HYMB vs. ZMUN
HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - HYMB tracks the Bloomberg Municipal Yield while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.06 correlation, their price movements are largely independent. HYMB charges 0.35%/yr vs 0.30%/yr for ZMUN.
Performance
HYMB vs. ZMUN - 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 ZMUN's 1.57% 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%
ZMUN
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 1.57%
- 6M
- 1.86%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYMB vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 2.87% | 1.58% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.57% | 0.73% |
Correlation
The correlation between HYMB and ZMUN is 0.06, 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 Oct 1, 2025 | 0.06 |
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Return for Risk
HYMB vs. ZMUN — Risk / Return Rank
HYMB
ZMUN
HYMB vs. ZMUN - 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 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.
| HYMB | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.37 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | — | — |
| Martin ratioReturn relative to average drawdown | 8.51 | — | — |
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 | ZMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | — | — |
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 | 6.46 | -6.01 |
Drawdowns
HYMB vs. ZMUN - Drawdown Comparison
The maximum HYMB drawdown since its inception was -29.57%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for HYMB and ZMUN.
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Drawdown Indicators
| HYMB | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.57% | -0.09% | -29.48% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | — | — |
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% | -0.02% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -3.81% | -0.01% | -3.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | — | — |
Volatility
HYMB vs. ZMUN - Volatility Comparison
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Volatility by Period
| HYMB | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 0.54% | +3.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.66% | 0.54% | +6.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 0.54% | +10.82% |
HYMB vs. ZMUN - Expense Ratio Comparison
HYMB has a 0.35% expense ratio, which is higher than ZMUN's 0.30% expense ratio.
Dividends
HYMB vs. ZMUN - Dividend Comparison
HYMB's dividend yield for the trailing twelve months is around 4.54%, more than ZMUN's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYMB and ZMUN have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMUN is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMUN is cheaper with a 0.30% expense ratio, compared with 0.35% for HYMB.
HYMB has the higher dividend yield at 4.54%, compared with 2.28% for ZMUN.
HYMB tracks Bloomberg Municipal Yield, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: State Street and F/m Investments. Their fees differ too: 0.35% for HYMB and 0.30% for ZMUN.
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