GUMI vs. FMUN

Last updated Apr 2, 2026

Compare and contrast key facts about Goldman Sachs Ultra Short Municipal Income ETF (GUMI) and Fidelity Systematic Municipal Bond Index ETF (FMUN).

GUMI and FMUN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GUMI is an actively managed fund by Goldman Sachs. It was launched on Jul 23, 2024. FMUN is an actively managed fund by Fidelity. It was launched on Jul 11, 2019.

Performance

GUMI vs. FMUN - Performance Comparison

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

GUMI vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
GUMI Goldman Sachs Ultra Short Municipal Income ETF	0.67%	2.37%
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.17%	4.25%

Returns By Period

In the year-to-date period, GUMI achieves a 0.67% return, which is significantly higher than FMUN's -0.17% return.

GUMI

• 1D: -0.04%
• 1M: 0.08%
• YTD: 0.67%
• 6M: 1.49%
• 1Y: 3.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMUN

• 1D: 0.23%
• 1M: -2.22%
• YTD: -0.17%
• 6M: 1.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GUMI vs. FMUN - Expense Ratio Comparison

GUMI has a 0.16% 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%.

GUMI

Goldman Sachs Ultra Short Municipal Income ETF

FMUN

Fidelity Systematic Municipal Bond Index ETF

Return for Risk

GUMI vs. FMUN — Risk / Return Rank

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

GUMI

GUMI Risk / Return Rank: 98
GUMI Sharpe Ratio Rank: 97
GUMI Sortino Ratio Rank: 98
GUMI Omega Ratio Rank: 97
GUMI Calmar Ratio Rank: 98
GUMI Martin Ratio Rank: 98

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.

GUMI vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Ultra Short Municipal Income ETF (GUMI) 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.

	GUMI	FMUN	Difference
Sharpe ratio Return per unit of total volatility	2.82	—	—
Sortino ratio Return per unit of downside risk	4.39	—	—
Omega ratio Gain probability vs. loss probability	1.62	—	—
Calmar ratio Return relative to maximum drawdown	6.88	—	—
Martin ratio Return relative to average drawdown	29.42	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GUMI	FMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.32	1.00	+2.32

Correlation

The correlation between GUMI and FMUN is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GUMI vs. FMUN - Dividend Comparison

GUMI's dividend yield for the trailing twelve months is around 2.81%, less than FMUN's 3.25% yield.

	TTM	2025	2024
GUMI Goldman Sachs Ultra Short Municipal Income ETF	2.81%	2.95%	1.37%
FMUN Fidelity Systematic Municipal Bond Index ETF	3.25%	2.41%	0.00%

Drawdowns

GUMI vs. FMUN - Drawdown Comparison

The maximum GUMI drawdown since its inception was -0.48%, smaller than the maximum FMUN drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for GUMI and FMUN.

Drawdown Indicators

	GUMI	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-0.48%	-3.21%	+2.73%
Max Drawdown (1Y) Largest decline over 1 year	-0.48%	—	—
Current Drawdown Current decline from peak	-0.04%	-2.49%	+2.45%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.67%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	—	—

Volatility

Volatility by Period

	GUMI	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.15%	4.16%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.01%	4.16%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.01%	4.16%	-3.15%