GMUN vs. FUMB

Last updated Jun 5, 2026

GMUN (Goldman Sachs Community Municipal Bond ETF) and FUMB (First Trust Ultra Short Duration Municipal ETF) are both Municipal Bonds funds. GMUN is passively managed, while FUMB is actively managed. Over the past 3 years, GMUN returned 3.06%/yr vs 3.00%/yr for FUMB. At a 0.30 correlation, their price movements are largely independent. GMUN charges 0.15%/yr vs 0.45%/yr for FUMB.

Performance

GMUN vs. FUMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Community Municipal Bond ETF (GMUN) and First Trust Ultra Short Duration Municipal ETF (FUMB). 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 FUMB's 1.15% return.

GMUN

• 1D: 0.00%
• 1M: -0.79%
• YTD: -0.34%
• 6M: 0.02%
• 1Y: 4.76%
• 3Y*: 3.06%
• 5Y*: —
• 10Y*: —

FUMB

• 1D: 0.07%
• 1M: 0.27%
• YTD: 1.15%
• 6M: 1.33%
• 1Y: 2.63%
• 3Y*: 3.00%
• 5Y*: 1.98%
• 10Y*: —

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

GMUN vs. FUMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	5.92%	0.31%	3.68%
FUMB First Trust Ultra Short Duration Municipal ETF	1.15%	2.78%	3.05%	2.55%

Correlation

The correlation between GMUN and FUMB is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023	0.30

Return for Risk

GMUN vs. FUMB — Risk / Return Rank

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

GMUN

GMUN Risk / Return Rank: 55
GMUN Sharpe Ratio Rank: 62
GMUN Sortino Ratio Rank: 60
GMUN Omega Ratio Rank: 82
GMUN Calmar Ratio Rank: 37
GMUN Martin Ratio Rank: 35

FUMB

FUMB Risk / Return Rank: 96
FUMB Sharpe Ratio Rank: 93
FUMB Sortino Ratio Rank: 96
FUMB Omega Ratio Rank: 96
FUMB Calmar Ratio Rank: 97
FUMB Martin Ratio Rank: 97

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. FUMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) and First Trust Ultra Short Duration Municipal ETF (FUMB). 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.

	GMUN	FUMB	Difference
Sharpe ratio: Return per unit of total volatility	2.04	3.46	-1.42
Sortino ratio: Return per unit of downside risk	2.79	5.50	-2.71
Omega ratio: Gain probability vs. loss probability	1.49	1.78	-0.30
Calmar ratio: Return relative to maximum drawdown	1.75	12.05	-10.30
Martin ratio: Return relative to average drawdown	5.36	45.71	-40.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMUN vs. FUMB - Sharpe Ratio Comparison

The current GMUN Sharpe Ratio is 2.04, which is lower than the FUMB Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of GMUN and FUMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GMUN	FUMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	3.46	-1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	1.01	-0.01

Drawdowns

GMUN vs. FUMB - Drawdown Comparison

The maximum GMUN drawdown since its inception was -4.35%, which is greater than FUMB's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for GMUN and FUMB.

Drawdown Indicators

	GMUN	FUMB	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-2.68%	-1.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-0.22%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-3.37%	-0.60%	-2.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.25%	—
Current Drawdown Current decline from peak	-2.29%	0.00%	-2.29%
Average Drawdown Average peak-to-trough decline	-1.02%	-0.19%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.06%	+0.86%

Volatility

GMUN vs. FUMB - Volatility Comparison

Goldman Sachs Community Municipal Bond ETF (GMUN) has a higher volatility of 1.09% compared to First Trust Ultra Short Duration Municipal ETF (FUMB) at 0.20%. This indicates that GMUN's price experiences larger fluctuations and is considered to be riskier than FUMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMUN	FUMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.20%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	0.54%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	0.76%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	1.16%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	1.77%	+1.19%

GMUN vs. FUMB - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is lower than FUMB's 0.45% expense ratio.

Dividends

GMUN vs. FUMB - Dividend Comparison

GMUN's dividend yield for the trailing twelve months is around 3.12%, more than FUMB's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FUMB First Trust Ultra Short Duration Municipal ETF	2.80%	2.90%	2.86%	2.24%	1.02%	0.43%	0.94%	1.74%	0.15%
GMUN Goldman Sachs Community Municipal Bond ETF	3.12%	2.94%	3.22%	2.20%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMUN and FUMB in my portfolio?

GMUN and FUMB have a correlation of 0.24, 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 FUMB?

GMUN has higher volatility (1.09%) compared to FUMB (0.20%). In terms of maximum drawdown, GMUN dropped -4.35% vs FUMB's -2.68%.

Which ETF is better, GMUN or FUMB?

On 3-year performance, GMUN leads with 3.06% vs 3.00% for FUMB. On fees, GMUN is cheaper at 0.15% per year. On volatility, FUMB has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMUN or FUMB?

Over the 3-year period, GMUN has performed better with a 3.06% return vs 3.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMUN or FUMB?

GMUN is cheaper with a 0.15% expense ratio, compared with 0.45% for FUMB.

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

GMUN has the higher dividend yield at 3.12%, compared with 2.80% for FUMB.

What is the main difference between GMUN and FUMB?

They also come from different issuers: Goldman Sachs and First Trust. Their fees differ too: 0.15% for GMUN and 0.45% for FUMB.

Which has better risk-adjusted returns?

FUMB currently has the higher Sharpe Ratio (3.46 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.