GMUN vs. SCMB
GMUN (Goldman Sachs Community Municipal Bond ETF) and SCMB (Schwab Municipal Bond ETF) are both Municipal Bonds funds - GMUN tracks the Bloomberg Goldman Sachs Community Municipal Index while SCMB tracks the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, GMUN returned 3.06%/yr vs 3.37%/yr for SCMB. Their correlation of 0.84 suggests significant overlap in exposure. GMUN charges 0.15%/yr vs 0.03%/yr for SCMB.
Performance
GMUN vs. SCMB - Performance Comparison
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Returns By Period
In the year-to-date period, GMUN achieves a -0.34% return, which is significantly lower than SCMB's 1.07% return.
GMUN
- 1D
- 0.00%
- 1M
- -0.75%
- YTD
- -0.34%
- 6M
- 0.04%
- 1Y
- 4.92%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
SCMB
- 1D
- -0.12%
- 1M
- 0.60%
- YTD
- 1.07%
- 6M
- 1.55%
- 1Y
- 6.86%
- 3Y*
- 3.37%
- 5Y*
- —
- 10Y*
- —
GMUN vs. SCMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 5.92% | 0.31% | 3.68% |
SCMB Schwab Municipal Bond ETF | 1.07% | 3.78% | 0.91% | 5.35% |
Correlation
The correlation between GMUN and SCMB is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023 | 0.84 |
The correlation between GMUN and SCMB shifts across timeframes, from 0.72 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GMUN vs. SCMB — Risk / Return Rank
GMUN
SCMB
GMUN vs. SCMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) and Schwab Municipal Bond ETF (SCMB). 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 | SCMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.50 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.36 | -0.61 |
| Martin ratioReturn relative to average drawdown | 5.36 | 7.89 | -2.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GMUN | SCMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.34 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.97 | +0.02 |
Drawdowns
GMUN vs. SCMB - Drawdown Comparison
The maximum GMUN drawdown since its inception was -4.35%, smaller than the maximum SCMB drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for GMUN and SCMB.
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Drawdown Indicators
| GMUN | SCMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -6.13% | +1.78% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -2.92% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -3.37% | -5.57% | +2.20% |
Current DrawdownCurrent decline from peak | -2.29% | -0.87% | -1.42% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -1.32% | +0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.87% | +0.05% |
Volatility
GMUN vs. SCMB - Volatility Comparison
Goldman Sachs Community Municipal Bond ETF (GMUN) and Schwab Municipal Bond ETF (SCMB) have volatilities of 1.09% and 1.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GMUN | SCMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.04% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 2.17% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 2.94% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 4.16% | -1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.96% | 4.16% | -1.20% |
GMUN vs. SCMB - Expense Ratio Comparison
GMUN has a 0.15% expense ratio, which is higher than SCMB's 0.03% 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. SCMB - Dividend Comparison
GMUN's dividend yield for the trailing twelve months is around 3.12%, less than SCMB's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | 3.12% | 2.94% | 3.22% | 2.20% | 0.00% |
SCMB Schwab Municipal Bond ETF | 3.54% | 3.36% | 3.34% | 3.10% | 0.59% |
Frequently Asked Questions
GMUN and SCMB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GMUN has higher volatility (1.09%) compared to SCMB (1.04%). In terms of maximum drawdown, GMUN dropped -4.35% vs SCMB's -6.13%.
On 3-year performance, SCMB leads with 3.37% vs 3.06% for GMUN. On fees, SCMB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SCMB has performed better with a 3.37% return vs 3.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCMB is cheaper with a 0.03% expense ratio, compared with 0.15% for GMUN.
SCMB has the higher dividend yield at 3.54%, compared with 3.12% for GMUN.
GMUN tracks Bloomberg Goldman Sachs Community Municipal Index, while SCMB tracks ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. They also come from different issuers: Goldman Sachs and Charles Schwab. Their fees differ too: 0.15% for GMUN and 0.03% for SCMB.
SCMB currently has the higher Sharpe Ratio (2.34 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.
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