MINO vs. ZMUN

Last updated Jun 3, 2026

MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. MINO is actively managed, while ZMUN is passively managed. At a 0.21 correlation, their price movements are largely independent. MINO charges 0.39%/yr vs 0.30%/yr for ZMUN.

Performance

MINO vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) 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, MINO achieves a 2.04% return, which is significantly higher than ZMUN's 1.59% return.

MINO

• 1D: 0.24%
• 1M: 0.68%
• YTD: 2.04%
• 6M: 2.15%
• 1Y: 8.06%
• 3Y*: 5.01%
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.07%
• 1M: 0.24%
• YTD: 1.59%
• 6M: 1.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MINO vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	2.04%	1.33%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.59%	0.73%

Correlation

The correlation between MINO and ZMUN is 0.21, 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	0.21

Return for Risk

MINO vs. ZMUN — Risk / Return Rank

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

MINO

MINO Risk / Return Rank: 80
MINO Sharpe Ratio Rank: 88
MINO Sortino Ratio Rank: 92
MINO Omega Ratio Rank: 93
MINO Calmar Ratio Rank: 65
MINO Martin Ratio Rank: 64

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.

MINO vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) 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.

	MINO	ZMUN	Difference
Sharpe ratio Return per unit of total volatility	2.97	—	—
Sortino ratio Return per unit of downside risk	4.56	—	—
Omega ratio Gain probability vs. loss probability	1.65	—	—
Calmar ratio Return relative to maximum drawdown	3.30	—	—
Martin ratio Return relative to average drawdown	11.87	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MINO	ZMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	6.55	-6.23

Drawdowns

MINO vs. ZMUN - Drawdown Comparison

The maximum MINO drawdown since its inception was -15.24%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for MINO and ZMUN.

Drawdown Indicators

	MINO	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-15.24%	-0.09%	-15.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.34%	—	—
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-4.26%	-0.01%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	—	—

Volatility

Volatility by Period

	MINO	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.73%	0.54%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	0.54%	+4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	0.54%	+4.01%

MINO vs. ZMUN - Expense Ratio Comparison

MINO has a 0.39% expense ratio, which is higher than ZMUN's 0.30% expense ratio.

Dividends

MINO vs. ZMUN - Dividend Comparison

MINO's dividend yield for the trailing twelve months is around 3.89%, more than ZMUN's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	3.89%	3.71%	3.91%	3.78%	2.87%	0.29%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MINO and ZMUN in my portfolio?

MINO and ZMUN have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MINO or ZMUN?

On fees, ZMUN is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MINO or ZMUN?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.39% for MINO.

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

MINO has the higher dividend yield at 3.89%, compared with 2.28% for ZMUN.

What is the main difference between MINO and ZMUN?

They also come from different issuers: PIMCO and F/m Investments. Their fees differ too: 0.39% for MINO and 0.30% for ZMUN.