RJMI vs. ZMUN

Last updated Jun 24, 2026

RJMI (RJ Eagle Municipal Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. RJMI is actively managed, while ZMUN is passively managed. At a 0.18 correlation, their price movements are largely independent. RJMI charges 0.41%/yr vs 0.30%/yr for ZMUN.

Performance

RJMI vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RJ Eagle Municipal Income ETF (RJMI) 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 RJMI having a 1.76% return and ZMUN slightly higher at 1.78%.

RJMI

• 1D: -0.13%
• 1M: 1.45%
• YTD: 1.76%
• 6M: 1.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.01%
• 1M: 0.31%
• YTD: 1.78%
• 6M: 1.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RJMI vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
RJMI RJ Eagle Municipal Income ETF	1.76%	2.68%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.78%	0.73%

Correlation

The correlation between RJMI and ZMUN is 0.18, 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 2, 2025	0.18

Return for Risk

RJMI vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RJ Eagle Municipal Income ETF (RJMI) 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.

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

Drawdowns

RJMI vs. ZMUN - Drawdown Comparison

The maximum RJMI drawdown since its inception was -3.04%, which is greater than ZMUN's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for RJMI and ZMUN.

Drawdown Indicators

	RJMI	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.04%	-0.10%	-2.94%
Current Drawdown Current decline from peak	-0.48%	-0.02%	-0.46%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.01%	-0.64%

Volatility

Volatility by Period

	RJMI	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.04%	0.54%	+2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.04%	0.54%	+2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.04%	0.54%	+2.50%

RJMI vs. ZMUN - Expense Ratio Comparison

RJMI has a 0.41% expense ratio, which is higher than ZMUN's 0.30% expense ratio.

Dividends

RJMI vs. ZMUN - Dividend Comparison

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

Position	TTM	2025
RJMI RJ Eagle Municipal Income ETF	1.95%	0.61%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both RJMI and ZMUN in my portfolio?

RJMI 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.

Which ETF is better, RJMI or ZMUN?

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.

Which ETF is cheaper, RJMI or ZMUN?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.41% for RJMI.

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

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

What is the main difference between RJMI and ZMUN?

They also come from different issuers: Carillon Tower Advisers and F/m Investments. Their fees differ too: 0.41% for RJMI and 0.30% for ZMUN.