JMUB vs. ZMUN
JMUB (JPMorgan Municipal ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. JMUB is actively managed, while ZMUN is passively managed. At a 0.24 correlation, their price movements are largely independent. JMUB charges 0.18%/yr vs 0.30%/yr for ZMUN.
Performance
JMUB vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, JMUB achieves a 1.26% return, which is significantly lower than ZMUN's 1.57% return.
JMUB
- 1D
- -0.06%
- 1M
- 0.56%
- YTD
- 1.26%
- 6M
- 1.53%
- 1Y
- 6.12%
- 3Y*
- 3.91%
- 5Y*
- 1.23%
- 10Y*
- —
ZMUN
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 1.57%
- 6M
- 1.86%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JMUB vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JMUB JPMorgan Municipal ETF | 1.26% | 1.28% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.57% | 0.73% |
Correlation
The correlation between JMUB and ZMUN is 0.24, 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 Oct 1, 2025 | 0.24 |
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Return for Risk
JMUB vs. ZMUN — Risk / Return Rank
JMUB
ZMUN
JMUB vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Municipal ETF (JMUB) 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.
| JMUB | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.57 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | — | — |
| Martin ratioReturn relative to average drawdown | 8.37 | — | — |
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
| JMUB | ZMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.56 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 6.46 | -5.72 |
Drawdowns
JMUB vs. ZMUN - Drawdown Comparison
The maximum JMUB drawdown since its inception was -12.50%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for JMUB and ZMUN.
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Drawdown Indicators
| JMUB | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.50% | -0.09% | -12.41% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.79% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.06% | — | — |
Current DrawdownCurrent decline from peak | -0.59% | -0.02% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -2.51% | -0.01% | -2.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | — | — |
Volatility
JMUB vs. ZMUN - Volatility Comparison
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Volatility by Period
| JMUB | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.83% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.40% | 0.54% | +1.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.33% | 0.54% | +2.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.14% | 0.54% | +3.60% |
JMUB vs. ZMUN - Expense Ratio Comparison
JMUB has a 0.18% expense ratio, which is lower than ZMUN's 0.30% expense ratio.
Dividends
JMUB vs. ZMUN - Dividend Comparison
JMUB's dividend yield for the trailing twelve months is around 3.60%, more than ZMUN's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JMUB JPMorgan Municipal ETF | 3.60% | 3.52% | 3.50% | 3.20% | 2.16% | 1.94% | 2.13% | 3.66% | 0.45% |
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% |
Frequently Asked Questions
JMUB and ZMUN have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JMUB is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JMUB is cheaper with a 0.18% expense ratio, compared with 0.30% for ZMUN.
JMUB has the higher dividend yield at 3.60%, compared with 2.28% for ZMUN.
They also come from different issuers: JPMorgan and F/m Investments. Their fees differ too: 0.18% for JMUB and 0.30% for ZMUN.
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