GMUN vs. ZMUN

Last updated Jul 18, 2026

GMUN (Goldman Sachs Community Municipal Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - GMUN tracks the Bloomberg Goldman Sachs Community Municipal Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.09 correlation, their price movements are largely independent. GMUN charges 0.15%/yr vs 0.30%/yr for ZMUN.

Performance

GMUN vs. ZMUN - Performance Comparison

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

Returns By Period

GMUN

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.06%
• 1M: 0.29%
• 6M: 1.83%
• YTD: 2.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMUN vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	1.53%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.03%	0.67%

Correlation

The correlation between GMUN and ZMUN is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	0.09

Return for Risk

GMUN vs. ZMUN - Risk-Adjusted Trends Comparison

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

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.

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

Drawdowns

Drawdown Indicators

	GMUN	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	—	-0.13%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.02%	—

Volatility

Volatility by Period

	GMUN	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	—	0.54%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.54%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.54%	—

GMUN vs. ZMUN - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

GMUN vs. ZMUN - Dividend Comparison

GMUN has not paid dividends to shareholders, while ZMUN's dividend yield for the trailing twelve months is around 2.59%.

Position	TTM	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	2.87%	2.94%	3.22%	2.20%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.59%	0.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMUN and ZMUN in my portfolio?

GMUN and ZMUN have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMUN or ZMUN?

On fees, GMUN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GMUN or ZMUN?

GMUN is cheaper with a 0.15% expense ratio, compared with 0.30% for ZMUN.

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

GMUN has the higher dividend yield at 2.87%, compared with 2.59% for ZMUN.

What is the main difference between GMUN and ZMUN?

GMUN tracks Bloomberg Goldman Sachs Community Municipal Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: Goldman Sachs and F/m Investments. Their fees differ too: 0.15% for GMUN and 0.30% for ZMUN.