SCMB vs. FMUN

Last updated Aug 2, 2026

SCMB (Schwab Municipal Bond ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. SCMB is passively managed, while FMUN is actively managed. Over the past year, SCMB returned 4.38% vs 4.46% for FMUN. Their 0.75 correlation means they have sometimes moved together and sometimes differently. SCMB charges 0.03%/yr vs 0.05%/yr for FMUN.

Performance

SCMB vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Municipal Bond ETF (SCMB) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCMB achieves a 0.06% return, which is significantly higher than FMUN's -0.03% return.

SCMB

• 1D: 0.00%
• 1M: -1.78%
• 6M: -0.52%
• YTD: 0.06%
• 1Y: 4.38%
• 3Y*: 2.76%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.54%

FMUN

• 1D: -0.24%
• 1M: -2.19%
• 6M: -0.88%
• YTD: -0.03%
• 1Y: 4.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMUN Fidelity Systematic Municipal Bond Index ETF	$530.62K	$503.69K	$533.19K
SCMB Schwab Municipal Bond ETF	$37.46M	$30.33M	$30.04M

SCMB vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
SCMB Schwab Municipal Bond ETF	0.06%	3.16%
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.03%	3.28%

Correlation

The correlation between SCMB and FMUN is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.75

The correlation between SCMB and FMUN has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

Return for Risk

SCMB vs. FMUN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SCMB

SCMB Risk / Return Rank: 67
SCMB Sharpe Ratio Rank: 76
SCMB Sortino Ratio Rank: 77
SCMB Omega Ratio Rank: 83
SCMB Calmar Ratio Rank: 50
SCMB Martin Ratio Rank: 48

FMUN

FMUN Risk / Return Rank: 64
FMUN Sharpe Ratio Rank: 74
FMUN Sortino Ratio Rank: 74
FMUN Omega Ratio Rank: 81
FMUN Calmar Ratio Rank: 46
FMUN Martin Ratio Rank: 44

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SCMB vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Municipal Bond ETF (SCMB) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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.

	SCMB	FMUN	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.67	+0.06
Sortino ratio: Return per unit of downside risk	2.46	2.36	+0.09
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	1.79	1.61	+0.17
Martin ratio: Return relative to average drawdown	5.53	4.97	+0.56

SCMB vs. FMUN - Sharpe Ratio Comparison

The current SCMB Sharpe Ratio is 1.73, which is comparable to the FMUN Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of SCMB and FMUN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SCMB vs. FMUN - Drawdown Comparison

The maximum SCMB drawdown since its inception was -6.13%, which is greater than FMUN's maximum drawdown of -3.83%. Use the drawdown chart below to compare losses from any high point for SCMB and FMUN.

Drawdown Indicators

	SCMB	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-6.13%	-3.83%	-2.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-3.21%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-4.75%	—	—
Current Drawdown Current decline from peak	-1.86%	-2.35%	+0.49%
Average Drawdown Average peak-to-trough decline	-1.30%	-1.11%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	1.04%	-0.10%

Volatility

SCMB vs. FMUN - Volatility Comparison

Schwab Municipal Bond ETF (SCMB) has a higher volatility of 1.02% compared to Fidelity Systematic Municipal Bond Index ETF (FMUN) at 0.75%. This indicates that SCMB's price experiences larger fluctuations and is considered to be riskier than FMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCMB	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.75%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	2.49%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.01%	3.11%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	4.03%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.12%	4.03%	+0.09%

SCMB vs. FMUN - Expense Ratio Comparison

SCMB has a 0.03% expense ratio, which is lower than FMUN's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SCMB vs. FMUN - Dividend Comparison

SCMB's dividend yield for the trailing twelve months is around 3.59%, more than FMUN's 3.35% yield.

Position	TTM	2025	2024	2023	2022
FMUN Fidelity Systematic Municipal Bond Index ETF	3.35%	2.41%	0.00%	0.00%	0.00%
SCMB Schwab Municipal Bond ETF	3.26%	3.36%	3.34%	3.10%	0.59%

Frequently Asked Questions

Can I hold both SCMB and FMUN in my portfolio?

SCMB and FMUN have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCMB or FMUN?

SCMB has higher volatility (1.02%) compared to FMUN (0.75%). In terms of maximum drawdown, SCMB dropped -6.13% vs FMUN's -3.83%.

Which ETF is better, SCMB or FMUN?

On 1-year performance, FMUN leads with 4.46% vs 4.38% for SCMB. On fees, SCMB is cheaper at 0.03% per year. On volatility, FMUN has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCMB or FMUN?

Over the 1-year period, FMUN has performed better with a 4.46% return vs 4.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCMB or FMUN?

SCMB is cheaper with a 0.03% expense ratio, compared with 0.05% for FMUN.

Which ETF pays a higher dividend yield, SCMB or FMUN?

FMUN has the higher dividend yield at 3.35%, compared with 3.26% for SCMB.

What is the main difference between SCMB and FMUN?

They also come from different issuers: Charles Schwab and Fidelity. Their fees differ too: 0.03% for SCMB and 0.05% for FMUN.

Which has better risk-adjusted returns?

SCMB currently has the higher Sharpe Ratio (1.73 vs 1.67), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.