MUNI vs. ZMUN
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. MUNI is actively managed, while ZMUN is passively managed. At a 0.22 correlation, their price movements are largely independent. MUNI charges 0.35%/yr vs 0.30%/yr for ZMUN.
Performance
MUNI vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.67% return, which is significantly lower than ZMUN's 1.84% return.
MUNI
- 1D
- 0.06%
- 1M
- 0.90%
- YTD
- 1.67%
- 6M
- 1.73%
- 1Y
- 6.07%
- 3Y*
- 3.84%
- 5Y*
- 1.35%
- 10Y*
- 2.07%
ZMUN
- 1D
- 0.03%
- 1M
- 0.32%
- YTD
- 1.84%
- 6M
- 1.91%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUNI vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.67% | 1.38% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.84% | 0.67% |
Correlation
The correlation between MUNI and ZMUN is 0.22, 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 Sep 30, 2025 | 0.22 |
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Return for Risk
MUNI vs. ZMUN — Risk / Return Rank
MUNI
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MUNI vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) 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.
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.
| MUNI | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.60 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.66 | — | — |
| Martin ratioReturn relative to average drawdown | 8.52 | — | — |
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Drawdowns
MUNI vs. ZMUN - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, which is greater than ZMUN's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for MUNI and ZMUN.
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Drawdown Indicators
| MUNI | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -0.10% | -11.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | 0.00% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -0.01% | -1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | — | — |
Volatility
MUNI vs. ZMUN - Volatility Comparison
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Volatility by Period
| MUNI | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.23% | 0.54% | +1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 0.54% | +2.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 0.54% | +3.31% |
MUNI vs. ZMUN - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than ZMUN's 0.30% expense ratio.
Dividends
MUNI vs. ZMUN - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.27%, more than ZMUN's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.27% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.27% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MUNI and ZMUN have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ZMUN is cheaper with a 0.30% expense ratio, compared with 0.35% for MUNI.
MUNI has the higher dividend yield at 3.27%, compared with 2.27% for ZMUN.
They also come from different issuers: PIMCO and F/m Investments. Their fees differ too: 0.35% for MUNI and 0.30% for ZMUN.
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