MUNY vs. ZMUN

Last updated Jun 25, 2026

MUNY (Vanguard New York Tax-Exempt Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - MUNY tracks the S&P New York AMT-Free Municipal USD10 Million Par Bond Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.19 correlation, their price movements are largely independent. MUNY charges 0.09%/yr vs 0.30%/yr for ZMUN.

Performance

MUNY vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard New York Tax-Exempt Bond ETF (MUNY) 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 MUNY having a 1.79% return and ZMUN slightly higher at 1.81%.

MUNY

• 1D: 0.09%
• 1M: 1.50%
• YTD: 1.79%
• 6M: 1.75%
• 1Y: 6.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.03%
• 1M: 0.34%
• YTD: 1.81%
• 6M: 1.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUNY vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	1.79%	1.39%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.81%	0.67%

Correlation

The correlation between MUNY and ZMUN is 0.19, 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	0.19

Return for Risk

MUNY vs. ZMUN — Risk / Return Rank

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

MUNY

MUNY Risk / Return Rank: 72
MUNY Sharpe Ratio Rank: 81
MUNY Sortino Ratio Rank: 83
MUNY Omega Ratio Rank: 90
MUNY Calmar Ratio Rank: 56
MUNY Martin Ratio Rank: 53

ZMUN

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

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.

MUNY vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Tax-Exempt Bond ETF (MUNY) 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.

	MUNY	ZMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.26	—	—
Sortino ratio: Return per unit of downside risk	3.25	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	2.42	—	—
Martin ratio: Return relative to average drawdown	8.11	—	—

Drawdowns

MUNY vs. ZMUN - Drawdown Comparison

The maximum MUNY drawdown since its inception was -2.70%, which is greater than ZMUN's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for MUNY and ZMUN.

Drawdown Indicators

	MUNY	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.70%	-0.10%	-2.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	—	—
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.01%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	—	—

Volatility

Volatility by Period

	MUNY	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	0.54%	+2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	0.54%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	0.54%	+3.32%

MUNY vs. ZMUN - Expense Ratio Comparison

MUNY has a 0.09% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

MUNY vs. ZMUN - Dividend Comparison

MUNY's dividend yield for the trailing twelve months is around 3.10%, more than ZMUN's 2.28% yield.

Position	TTM	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	3.10%	1.80%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both MUNY and ZMUN in my portfolio?

MUNY and ZMUN have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNY or ZMUN?

On fees, MUNY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNY or ZMUN?

MUNY is cheaper with a 0.09% expense ratio, compared with 0.30% for ZMUN.

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

MUNY has the higher dividend yield at 3.10%, compared with 2.28% for ZMUN.

What is the main difference between MUNY and ZMUN?

MUNY tracks S&P New York AMT-Free Municipal USD10 Million Par Bond Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: Vanguard and F/m Investments. Their fees differ too: 0.09% for MUNY and 0.30% for ZMUN.