HYMB vs. ZMUN
HYMB (State Street SPDR Nuveen ICE High Yield Municipal Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - HYMB tracks the ICE US Select High Yield Crossover Municipal Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. Their 0.13 correlation means their historical movements had little consistent relationship. HYMB charges 0.35%/yr vs 0.30%/yr for ZMUN.
Performance
HYMB vs. ZMUN - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HYMB having a 2.09% return and ZMUN slightly lower at 2.05%.
HYMB
- 1D
- -0.01%
- 1M
- -1.91%
- 6M
- 1.34%
- YTD
- 2.09%
- 1Y
- 6.49%
- 3Y*
- 4.55%
- 5Y*
- -0.03%
- 10Y*
- 2.18%
- ALL TIME*
- 4.31%
ZMUN
- 1D
- -0.04%
- 1M
- 0.16%
- 6M
- 1.78%
- YTD
- 2.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.36M | $40.49M | $29.39M | |
| $248.73K | $278.36K | $387.17K |
HYMB vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 2.09% | 1.62% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.05% | 0.67% |
Correlation
The correlation between HYMB and ZMUN is 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025 | 0.13 |
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Return for Risk
HYMB vs. ZMUN — Risk / Return Rank
HYMB
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYMB vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Nuveen ICE 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.
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.
| HYMB | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.33 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | — | — |
| Martin ratioReturn relative to average drawdown | 8.54 | — | — |
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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 -0.13%. 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% | -0.13% | -29.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -6.66% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.04% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | — | — |
Current DrawdownCurrent decline from peak | -1.91% | -0.04% | -1.87% |
Average DrawdownAverage peak-to-trough decline | -3.77% | -0.02% | -3.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | — | — |
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 | 1.12% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 0.54% | +3.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 0.54% | +6.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.37% | 0.54% | +10.83% |
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 4.61%, more than ZMUN's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 4.61% | 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 | 2.92% | 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 0.13, 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 4.61%, compared with 2.92% for ZMUN.
HYMB tracks ICE US Select High Yield Crossover Municipal Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: State Street and F/m. Their fees differ too: 0.35% for HYMB and 0.30% for ZMUN.
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