FTOH vs. ZMUN

Last updated Jun 5, 2026

FTOH (Franklin Ohio Municipal Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - FTOH tracks the Actively Managed while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.11 correlation, their price movements are largely independent. FTOH charges 0.35%/yr vs 0.30%/yr for ZMUN.

Performance

FTOH vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Ohio Municipal Income ETF (FTOH) 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, FTOH achieves a 2.25% return, which is significantly higher than ZMUN's 1.61% return.

FTOH

• 1D: 0.12%
• 1M: 1.06%
• YTD: 2.25%
• 6M: 2.84%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.04%
• 1M: 0.31%
• YTD: 1.61%
• 6M: 1.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTOH vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
FTOH Franklin Ohio Municipal Income ETF	2.25%	0.20%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.49%

Correlation

The correlation between FTOH and ZMUN is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 11, 2025	0.11

Return for Risk

FTOH vs. ZMUN - Risk-Adjusted Trends Comparison

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

	FTOH	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	6.54	-5.32

Drawdowns

FTOH vs. ZMUN - Drawdown Comparison

The maximum FTOH drawdown since its inception was -2.59%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for FTOH and ZMUN.

Drawdown Indicators

	FTOH	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-0.09%	-2.50%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.57%	-0.01%	-0.56%

Volatility

Volatility by Period

	FTOH	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	0.54%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	0.54%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	0.54%	+3.10%

FTOH vs. ZMUN - Expense Ratio Comparison

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

Dividends

FTOH vs. ZMUN - Dividend Comparison

FTOH's dividend yield for the trailing twelve months is around 2.18%, less than ZMUN's 2.28% yield.

Position	TTM	2025
FTOH Franklin Ohio Municipal Income ETF	2.18%	0.56%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both FTOH and ZMUN in my portfolio?

FTOH and ZMUN have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTOH 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, FTOH or ZMUN?

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

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

ZMUN has the higher dividend yield at 2.28%, compared with 2.18% for FTOH.

What is the main difference between FTOH and ZMUN?

FTOH 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 FTOH and 0.30% for ZMUN.