MUNC vs. ZMUN

Last updated Jun 7, 2026

MUNC (Northern Trust 2045 Tax-Exempt Distributing Ladder ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. MUNC is actively managed, while ZMUN is passively managed. At a 0.15 correlation, their price movements are largely independent. MUNC charges 0.18%/yr vs 0.30%/yr for ZMUN.

Performance

MUNC vs. ZMUN - 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 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, MUNC achieves a 0.96% return, which is significantly lower than ZMUN's 1.61% return.

MUNC

• 1D: -0.12%
• 1M: 0.15%
• YTD: 0.96%
• 6M: 1.37%
• 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)

MUNC vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	0.96%	1.58%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.73%

Correlation

The correlation between MUNC and ZMUN is 0.15, 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	0.15

Return for Risk

MUNC vs. ZMUN - 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 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

	MUNC	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	6.52	-4.28

Drawdowns

MUNC vs. ZMUN - Drawdown Comparison

The maximum MUNC drawdown since its inception was -3.17%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for MUNC and ZMUN.

Drawdown Indicators

	MUNC	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.17%	-0.09%	-3.08%
Current Drawdown Current decline from peak	-1.32%	0.00%	-1.32%
Average Drawdown Average peak-to-trough decline	-0.68%	-0.01%	-0.67%

Volatility

Volatility by Period

	MUNC	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	0.54%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	0.54%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	0.54%	+2.17%

MUNC vs. ZMUN - Expense Ratio Comparison

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

Dividends

MUNC vs. ZMUN - Dividend Comparison

MUNC's dividend yield for the trailing twelve months is around 2.51%, more than ZMUN's 2.28% yield.

Position	TTM	2025
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	2.51%	1.15%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both MUNC and ZMUN in my portfolio?

MUNC and ZMUN have a correlation of 0.15, 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 ZMUN?

On fees, MUNC 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, MUNC or ZMUN?

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

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

MUNC has the higher dividend yield at 2.51%, compared with 2.28% for ZMUN.

What is the main difference between MUNC and ZMUN?

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