GMNY vs. ZMUN

Last updated Jun 6, 2026

GMNY (Goldman Sachs Dynamic New York Municipal Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. GMNY is actively managed, while ZMUN is passively managed. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.30% expense ratio.

Performance

GMNY vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GMNY having a 1.62% return and ZMUN slightly lower at 1.61%.

GMNY

• 1D: -0.17%
• 1M: 0.23%
• YTD: 1.62%
• 6M: 2.15%
• 1Y: 6.23%
• 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)

GMNY vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	1.62%	1.53%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.73%

Correlation

The correlation between GMNY and ZMUN is 0.15, 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 Oct 1, 2025	0.15

Return for Risk

GMNY vs. ZMUN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GMNY

GMNY Risk / Return Rank: 73
GMNY Sharpe Ratio Rank: 76
GMNY Sortino Ratio Rank: 80
GMNY Omega Ratio Rank: 84
GMNY Calmar Ratio Rank: 61
GMNY Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GMNY vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) 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.

	GMNY	ZMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.29	—	—
Sortino ratio: Return per unit of downside risk	3.32	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	2.83	—	—
Martin ratio: Return relative to average drawdown	10.71	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GMNY	ZMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	6.52	-5.58

Drawdowns

GMNY vs. ZMUN - Drawdown Comparison

The maximum GMNY drawdown since its inception was -4.00%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for GMNY and ZMUN.

Drawdown Indicators

	GMNY	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-4.00%	-0.09%	-3.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	—	—
Current Drawdown Current decline from peak	-0.31%	0.00%	-0.31%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.01%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	—	—

Volatility

Volatility by Period

	GMNY	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.74%	0.54%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	0.54%	+3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.61%	0.54%	+3.07%

GMNY vs. ZMUN - Expense Ratio Comparison

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

Dividends

GMNY vs. ZMUN - Dividend Comparison

GMNY's dividend yield for the trailing twelve months is around 3.29%, more than ZMUN's 2.28% yield.

Position	TTM	2025	2024
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	3.29%	3.33%	1.47%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%	0.00%

Frequently Asked Questions

Can I hold both GMNY and ZMUN in my portfolio?

GMNY and ZMUN have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMNY 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, GMNY or ZMUN?

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

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

GMNY has the higher dividend yield at 3.29%, compared with 2.28% for ZMUN.

What is the main difference between GMNY and ZMUN?

They also come from different issuers: Goldman Sachs and F/m Investments.