OVM vs. ZMUN
OVM (Overlay Shares Municipal Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. OVM is actively managed, while ZMUN is passively managed. Their 0.18 correlation means their historical movements had little consistent relationship. OVM charges 0.82%/yr vs 0.30%/yr for ZMUN.
Performance
OVM vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, OVM achieves a 2.26% return, which is significantly higher than ZMUN's 2.09% return.
OVM
- 1D
- 0.80%
- 1M
- -1.88%
- 6M
- 1.00%
- YTD
- 2.26%
- 1Y
- 7.80%
- 3Y*
- 4.39%
- 5Y*
- 1.01%
- 10Y*
- —
- ALL TIME*
- 2.45%
ZMUN
- 1D
- 0.04%
- 1M
- 0.20%
- 6M
- 1.82%
- YTD
- 2.09%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $294.19K | $270.99K | $329.94K | |
| $247.22K | $279.15K | $385.45K |
OVM vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 2.26% | 2.27% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.09% | 0.67% |
Correlation
The correlation between OVM and ZMUN is 0.18, 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 | 0.18 |
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Return for Risk
OVM vs. ZMUN — Risk / Return Rank
OVM
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
OVM vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) 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.
| OVM | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.32 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | — | — |
| Martin ratioReturn relative to average drawdown | 10.05 | — | — |
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Drawdowns
OVM vs. ZMUN - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, which is greater than ZMUN's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for OVM and ZMUN.
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Drawdown Indicators
| OVM | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -0.13% | -15.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -8.20% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | — | — |
Current DrawdownCurrent decline from peak | -2.10% | 0.00% | -2.10% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -0.02% | -3.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | — | — |
Volatility
OVM vs. ZMUN - Volatility Comparison
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Volatility by Period
| OVM | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.56% | 0.54% | +4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.45% | 0.54% | +4.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.52% | 0.54% | +5.98% |
OVM vs. ZMUN - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is higher than ZMUN's 0.30% expense ratio.
Dividends
OVM vs. ZMUN - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 5.82%, more than ZMUN's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 5.82% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.92% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OVM and ZMUN have a correlation of 0.18, 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 0.82% for OVM.
OVM has the higher dividend yield at 5.82%, compared with 2.92% for ZMUN.
They also come from different issuers: Liquid Strategies and F/m. Their fees differ too: 0.82% for OVM and 0.30% for ZMUN.
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