NYF vs. ZMUN
NYF (iShares New York Muni Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - NYF tracks the ICE AMT-Free New York Plus Municipal Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. Their 0.22 correlation means their historical movements had little consistent relationship. NYF charges 0.09%/yr vs 0.30%/yr for ZMUN.
Performance
NYF vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, NYF achieves a 0.64% return, which is significantly lower than ZMUN's 2.08% return.
NYF
- 1D
- 0.25%
- 1M
- -1.56%
- 6M
- -0.13%
- YTD
- 0.64%
- 1Y
- 4.71%
- 3Y*
- 3.02%
- 5Y*
- 0.53%
- 10Y*
- 1.64%
- ALL TIME*
- 3.06%
ZMUN
- 1D
- 0.03%
- 1M
- 0.19%
- 6M
- 1.81%
- YTD
- 2.08%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.91M | $8.04M | $7.81M | |
| $235.05K | $268.89K | $387.44K |
NYF vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NYF iShares New York Muni Bond ETF | 0.64% | 1.41% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.08% | 0.67% |
Correlation
The correlation between NYF and ZMUN is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025 | 0.22 |
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Return for Risk
NYF vs. ZMUN — Risk / Return Rank
NYF
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
NYF vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) 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.
| NYF | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.36 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | — | — |
| Martin ratioReturn relative to average drawdown | 5.58 | — | — |
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Drawdowns
NYF vs. ZMUN - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, which is greater than ZMUN's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for NYF and ZMUN.
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Drawdown Indicators
| NYF | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -0.13% | -12.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.62% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.41% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | — | — |
Current DrawdownCurrent decline from peak | -1.56% | -0.01% | -1.55% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -0.02% | -2.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | — | — |
Volatility
NYF vs. ZMUN - Volatility Comparison
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Volatility by Period
| NYF | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.74% | 0.54% | +2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.02% | 0.54% | +3.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 0.54% | +3.94% |
NYF vs. ZMUN - Expense Ratio Comparison
NYF has a 0.09% expense ratio, which is lower than ZMUN's 0.30% expense ratio.
Dividends
NYF vs. ZMUN - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.16%, more than ZMUN's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 3.16% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.92% | 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
NYF 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, NYF is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NYF is cheaper with a 0.09% expense ratio, compared with 0.30% for ZMUN.
NYF has the higher dividend yield at 3.16%, compared with 2.92% for ZMUN.
NYF tracks ICE AMT-Free New York Plus Municipal Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: iShares and F/m. Their fees differ too: 0.09% for NYF and 0.30% for ZMUN.
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