MUNA vs. FMUN

Last updated Jun 7, 2026

MUNA (Northern Trust 2030 Tax-Exempt Distributing Ladder ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. MUNA charges 0.18%/yr vs 0.05%/yr for FMUN.

Performance

MUNA vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2030 Tax-Exempt Distributing Ladder ETF (MUNA) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MUNA having a 1.59% return and FMUN slightly higher at 1.62%.

MUNA

• 1D: -0.06%
• 1M: 0.60%
• YTD: 1.59%
• 6M: 1.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMUN

• 1D: -0.01%
• 1M: 0.54%
• YTD: 1.62%
• 6M: 2.16%
• 1Y: 7.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUNA vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
MUNA Northern Trust 2030 Tax-Exempt Distributing Ladder ETF	1.59%	0.63%
FMUN Fidelity Systematic Municipal Bond Index ETF	1.62%	4.47%

Correlation

The correlation between MUNA and FMUN 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 Aug 20, 2025	0.33

Return for Risk

MUNA vs. FMUN — Risk / Return Rank

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

FMUN

FMUN Risk / Return Rank: 68
FMUN Sharpe Ratio Rank: 77
FMUN Sortino Ratio Rank: 80
FMUN Omega Ratio Rank: 87
FMUN Calmar Ratio Rank: 49
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.

MUNA vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2030 Tax-Exempt Distributing Ladder ETF (MUNA) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MUNA	FMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	1.26	+0.37

Drawdowns

MUNA vs. FMUN - Drawdown Comparison

The maximum MUNA drawdown since its inception was -0.91%, smaller than the maximum FMUN drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for MUNA and FMUN.

Drawdown Indicators

	MUNA	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-0.91%	-3.21%	+2.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.21%	—
Current Drawdown Current decline from peak	-0.06%	-0.73%	+0.67%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.81%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.97%	—

Volatility

Volatility by Period

	MUNA	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.73%	3.11%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.73%	4.05%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.73%	4.05%	-2.32%

MUNA vs. FMUN - Expense Ratio Comparison

MUNA has a 0.18% 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

MUNA vs. FMUN - Dividend Comparison

MUNA's dividend yield for the trailing twelve months is around 1.66%, less than FMUN's 3.29% yield.

Position	TTM	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	3.29%	2.41%
MUNA Northern Trust 2030 Tax-Exempt Distributing Ladder ETF	1.66%	0.76%

Frequently Asked Questions

Can I hold both MUNA and FMUN in my portfolio?

MUNA and FMUN 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, MUNA or FMUN?

On fees, FMUN is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNA or FMUN?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.18% for MUNA.

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

FMUN has the higher dividend yield at 3.29%, compared with 1.66% for MUNA.

What is the main difference between MUNA and FMUN?

They also come from different issuers: Northern Trust and Fidelity. Their fees differ too: 0.18% for MUNA and 0.05% for FMUN.