MUNC vs. FMUN

Last updated Jul 17, 2026

MUNC (Northern Trust 2045 Tax-Exempt Distributing Ladder ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. MUNC charges 0.18%/yr vs 0.05%/yr for FMUN.

Performance

MUNC vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUNC achieves a 0.66% return, which is significantly lower than FMUN's 1.36% return.

MUNC

• 1D: -0.20%
• 1M: -0.39%
• 6M: -0.27%
• YTD: 0.66%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMUN

• 1D: -0.18%
• 1M: -0.02%
• 6M: 0.58%
• YTD: 1.36%
• 1Y: 6.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUNC vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	0.66%	3.78%
FMUN Fidelity Systematic Municipal Bond Index ETF	1.36%	4.49%

Correlation

The correlation between MUNC and FMUN is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025	0.64

Return for Risk

MUNC vs. FMUN — Risk / Return Rank

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

MUNC

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

FMUN

FMUN Risk / Return Rank: 74
FMUN Sharpe Ratio Rank: 86
FMUN Sortino Ratio Rank: 87
FMUN Omega Ratio Rank: 92
FMUN Calmar Ratio Rank: 53
FMUN Martin Ratio Rank: 52

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.

MUNC vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) 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.

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.

	MUNC	FMUN	Difference
Sharpe ratio: Return per unit of total volatility	—	2.23	—
Sortino ratio: Return per unit of downside risk	—	3.20	—
Omega ratio: Gain probability vs. loss probability	—	1.48	—
Calmar ratio: Return relative to maximum drawdown	—	2.14	—
Martin ratio: Return relative to average drawdown	—	7.00	—

Drawdowns

MUNC vs. FMUN - Drawdown Comparison

The maximum MUNC drawdown since its inception was -3.17%, smaller than the maximum FMUN drawdown of -3.83%. Use the drawdown chart below to compare losses from any high point for MUNC and FMUN.

Drawdown Indicators

	MUNC	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.17%	-3.83%	+0.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.21%	—
Current Drawdown Current decline from peak	-1.61%	-0.99%	-0.62%
Average Drawdown Average peak-to-trough decline	-0.74%	-1.09%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.98%	—

Volatility

Volatility by Period

	MUNC	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.60%	3.09%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.60%	4.05%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.60%	4.05%	-1.45%

MUNC vs. FMUN - Expense Ratio Comparison

MUNC 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

MUNC vs. FMUN - Dividend Comparison

MUNC's dividend yield for the trailing twelve months is around 2.78%, less than FMUN's 3.32% yield.

Position	TTM	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	3.32%	2.41%
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	2.78%	1.15%

Frequently Asked Questions

Can I hold both MUNC and FMUN in my portfolio?

MUNC and FMUN have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNC 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, MUNC or FMUN?

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

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

FMUN has the higher dividend yield at 3.32%, compared with 2.78% for MUNC.

What is the main difference between MUNC and FMUN?

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