MDST vs. FMUB

Last updated Jun 24, 2026

MDST (Westwood Salient Enhanced Midstream Income ETF) and FMUB (Fidelity Municipal Bond Opportunities ETF) are both exchange-traded funds - MDST is a Energy Equities fund actively managed by Westwood, while FMUB is a Municipal Bonds fund actively managed by Fidelity. Both are actively managed. Over the past year, MDST returned 20.94% vs 6.70% for FMUB. At a correlation of -0.10, they often move in opposite directions. MDST charges 0.80%/yr vs 0.30%/yr for FMUB.

Performance

MDST vs. FMUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Westwood Salient Enhanced Midstream Income ETF (MDST) and Fidelity Municipal Bond Opportunities ETF (FMUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDST achieves a 16.53% return, which is significantly higher than FMUB's 2.04% return.

MDST

• 1D: 1.73%
• 1M: -1.91%
• YTD: 16.53%
• 6M: 16.66%
• 1Y: 20.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMUB

• 1D: -0.03%
• 1M: 1.37%
• YTD: 2.04%
• 6M: 2.13%
• 1Y: 6.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MDST vs. FMUB - Yearly Performance Comparison

	2026 (YTD)	2025
MDST Westwood Salient Enhanced Midstream Income ETF	16.53%	13.56%
FMUB Fidelity Municipal Bond Opportunities ETF	2.04%	4.69%

Correlation

The correlation between MDST and FMUB is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.10

The correlation between MDST and FMUB shifts across timeframes, from -0.20 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MDST vs. FMUB — Risk / Return Rank

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

MDST

MDST Risk / Return Rank: 55
MDST Sharpe Ratio Rank: 53
MDST Sortino Ratio Rank: 54
MDST Omega Ratio Rank: 52
MDST Calmar Ratio Rank: 67
MDST Martin Ratio Rank: 52

FMUB

FMUB Risk / Return Rank: 77
FMUB Sharpe Ratio Rank: 84
FMUB Sortino Ratio Rank: 87
FMUB Omega Ratio Rank: 90
FMUB Calmar Ratio Rank: 58
FMUB Martin Ratio Rank: 63

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.

MDST vs. FMUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Westwood Salient Enhanced Midstream Income ETF (MDST) and Fidelity Municipal Bond Opportunities ETF (FMUB). 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.

	MDST	FMUB	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.54	-0.85
Sortino ratio: Return per unit of downside risk	2.42	3.70	-1.28
Omega ratio: Gain probability vs. loss probability	1.30	1.54	-0.23
Calmar ratio: Return relative to maximum drawdown	3.12	2.70	+0.42
Martin ratio: Return relative to average drawdown	8.43	10.73	-2.30

MDST vs. FMUB - Sharpe Ratio Comparison

The current MDST Sharpe Ratio is 1.69, which is lower than the FMUB Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of MDST and FMUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MDST vs. FMUB - Drawdown Comparison

The maximum MDST drawdown since its inception was -14.19%, which is greater than FMUB's maximum drawdown of -2.74%. Use the drawdown chart below to compare losses from any high point for MDST and FMUB.

Drawdown Indicators

	MDST	FMUB	Difference
Max Drawdown Largest peak-to-trough decline	-14.19%	-2.74%	-11.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.74%	-2.49%	-4.25%
Current Drawdown Current decline from peak	-2.20%	-0.16%	-2.04%
Average Drawdown Average peak-to-trough decline	-2.20%	-0.47%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	0.63%	+1.86%

Volatility

MDST vs. FMUB - Volatility Comparison

Westwood Salient Enhanced Midstream Income ETF (MDST) has a higher volatility of 4.87% compared to Fidelity Municipal Bond Opportunities ETF (FMUB) at 0.76%. This indicates that MDST's price experiences larger fluctuations and is considered to be riskier than FMUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDST	FMUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	0.76%	+4.11%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	2.05%	+6.66%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	2.66%	+9.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	3.63%	+12.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	3.63%	+12.48%

MDST vs. FMUB - Expense Ratio Comparison

MDST has a 0.80% expense ratio, which is higher than FMUB's 0.30% expense ratio.

Dividends

MDST vs. FMUB - Dividend Comparison

MDST's dividend yield for the trailing twelve months is around 9.20%, more than FMUB's 3.42% yield.

Position	TTM	2025	2024
FMUB Fidelity Municipal Bond Opportunities ETF	3.42%	2.63%	0.00%
MDST Westwood Salient Enhanced Midstream Income ETF	9.20%	10.22%	6.60%

Frequently Asked Questions

Can I hold both MDST and FMUB in my portfolio?

MDST and FMUB have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDST or FMUB?

MDST has higher volatility (4.87%) compared to FMUB (0.76%). In terms of maximum drawdown, MDST dropped -14.19% vs FMUB's -2.74%.

Which ETF is better, MDST or FMUB?

On 1-year performance, MDST leads with 20.94% vs 6.70% for FMUB. On fees, FMUB is cheaper at 0.30% per year. On volatility, FMUB has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDST or FMUB?

Over the 1-year period, MDST has performed better with a 20.94% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDST or FMUB?

FMUB is cheaper with a 0.30% expense ratio, compared with 0.80% for MDST.

Which ETF pays a higher dividend yield, MDST or FMUB?

MDST has the higher dividend yield at 9.20%, compared with 3.42% for FMUB.

What is the main difference between MDST and FMUB?

MDST is categorized as Energy Equities, while FMUB is Municipal Bonds. They also come from different issuers: Westwood and Fidelity. Their fees differ too: 0.80% for MDST and 0.30% for FMUB.

Which has better risk-adjusted returns?

FMUB currently has the higher Sharpe Ratio (2.54 vs 1.69), 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.