FUMB vs. ZMUN
FUMB (First Trust Ultra Short Duration Municipal ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. FUMB is actively managed, while ZMUN is passively managed. Their 0.11 correlation means their historical movements had little consistent relationship. FUMB charges 0.45%/yr vs 0.30%/yr for ZMUN.
Performance
FUMB vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, FUMB achieves a 1.39% return, which is significantly lower than ZMUN's 2.05% return.
FUMB
- 1D
- -0.07%
- 1M
- -0.01%
- 6M
- 0.86%
- YTD
- 1.39%
- 1Y
- 2.19%
- 3Y*
- 2.92%
- 5Y*
- 1.99%
- 10Y*
- —
- ALL TIME*
- 1.78%
ZMUN
- 1D
- -0.04%
- 1M
- 0.16%
- 6M
- 1.78%
- YTD
- 2.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $985.06K | $934.27K | $1.49M | |
| $248.73K | $278.36K | $387.17K |
FUMB vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FUMB First Trust Ultra Short Duration Municipal ETF | 1.39% | 0.41% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.05% | 0.67% |
Correlation
The correlation between FUMB and ZMUN is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025 | 0.11 |
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Return for Risk
FUMB vs. ZMUN — Risk / Return Rank
FUMB
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FUMB vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Ultra Short Duration Municipal ETF (FUMB) 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.
| FUMB | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.56 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 9.61 | — | — |
| Martin ratioReturn relative to average drawdown | 32.75 | — | — |
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Drawdowns
FUMB vs. ZMUN - Drawdown Comparison
The maximum FUMB drawdown since its inception was -2.68%, which is greater than ZMUN's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for FUMB and ZMUN.
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Drawdown Indicators
| FUMB | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.68% | -0.13% | -2.55% |
Max Drawdown (1Y)Largest decline over 1 year | -0.23% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -0.60% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -1.25% | — | — |
Current DrawdownCurrent decline from peak | -0.23% | -0.04% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -0.02% | -0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | — | — |
Volatility
FUMB vs. ZMUN - Volatility Comparison
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Volatility by Period
| FUMB | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.62% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.84% | 0.54% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.18% | 0.54% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.75% | 0.54% | +1.21% |
FUMB vs. ZMUN - Expense Ratio Comparison
FUMB has a 0.45% expense ratio, which is higher than ZMUN's 0.30% expense ratio.
Dividends
FUMB vs. ZMUN - Dividend Comparison
FUMB's dividend yield for the trailing twelve months is around 2.75%, less than ZMUN's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FUMB First Trust Ultra Short Duration Municipal ETF | 2.75% | 2.90% | 2.86% | 2.24% | 1.02% | 0.43% | 0.94% | 1.74% | 0.15% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.92% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FUMB 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.
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.
ZMUN is cheaper with a 0.30% expense ratio, compared with 0.45% for FUMB.
ZMUN has the higher dividend yield at 2.92%, compared with 2.75% for FUMB.
They also come from different issuers: First Trust and F/m. Their fees differ too: 0.45% for FUMB and 0.30% for ZMUN.
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