MUNA vs. ZMUN

Last updated Jun 7, 2026

MUNA (Northern Trust 2030 Tax-Exempt Distributing Ladder ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. MUNA is actively managed, while ZMUN is passively managed. At a 0.05 correlation, their price movements are largely independent. MUNA charges 0.18%/yr vs 0.30%/yr for ZMUN.

Performance

MUNA vs. ZMUN - 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 F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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 ZMUN slightly higher at 1.61%.

MUNA

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

ZMUN

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.61%
• 6M: 1.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUNA vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
MUNA Northern Trust 2030 Tax-Exempt Distributing Ladder ETF	1.59%	0.42%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.73%

Correlation

The correlation between MUNA and ZMUN is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.05

Return for Risk

MUNA vs. ZMUN - 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 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.

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

Sharpe Ratios by Period

	MUNA	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	6.52	-4.89

Drawdowns

MUNA vs. ZMUN - Drawdown Comparison

The maximum MUNA drawdown since its inception was -0.91%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for MUNA and ZMUN.

Drawdown Indicators

	MUNA	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-0.91%	-0.09%	-0.82%
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.01%	-0.27%

Volatility

Volatility by Period

	MUNA	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.73%	0.54%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.73%	0.54%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.73%	0.54%	+1.19%

MUNA vs. ZMUN - Expense Ratio Comparison

MUNA has a 0.18% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

MUNA vs. ZMUN - Dividend Comparison

MUNA's dividend yield for the trailing twelve months is around 1.66%, less than ZMUN's 2.28% yield.

Position	TTM	2025
MUNA Northern Trust 2030 Tax-Exempt Distributing Ladder ETF	1.66%	0.76%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both MUNA and ZMUN in my portfolio?

MUNA and ZMUN have a correlation of 0.05, 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 ZMUN?

On fees, MUNA is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNA or ZMUN?

MUNA is cheaper with a 0.18% expense ratio, compared with 0.30% for ZMUN.

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

ZMUN has the higher dividend yield at 2.28%, compared with 1.66% for MUNA.

What is the main difference between MUNA and ZMUN?

They also come from different issuers: Northern Trust and F/m Investments. Their fees differ too: 0.18% for MUNA and 0.30% for ZMUN.