FTPA vs. FMUN
FTPA (Franklin Pennsylvania Municipal Income ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. FTPA charges 0.35%/yr vs 0.05%/yr for FMUN.
Performance
FTPA vs. FMUN - Performance Comparison
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Returns By Period
In the year-to-date period, FTPA achieves a 2.33% return, which is significantly higher than FMUN's 1.62% return.
FTPA
- 1D
- -0.23%
- 1M
- 0.53%
- YTD
- 2.33%
- 6M
- 2.86%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMUN
- 1D
- -0.01%
- 1M
- 0.54%
- YTD
- 1.62%
- 6M
- 2.16%
- 1Y
- 7.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FTPA vs. FMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FTPA Franklin Pennsylvania Municipal Income ETF | 2.33% | 0.24% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 1.62% | 0.53% |
Correlation
The correlation between FTPA and FMUN is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 11, 2025 | 0.67 |
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Return for Risk
FTPA vs. FMUN — Risk / Return Rank
FTPA
FMUN
FTPA vs. FMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Pennsylvania Municipal Income ETF (FTPA) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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.
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Sharpe Ratios by Period
| FTPA | FMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | 1.26 | -0.13 |
Drawdowns
FTPA vs. FMUN - Drawdown Comparison
The maximum FTPA drawdown since its inception was -2.96%, smaller than the maximum FMUN drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for FTPA and FMUN.
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Drawdown Indicators
| FTPA | FMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.96% | -3.21% | +0.25% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.21% | — |
Current DrawdownCurrent decline from peak | -0.23% | -0.73% | +0.50% |
Average DrawdownAverage peak-to-trough decline | -0.65% | -0.81% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.97% | — |
Volatility
FTPA vs. FMUN - Volatility Comparison
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Volatility by Period
| FTPA | FMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.23% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.27% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 3.11% | +0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.08% | 4.05% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.08% | 4.05% | +0.03% |
FTPA vs. FMUN - Expense Ratio Comparison
FTPA has a 0.35% expense ratio, which is higher than FMUN's 0.05% expense ratio.
Dividends
FTPA vs. FMUN - Dividend Comparison
FTPA's dividend yield for the trailing twelve months is around 2.08%, less than FMUN's 3.29% yield.
| Position | TTM | 2025 |
|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.29% | 2.41% |
FTPA Franklin Pennsylvania Municipal Income ETF | 2.08% | 0.47% |
Frequently Asked Questions
FTPA and FMUN have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FMUN is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FMUN is cheaper with a 0.05% expense ratio, compared with 0.35% for FTPA.
FMUN has the higher dividend yield at 3.29%, compared with 2.08% for FTPA.
They also come from different issuers: Franklin Templeton and Fidelity. Their fees differ too: 0.35% for FTPA and 0.05% for FMUN.
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