GMUB vs. AMUN

Last updated Jun 23, 2026

GMUB (Goldman Sachs Municipal Income ETF) and AMUN (abrdn Ultra Short Municipal Income Active ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.12 correlation, their price movements are largely independent. GMUB charges 0.18%/yr vs 0.25%/yr for AMUN.

Performance

GMUB vs. AMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Municipal Income ETF (GMUB) and abrdn Ultra Short Municipal Income Active ETF (AMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMUB achieves a 1.74% return, which is significantly higher than AMUN's 1.25% return.

GMUB

• 1D: 0.04%
• 1M: 1.00%
• YTD: 1.74%
• 6M: 2.07%
• 1Y: 6.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMUN

• 1D: 0.04%
• 1M: 0.30%
• YTD: 1.25%
• 6M: 1.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMUB vs. AMUN - Yearly Performance Comparison

	2026 (YTD)	2025
GMUB Goldman Sachs Municipal Income ETF	1.74%	0.97%
AMUN abrdn Ultra Short Municipal Income Active ETF	1.25%	0.14%

Correlation

The correlation between GMUB and AMUN is 0.12, 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 20, 2025	0.12

Return for Risk

GMUB vs. AMUN — Risk / Return Rank

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

GMUB

GMUB Risk / Return Rank: 76
GMUB Sharpe Ratio Rank: 83
GMUB Sortino Ratio Rank: 89
GMUB Omega Ratio Rank: 87
GMUB Calmar Ratio Rank: 62
GMUB Martin Ratio Rank: 61

AMUN

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

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.

GMUB vs. AMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Municipal Income ETF (GMUB) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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.

	GMUB	AMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.55	—	—
Sortino ratio: Return per unit of downside risk	3.91	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	3.01	—	—
Martin ratio: Return relative to average drawdown	10.74	—	—

Drawdowns

GMUB vs. AMUN - Drawdown Comparison

The maximum GMUB drawdown since its inception was -3.28%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for GMUB and AMUN.

Drawdown Indicators

	GMUB	AMUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-0.61%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	—	—
Current Drawdown Current decline from peak	-0.28%	0.00%	-0.28%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.08%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	—	—

Volatility

Volatility by Period

	GMUB	AMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.90%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.70%	0.98%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.27%	0.98%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.27%	0.98%	+2.29%

GMUB vs. AMUN - Expense Ratio Comparison

GMUB has a 0.18% expense ratio, which is lower than AMUN's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GMUB vs. AMUN - Dividend Comparison

GMUB's dividend yield for the trailing twelve months is around 3.25%, more than AMUN's 1.88% yield.

Position	TTM	2025	2024
AMUN abrdn Ultra Short Municipal Income Active ETF	1.88%	0.66%	0.00%
GMUB Goldman Sachs Municipal Income ETF	3.25%	3.14%	1.46%

Frequently Asked Questions

Can I hold both GMUB and AMUN in my portfolio?

GMUB and AMUN have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMUB or AMUN?

On fees, GMUB is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GMUB or AMUN?

GMUB is cheaper with a 0.18% expense ratio, compared with 0.25% for AMUN.

Which ETF pays a higher dividend yield, GMUB or AMUN?

GMUB has the higher dividend yield at 3.25%, compared with 1.88% for AMUN.

What is the main difference between GMUB and AMUN?

They also come from different issuers: Goldman Sachs and abrdn. Their fees differ too: 0.18% for GMUB and 0.25% for AMUN.