ITM vs. ZMUN

Last updated Jun 25, 2026

ITM (VanEck Intermediate Muni ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - ITM tracks the Bloomberg AMT-Free Intermediate Continuous while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.19 correlation, their price movements are largely independent. ITM charges 0.24%/yr vs 0.30%/yr for ZMUN.

Performance

ITM vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Intermediate Muni ETF (ITM) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ITM achieves a 0.86% return, which is significantly lower than ZMUN's 1.81% return.

ITM

• 1D: 0.06%
• 1M: 1.33%
• YTD: 0.86%
• 6M: 0.73%
• 1Y: 6.78%
• 3Y*: 3.44%
• 5Y*: 0.53%
• 10Y*: 1.81%

ZMUN

• 1D: 0.03%
• 1M: 0.34%
• YTD: 1.81%
• 6M: 1.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ITM vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
ITM VanEck Intermediate Muni ETF	0.86%	2.19%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.81%	0.67%

Correlation

The correlation between ITM and ZMUN is 0.19, 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 Sep 30, 2025	0.19

Return for Risk

ITM vs. ZMUN — Risk / Return Rank

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

ITM

ITM Risk / Return Rank: 70
ITM Sharpe Ratio Rank: 85
ITM Sortino Ratio Rank: 87
ITM Omega Ratio Rank: 90
ITM Calmar Ratio Rank: 44
ITM Martin Ratio Rank: 42

ZMUN

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

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.

ITM vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) 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.

	ITM	ZMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.41	—	—
Sortino ratio: Return per unit of downside risk	3.49	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	1.99	—	—
Martin ratio: Return relative to average drawdown	6.10	—	—

Drawdowns

ITM vs. ZMUN - Drawdown Comparison

The maximum ITM drawdown since its inception was -24.75%, which is greater than ZMUN's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for ITM and ZMUN.

Drawdown Indicators

	ITM	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-0.10%	-24.65%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.75%	—	—
Current Drawdown Current decline from peak	-1.07%	0.00%	-1.07%
Average Drawdown Average peak-to-trough decline	-2.97%	-0.01%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	—	—

Volatility

Volatility by Period

	ITM	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.22%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.83%	0.54%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.30%	0.54%	+3.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.09%	0.54%	+6.55%

ITM vs. ZMUN - Expense Ratio Comparison

ITM has a 0.24% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

ITM vs. ZMUN - Dividend Comparison

ITM's dividend yield for the trailing twelve months is around 2.92%, more than ZMUN's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITM VanEck Intermediate Muni ETF	2.92%	2.86%	2.73%	2.40%	1.92%	1.70%	2.13%	2.44%	2.33%	2.21%	2.29%	2.28%
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

Can I hold both ITM and ZMUN in my portfolio?

ITM and ZMUN have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ITM or ZMUN?

On fees, ITM is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ITM or ZMUN?

ITM is cheaper with a 0.24% expense ratio, compared with 0.30% for ZMUN.

Which ETF pays a higher dividend yield, ITM or ZMUN?

ITM has the higher dividend yield at 2.92%, compared with 2.28% for ZMUN.

What is the main difference between ITM and ZMUN?

ITM tracks Bloomberg AMT-Free Intermediate Continuous, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: VanEck and F/m Investments. Their fees differ too: 0.24% for ITM and 0.30% for ZMUN.