LMUB vs. ZMUN

Last updated Jun 25, 2026

LMUB (iShares Long-Term National Muni Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - LMUB tracks the ICE AMT-Free US Long National Municipal Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.33 correlation, their price movements are largely independent. LMUB charges 0.09%/yr vs 0.30%/yr for ZMUN.

Performance

LMUB vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Long-Term National Muni Bond ETF (LMUB) 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, LMUB achieves a 2.88% return, which is significantly higher than ZMUN's 1.81% return.

LMUB

• 1D: 0.26%
• 1M: 2.56%
• YTD: 2.88%
• 6M: 2.78%
• 1Y: 9.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

LMUB vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
LMUB iShares Long-Term National Muni Bond ETF	2.88%	2.32%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.81%	0.67%

Correlation

The correlation between LMUB and ZMUN is 0.33, 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	0.33

Return for Risk

LMUB vs. ZMUN — Risk / Return Rank

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

LMUB

LMUB Risk / Return Rank: 76
LMUB Sharpe Ratio Rank: 79
LMUB Sortino Ratio Rank: 83
LMUB Omega Ratio Rank: 86
LMUB Calmar Ratio Rank: 68
LMUB Martin Ratio Rank: 65

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.

LMUB vs. ZMUN - Risk-Adjusted Trends Comparison

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

	LMUB	ZMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.20	—	—
Sortino ratio: Return per unit of downside risk	3.20	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	2.94	—	—
Martin ratio: Return relative to average drawdown	10.32	—	—

Drawdowns

LMUB vs. ZMUN - Drawdown Comparison

The maximum LMUB drawdown since its inception was -5.51%, which is greater than ZMUN's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for LMUB and ZMUN.

Drawdown Indicators

	LMUB	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-0.10%	-5.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.54%	-0.01%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	—	—

Volatility

Volatility by Period

	LMUB	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	0.54%	+3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.85%	0.54%	+5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.85%	0.54%	+5.31%

LMUB vs. ZMUN - Expense Ratio Comparison

LMUB has a 0.09% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

LMUB vs. ZMUN - Dividend Comparison

LMUB's dividend yield for the trailing twelve months is around 3.75%, more than ZMUN's 2.28% yield.

Position	TTM	2025
LMUB iShares Long-Term National Muni Bond ETF	3.75%	3.14%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both LMUB and ZMUN in my portfolio?

LMUB and ZMUN have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LMUB or ZMUN?

On fees, LMUB is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LMUB or ZMUN?

LMUB is cheaper with a 0.09% expense ratio, compared with 0.30% for ZMUN.

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

LMUB has the higher dividend yield at 3.75%, compared with 2.28% for ZMUN.

What is the main difference between LMUB and ZMUN?

LMUB tracks ICE AMT-Free US Long National Municipal Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: iShares and F/m Investments. Their fees differ too: 0.09% for LMUB and 0.30% for ZMUN.