HYMB vs. FMUN
HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. HYMB is passively managed, while FMUN is actively managed. Over the past year, HYMB returned 7.43% vs 7.61% for FMUN. A 0.74 correlation means they provide meaningful diversification when combined. HYMB charges 0.35%/yr vs 0.05%/yr for FMUN.
Performance
HYMB vs. FMUN - Performance Comparison
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Returns By Period
In the year-to-date period, HYMB achieves a 2.87% return, which is significantly higher than FMUN's 1.69% return.
HYMB
- 1D
- -0.04%
- 1M
- 1.19%
- YTD
- 2.87%
- 6M
- 3.18%
- 1Y
- 7.43%
- 3Y*
- 5.09%
- 5Y*
- 0.42%
- 10Y*
- 2.46%
FMUN
- 1D
- 0.03%
- 1M
- 0.93%
- YTD
- 1.69%
- 6M
- 2.24%
- 1Y
- 7.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYMB vs. FMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 2.87% | 5.59% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 1.69% | 4.25% |
Correlation
The correlation between HYMB and FMUN is 0.70, 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 | 0.70 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025 | 0.74 |
The correlation between HYMB and FMUN has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.
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Return for Risk
HYMB vs. FMUN — Risk / Return Rank
HYMB
FMUN
HYMB vs. FMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) 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.
| HYMB | FMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.53 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.38 | +0.02 |
| Martin ratioReturn relative to average drawdown | 8.51 | 7.88 | +0.63 |
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
| HYMB | FMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | 2.45 | -0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.28 | -0.83 |
Drawdowns
HYMB vs. FMUN - Drawdown Comparison
The maximum HYMB drawdown since its inception was -29.57%, which is greater than FMUN's maximum drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for HYMB and FMUN.
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Drawdown Indicators
| HYMB | FMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.57% | -3.21% | -26.36% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -3.21% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -7.44% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.15% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | — | — |
Current DrawdownCurrent decline from peak | -0.04% | -0.66% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -3.81% | -0.82% | -2.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.97% | -0.09% |
Volatility
HYMB vs. FMUN - Volatility Comparison
SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a higher volatility of 1.35% compared to Fidelity Systematic Municipal Bond Index ETF (FMUN) at 1.27%. This indicates that HYMB's price experiences larger fluctuations and is considered to be riskier than FMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYMB | FMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.27% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | 2.27% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 3.12% | +0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.66% | 4.06% | +2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 4.06% | +7.30% |
HYMB vs. FMUN - Expense Ratio Comparison
HYMB has a 0.35% expense ratio, which is higher than FMUN's 0.05% expense ratio.
Dividends
HYMB vs. FMUN - Dividend Comparison
HYMB's dividend yield for the trailing twelve months is around 4.54%, more than FMUN's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.29% | 2.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.54% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
Frequently Asked Questions
HYMB and FMUN have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (1.35%) compared to FMUN (1.27%). In terms of maximum drawdown, HYMB dropped -29.57% vs FMUN's -3.21%.
On 1-year performance, FMUN leads with 7.61% vs 7.43% for HYMB. On fees, FMUN is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FMUN has performed better with a 7.61% return vs 7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMUN is cheaper with a 0.05% expense ratio, compared with 0.35% for HYMB.
HYMB has the higher dividend yield at 4.54%, compared with 3.29% for FMUN.
They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.35% for HYMB and 0.05% for FMUN.
FMUN currently has the higher Sharpe Ratio (2.45 vs 1.84), 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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