INTM vs. FMUN

Last updated Jun 25, 2026

INTM (Invesco Intermediate Municipal ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. INTM charges 0.35%/yr vs 0.05%/yr for FMUN.

Performance

INTM vs. FMUN - Performance Comparison

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

Returns By Period

In the year-to-date period, INTM achieves a 2.72% return, which is significantly higher than FMUN's 1.75% return.

INTM

• 1D: 0.13%
• 1M: 1.58%
• YTD: 2.72%
• 6M: 2.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMUN

• 1D: 0.20%
• 1M: 1.60%
• YTD: 1.75%
• 6M: 1.69%
• 1Y: 7.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INTM vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
INTM Invesco Intermediate Municipal ETF	2.72%	4.72%
FMUN Fidelity Systematic Municipal Bond Index ETF	1.75%	5.53%

Correlation

The correlation between INTM and FMUN is 0.42, 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 Jul 23, 2025	0.42

Return for Risk

INTM vs. FMUN — Risk / Return Rank

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

INTM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FMUN

FMUN Risk / Return Rank: 70
FMUN Sharpe Ratio Rank: 81
FMUN Sortino Ratio Rank: 84
FMUN Omega Ratio Rank: 89
FMUN Calmar Ratio Rank: 50
FMUN Martin Ratio Rank: 48

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.

INTM vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Intermediate Municipal ETF (INTM) 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.

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.

	INTM	FMUN	Difference
Sharpe ratio: Return per unit of total volatility	—	2.30	—
Sortino ratio: Return per unit of downside risk	—	3.32	—
Omega ratio: Gain probability vs. loss probability	—	1.50	—
Calmar ratio: Return relative to maximum drawdown	—	2.22	—
Martin ratio: Return relative to average drawdown	—	7.19	—

Drawdowns

INTM vs. FMUN - Drawdown Comparison

The maximum INTM drawdown since its inception was -2.65%, smaller than the maximum FMUN drawdown of -3.83%. Use the drawdown chart below to compare losses from any high point for INTM and FMUN.

Drawdown Indicators

	INTM	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.65%	-3.83%	+1.18%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.21%	—
Current Drawdown Current decline from peak	0.00%	-0.61%	+0.61%
Average Drawdown Average peak-to-trough decline	-0.46%	-1.12%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.99%	—

Volatility

Volatility by Period

	INTM	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.52%	3.11%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.52%	4.12%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.52%	4.12%	-1.60%

INTM vs. FMUN - Expense Ratio Comparison

INTM has a 0.35% expense ratio, which is higher than FMUN's 0.05% expense ratio.

Dividends

INTM vs. FMUN - Dividend Comparison

INTM's dividend yield for the trailing twelve months is around 2.90%, less than FMUN's 3.29% yield.

Position	TTM	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	3.29%	2.41%
INTM Invesco Intermediate Municipal ETF	2.90%	1.15%

Frequently Asked Questions

Can I hold both INTM and FMUN in my portfolio?

INTM and FMUN have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INTM or FMUN?

On fees, FMUN is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INTM or FMUN?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.35% for INTM.

Which ETF pays a higher dividend yield, INTM or FMUN?

FMUN has the higher dividend yield at 3.29%, compared with 2.90% for INTM.

What is the main difference between INTM and FMUN?

They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.35% for INTM and 0.05% for FMUN.