SMB vs. FMUN

Last updated Aug 2, 2026

SMB (VanEck Short Muni ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. SMB is passively managed, while FMUN is actively managed. Over the past year, SMB returned 1.99% vs 4.46% for FMUN. Their 0.43 correlation means their historical movements had little consistent relationship. SMB charges 0.20%/yr vs 0.05%/yr for FMUN.

Performance

SMB vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Short Muni ETF (SMB) 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, SMB achieves a 0.39% return, which is significantly higher than FMUN's -0.03% return.

SMB

• 1D: -0.06%
• 1M: -0.43%
• 6M: 0.34%
• YTD: 0.39%
• 1Y: 1.99%
• 3Y*: 3.35%
• 5Y*: 1.08%
• 10Y*: 1.40%
• ALL TIME*: 2.01%

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
SMB VanEck Short Muni ETF	$770.61K	$950.10K	$1.02M

SMB vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
SMB VanEck Short Muni ETF	0.39%	3.62%
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.03%	3.28%

Correlation

The correlation between SMB and FMUN is 0.50, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.43

Return for Risk

SMB vs. FMUN — Risk / Return Rank

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

SMB

SMB Risk / Return Rank: 62
SMB Sharpe Ratio Rank: 65
SMB Sortino Ratio Rank: 66
SMB Omega Ratio Rank: 68
SMB Calmar Ratio Rank: 60
SMB Martin Ratio Rank: 50

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.

SMB vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Short Muni ETF (SMB) 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.

	SMB	FMUN	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.67	-0.16
Sortino ratio: Return per unit of downside risk	2.17	2.36	-0.20
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	2.11	1.61	+0.50
Martin ratio: Return relative to average drawdown	5.77	4.97	+0.79

SMB vs. FMUN - Sharpe Ratio Comparison

The current SMB Sharpe Ratio is 1.51, which is comparable to the FMUN Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of SMB 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

SMB vs. FMUN - Drawdown Comparison

The maximum SMB drawdown since its inception was -12.64%, which is greater than FMUN's maximum drawdown of -3.83%. Use the drawdown chart below to compare losses from any high point for SMB and FMUN.

Drawdown Indicators

	SMB	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-12.64%	-3.83%	-8.81%
Max Drawdown (1Y) Largest decline over 1 year	-1.17%	-3.21%	+2.04%
Max Drawdown (3Y) Largest decline over 3 years	-1.80%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-7.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-12.64%	—	—
Current Drawdown Current decline from peak	-0.49%	-2.35%	+1.86%
Average Drawdown Average peak-to-trough decline	-1.13%	-1.11%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	1.04%	-0.61%

Volatility

SMB vs. FMUN - Volatility Comparison

The current volatility for VanEck Short Muni ETF (SMB) is 0.42%, while Fidelity Systematic Municipal Bond Index ETF (FMUN) has a volatility of 0.75%. This indicates that SMB experiences smaller price fluctuations and is considered to be less risky than FMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMB	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.75%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	2.49%	-1.43%
Volatility (1Y) Calculated over the trailing 1-year period	1.64%	3.11%	-1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.48%	4.03%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	4.03%	+0.22%

SMB vs. FMUN - Expense Ratio Comparison

SMB has a 0.20% expense ratio, which is higher than FMUN's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SMB vs. FMUN - Dividend Comparison

SMB's dividend yield for the trailing twelve months is around 2.77%, less than FMUN's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUN Fidelity Systematic Municipal Bond Index ETF	3.35%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMB VanEck Short Muni ETF	2.53%	2.63%	2.38%	1.83%	1.32%	1.24%	1.50%	1.58%	1.49%	1.23%	1.12%	1.13%

Frequently Asked Questions

Can I hold both SMB and FMUN in my portfolio?

SMB and FMUN have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMB or FMUN?

FMUN has higher volatility (0.75%) compared to SMB (0.42%). In terms of maximum drawdown, SMB dropped -12.64% vs FMUN's -3.83%.

Which ETF is better, SMB or FMUN?

On 1-year performance, FMUN leads with 4.46% vs 1.99% for SMB. On fees, FMUN is cheaper at 0.05% per year. On volatility, SMB has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMB or FMUN?

Over the 1-year period, FMUN has performed better with a 4.46% return vs 1.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMB or FMUN?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.20% for SMB.

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

FMUN has the higher dividend yield at 3.35%, compared with 2.53% for SMB.

What is the main difference between SMB and FMUN?

They also come from different issuers: VanEck and Fidelity. Their fees differ too: 0.20% for SMB and 0.05% for FMUN.

Which has better risk-adjusted returns?

FMUN currently has the higher Sharpe Ratio (1.67 vs 1.51), 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.