%
Current Drawdown Current decline from peak	-1.70%	0.00%	-1.70%
Average Drawdown Average peak-to-trough decline	-0.58%	-0.02%	-0.56%

Volatility

Volatility by Period

	FTNJ	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	0.54%	+2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.25%	0.54%	+2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.25%	0.54%	+2.71%

FTNJ vs. ZMUN - Expense Ratio Comparison

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

Dividends

FTNJ vs. ZMUN - Dividend Comparison

FTNJ's dividend yield for the trailing twelve months is around 2.30%, less than ZMUN's 2.92% yield.

Position	TTM	2025
FTNJ Franklin New Jersey Municipal Income ETF	2.30%	0.54%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.92%	0.70%

Frequently Asked Questions

Can I hold both FTNJ and ZMUN in my portfolio?

FTNJ and ZMUN have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTNJ 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, FTNJ or ZMUN?

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

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

ZMUN has the higher dividend yield at 2.92%, compared with 2.30% for FTNJ.

What is the main difference between FTNJ and ZMUN?

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