LMUB vs. FMUN

Last updated Jun 4, 2026

LMUB (iShares Long-Term National Muni Bond ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. LMUB is passively managed, while FMUN is actively managed. Over the past year, LMUB returned 9.37% vs 7.61% for FMUN. A 0.60 correlation means they provide meaningful diversification when combined. LMUB charges 0.09%/yr vs 0.05%/yr for FMUN.

Performance

LMUB vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Long-Term National Muni Bond ETF (LMUB) 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, LMUB achieves a 2.32% return, which is significantly higher than FMUN's 1.69% return.

LMUB

• 1D: 0.01%
• 1M: 0.90%
• YTD: 2.32%
• 6M: 2.47%
• 1Y: 9.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMUN

• 1D: 0.03%
• 1M: 0.93%
• YTD: 1.69%
• 6M: 2.24%
• 1Y: 7.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LMUB vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
LMUB iShares Long-Term National Muni Bond ETF	2.32%	5.86%
FMUN Fidelity Systematic Municipal Bond Index ETF	1.69%	4.25%

Correlation

The correlation between LMUB and FMUN is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025	0.60

The correlation between LMUB and FMUN has been stable across timeframes, ranging from 0.59 to 0.60 - a consistent structural relationship.

Return for Risk

LMUB vs. FMUN — Risk / Return Rank

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

LMUB

LMUB Risk / Return Rank: 68
LMUB Sharpe Ratio Rank: 69
LMUB Sortino Ratio Rank: 72
LMUB Omega Ratio Rank: 77
LMUB Calmar Ratio Rank: 62
LMUB Martin Ratio Rank: 60

FMUN

FMUN Risk / Return Rank: 67
FMUN Sharpe Ratio Rank: 75
FMUN Sortino Ratio Rank: 78
FMUN Omega Ratio Rank: 86
FMUN Calmar Ratio Rank: 48
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.

LMUB vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Long-Term National Muni Bond ETF (LMUB) 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.

	LMUB	FMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.45	-0.21
Sortino ratio: Return per unit of downside risk	3.24	3.54	-0.30
Omega ratio: Gain probability vs. loss probability	1.45	1.53	-0.08
Calmar ratio: Return relative to maximum drawdown	3.02	2.38	+0.64
Martin ratio: Return relative to average drawdown	10.61	7.88	+2.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LMUB vs. FMUN - Sharpe Ratio Comparison

The current LMUB Sharpe Ratio is 2.24, which is comparable to the FMUN Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of LMUB and FMUN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LMUB	FMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.45	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.28	-0.46

Drawdowns

LMUB vs. FMUN - Drawdown Comparison

The maximum LMUB drawdown since its inception was -5.51%, which is greater than FMUN's maximum drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for LMUB and FMUN.

Drawdown Indicators

	LMUB	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-3.21%	-2.30%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-3.21%	+0.10%
Current Drawdown Current decline from peak	0.00%	-0.66%	+0.66%
Average Drawdown Average peak-to-trough decline	-1.61%	-0.82%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.97%	-0.08%

Volatility

LMUB vs. FMUN - Volatility Comparison

iShares Long-Term National Muni Bond ETF (LMUB) has a higher volatility of 1.44% compared to Fidelity Systematic Municipal Bond Index ETF (FMUN) at 1.27%. This indicates that LMUB's price experiences larger fluctuations and is considered to be riskier than FMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMUB	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	1.27%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	2.27%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	3.12%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.97%	4.06%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.97%	4.06%	+1.91%

LMUB vs. FMUN - Expense Ratio Comparison

LMUB has a 0.09% expense ratio, which is higher than FMUN's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

LMUB vs. FMUN - Dividend Comparison

LMUB's dividend yield for the trailing twelve months is around 3.77%, more than FMUN's 3.29% yield.

Position	TTM	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	3.29%	2.41%
LMUB iShares Long-Term National Muni Bond ETF	3.77%	3.14%

Frequently Asked Questions

Can I hold both LMUB and FMUN in my portfolio?

LMUB and FMUN have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMUB or FMUN?

LMUB has higher volatility (1.44%) compared to FMUN (1.27%). In terms of maximum drawdown, LMUB dropped -5.51% vs FMUN's -3.21%.

Which ETF is better, LMUB or FMUN?

On 1-year performance, LMUB leads with 9.37% vs 7.61% for FMUN. On fees, FMUN is cheaper at 0.05% per year. On volatility, FMUN has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LMUB or FMUN?

Over the 1-year period, LMUB has performed better with a 9.37% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LMUB or FMUN?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.09% for LMUB.

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

LMUB has the higher dividend yield at 3.77%, compared with 3.29% for FMUN.

What is the main difference between LMUB and FMUN?

They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.09% for LMUB and 0.05% for FMUN.

Which has better risk-adjusted returns?

FMUN currently has the higher Sharpe Ratio (2.45 vs 2.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.