MUNX vs. ZMUN

Last updated Jun 7, 2026

MUNX (AMG GW&K Muni Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. MUNX is actively managed, while ZMUN is passively managed. At a 0.17 correlation, their price movements are largely independent. MUNX charges 0.29%/yr vs 0.30%/yr for ZMUN.

Performance

MUNX vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Muni Income ETF (MUNX) 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, MUNX achieves a 1.74% return, which is significantly higher than ZMUN's 1.61% return.

MUNX

• 1D: -0.25%
• 1M: 0.36%
• YTD: 1.74%
• 6M: 1.97%
• 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)

MUNX vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
MUNX AMG GW&K Muni Income ETF	1.74%	0.52%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.57%

Correlation

The correlation between MUNX and ZMUN is 0.17, 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 31, 2025	0.17

Return for Risk

MUNX vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Muni Income ETF (MUNX) 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

	MUNX	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	6.52	-5.40

Drawdowns

MUNX vs. ZMUN - Drawdown Comparison

The maximum MUNX drawdown since its inception was -2.95%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for MUNX and ZMUN.

Drawdown Indicators

	MUNX	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-0.09%	-2.86%
Current Drawdown Current decline from peak	-0.50%	0.00%	-0.50%
Average Drawdown Average peak-to-trough decline	-0.64%	-0.01%	-0.63%

Volatility

Volatility by Period

	MUNX	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	0.54%	+2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	0.54%	+2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	0.54%	+2.93%

MUNX vs. ZMUN - Expense Ratio Comparison

MUNX has a 0.29% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

MUNX vs. ZMUN - Dividend Comparison

MUNX's dividend yield for the trailing twelve months is around 1.95%, less than ZMUN's 2.28% yield.

Position	TTM	2025
MUNX AMG GW&K Muni Income ETF	1.95%	0.55%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both MUNX and ZMUN in my portfolio?

MUNX and ZMUN have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNX or ZMUN?

On fees, MUNX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNX or ZMUN?

MUNX is cheaper with a 0.29% expense ratio, compared with 0.30% for ZMUN.

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

ZMUN has the higher dividend yield at 2.28%, compared with 1.95% for MUNX.

What is the main difference between MUNX and ZMUN?

They also come from different issuers: AMG and F/m Investments. Their fees differ too: 0.29% for MUNX and 0.30% for ZMUN.