HMOP vs. ZMUN
HMOP (Hartford Municipal Opportunities ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. HMOP is actively managed, while ZMUN is passively managed. At a 0.13 correlation, their price movements are largely independent. HMOP charges 0.29%/yr vs 0.30%/yr for ZMUN.
Performance
HMOP vs. ZMUN - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HMOP having a 1.60% return and ZMUN slightly lower at 1.57%.
HMOP
- 1D
- 0.08%
- 1M
- 0.76%
- YTD
- 1.60%
- 6M
- 1.88%
- 1Y
- 6.92%
- 3Y*
- 4.61%
- 5Y*
- 1.40%
- 10Y*
- —
ZMUN
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 1.57%
- 6M
- 1.86%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HMOP vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HMOP Hartford Municipal Opportunities ETF | 1.60% | 1.27% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.57% | 0.73% |
Correlation
The correlation between HMOP and ZMUN is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025 | 0.13 |
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Return for Risk
HMOP vs. ZMUN — Risk / Return Rank
HMOP
ZMUN
HMOP vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hartford Municipal Opportunities ETF (HMOP) 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.
| HMOP | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.53 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | — | — |
| Martin ratioReturn relative to average drawdown | 8.36 | — | — |
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
| HMOP | ZMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.56 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 6.46 | -5.81 |
Drawdowns
HMOP vs. ZMUN - Drawdown Comparison
The maximum HMOP drawdown since its inception was -13.12%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for HMOP and ZMUN.
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Drawdown Indicators
| HMOP | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -0.09% | -13.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.81% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -13.12% | — | — |
Current DrawdownCurrent decline from peak | -0.71% | -0.02% | -0.69% |
Average DrawdownAverage peak-to-trough decline | -2.47% | -0.01% | -2.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | — | — |
Volatility
HMOP vs. ZMUN - Volatility Comparison
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Volatility by Period
| HMOP | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 0.54% | +2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.86% | 0.54% | +3.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 0.54% | +3.72% |
HMOP vs. ZMUN - Expense Ratio Comparison
HMOP has a 0.29% expense ratio, which is lower than ZMUN's 0.30% expense ratio.
Dividends
HMOP vs. ZMUN - Dividend Comparison
HMOP's dividend yield for the trailing twelve months is around 3.45%, more than ZMUN's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HMOP Hartford Municipal Opportunities ETF | 3.45% | 3.40% | 3.22% | 2.92% | 2.12% | 1.67% | 5.26% | 2.87% | 2.27% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.28% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HMOP and ZMUN have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HMOP is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMOP is cheaper with a 0.29% expense ratio, compared with 0.30% for ZMUN.
HMOP has the higher dividend yield at 3.45%, compared with 2.28% for ZMUN.
They also come from different issuers: Hartford and F/m Investments. Their fees differ too: 0.29% for HMOP and 0.30% for ZMUN.
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