GMUN vs. FMUN

Last updated Jun 26, 2026

GMUN (Goldman Sachs Community Municipal Bond ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. GMUN is passively managed, while FMUN is actively managed. Over the past year, GMUN returned 4.19% vs 7.32% for FMUN. A 0.68 correlation means they provide meaningful diversification when combined. GMUN charges 0.15%/yr vs 0.05%/yr for FMUN.

Performance

GMUN vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Community Municipal Bond ETF (GMUN) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMUN achieves a -0.34% return, which is significantly lower than FMUN's 1.79% return.

GMUN

• 1D: 0.00%
• 1M: -0.58%
• YTD: -0.34%
• 6M: -0.20%
• 1Y: 4.19%
• 3Y*: 3.06%
• 5Y*: —
• 10Y*: —

FMUN

• 1D: 0.04%
• 1M: 1.25%
• YTD: 1.79%
• 6M: 1.73%
• 1Y: 7.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMUN vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	4.66%
FMUN Fidelity Systematic Municipal Bond Index ETF	1.79%	3.28%

Correlation

The correlation between GMUN and FMUN is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.68

The correlation between GMUN and FMUN has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

Return for Risk

GMUN vs. FMUN — Risk / Return Rank

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

GMUN

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

FMUN

FMUN Risk / Return Rank: 73
FMUN Sharpe Ratio Rank: 85
FMUN Sortino Ratio Rank: 87
FMUN Omega Ratio Rank: 91
FMUN Calmar Ratio Rank: 53
FMUN Martin Ratio Rank: 50

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.

GMUN vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) 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.

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.

	GMUN	FMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.37	-0.33
Sortino ratio: Return per unit of downside risk	2.79	3.43	-0.64
Omega ratio: Gain probability vs. loss probability	1.49	1.52	-0.03
Calmar ratio: Return relative to maximum drawdown	1.75	2.29	-0.54
Martin ratio: Return relative to average drawdown	5.36	7.41	-2.05

GMUN vs. FMUN - Sharpe Ratio Comparison

The current GMUN Sharpe Ratio is 2.04, which is comparable to the FMUN Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of GMUN and FMUN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GMUN vs. FMUN - Drawdown Comparison

The maximum GMUN drawdown since its inception was -4.35%, which is greater than FMUN's maximum drawdown of -3.83%. Use the drawdown chart below to compare losses from any high point for GMUN and FMUN.

Drawdown Indicators

	GMUN	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-3.83%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-3.21%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-3.37%	—	—
Current Drawdown Current decline from peak	-2.29%	-0.57%	-1.72%
Average Drawdown Average peak-to-trough decline	-1.02%	-1.12%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.99%	-0.07%

Volatility

GMUN vs. FMUN - Volatility Comparison

Goldman Sachs Community Municipal Bond ETF (GMUN) has a higher volatility of 1.09% compared to Fidelity Systematic Municipal Bond Index ETF (FMUN) at 0.93%. This indicates that GMUN's price experiences larger fluctuations and is considered to be riskier than FMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMUN	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.93%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	2.39%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	3.10%	-0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.95%	4.11%	-1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.95%	4.11%	-1.16%

GMUN vs. FMUN - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is higher than FMUN's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GMUN vs. FMUN - Dividend Comparison

GMUN has not paid dividends to shareholders, while FMUN's dividend yield for the trailing twelve months is around 3.28%.

Position	TTM	2025	2024	2023
FMUN Fidelity Systematic Municipal Bond Index ETF	3.28%	2.41%	0.00%	0.00%
GMUN Goldman Sachs Community Municipal Bond ETF	3.12%	2.94%	3.22%	2.20%

Frequently Asked Questions

Can I hold both GMUN and FMUN in my portfolio?

GMUN and FMUN have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMUN or FMUN?

GMUN has higher volatility (1.09%) compared to FMUN (0.93%). In terms of maximum drawdown, GMUN dropped -4.35% vs FMUN's -3.83%.

Which ETF is better, GMUN or FMUN?

On 1-year performance, FMUN leads with 7.32% vs 4.19% for GMUN. On fees, FMUN is cheaper at 0.05% per year. On volatility, FMUN has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMUN or FMUN?

Over the 1-year period, FMUN has performed better with a 7.32% return vs 4.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMUN or FMUN?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.15% for GMUN.

Which ETF pays a higher dividend yield, GMUN or FMUN?

FMUN has the higher dividend yield at 3.28%, compared with 3.12% for GMUN.

What is the main difference between GMUN and FMUN?

They also come from different issuers: Goldman Sachs and Fidelity. Their fees differ too: 0.15% for GMUN and 0.05% for FMUN.

Which has better risk-adjusted returns?

FMUN currently has the higher Sharpe Ratio (2.37 vs 2.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.