SPEU vs. FMUB

Last updated Jun 14, 2026

SPEU (SPDR Portfolio Europe ETF) and FMUB (Fidelity Municipal Bond Opportunities ETF) are both exchange-traded funds - SPEU is a Europe Equities fund tracking the STOXX Europe Total Market, while FMUB is a Municipal Bonds fund actively managed by Fidelity. SPEU is passively managed, while FMUB is actively managed. Over the past year, SPEU returned 19.59% vs 6.87% for FMUB. At a 0.26 correlation, their price movements are largely independent. SPEU charges 0.09%/yr vs 0.30%/yr for FMUB.

Performance

SPEU vs. FMUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and Fidelity Municipal Bond Opportunities ETF (FMUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEU achieves a 7.38% return, which is significantly higher than FMUB's 1.73% return.

SPEU

• 1D: 0.18%
• 1M: 2.29%
• YTD: 7.38%
• 6M: 9.85%
• 1Y: 19.59%
• 3Y*: 16.58%
• 5Y*: 8.33%
• 10Y*: 10.17%

FMUB

• 1D: -0.16%
• 1M: 0.67%
• YTD: 1.73%
• 6M: 2.11%
• 1Y: 6.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPEU vs. FMUB - Yearly Performance Comparison

	2026 (YTD)	2025
SPEU SPDR Portfolio Europe ETF	7.38%	31.87%
FMUB Fidelity Municipal Bond Opportunities ETF	1.73%	4.69%

Correlation

The correlation between SPEU and FMUB is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.26

Return for Risk

SPEU vs. FMUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPEU

SPEU Risk / Return Rank: 35
SPEU Sharpe Ratio Rank: 35
SPEU Sortino Ratio Rank: 35
SPEU Omega Ratio Rank: 34
SPEU Calmar Ratio Rank: 34
SPEU Martin Ratio Rank: 39

FMUB

FMUB Risk / Return Rank: 80
FMUB Sharpe Ratio Rank: 88
FMUB Sortino Ratio Rank: 90
FMUB Omega Ratio Rank: 92
FMUB Calmar Ratio Rank: 62
FMUB Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPEU vs. FMUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and Fidelity Municipal Bond Opportunities ETF (FMUB). 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.

	SPEU	FMUB	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.56	-1.44
Sortino ratio: Return per unit of downside risk	1.67	3.74	-2.07
Omega ratio: Gain probability vs. loss probability	1.20	1.54	-0.34
Calmar ratio: Return relative to maximum drawdown	1.48	2.73	-1.25
Martin ratio: Return relative to average drawdown	5.42	10.84	-5.42

SPEU vs. FMUB - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.13, which is lower than the FMUB Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of SPEU and FMUB, 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

SPEU vs. FMUB - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, which is greater than FMUB's maximum drawdown of -2.74%. Use the drawdown chart below to compare losses from any high point for SPEU and FMUB.

Drawdown Indicators

	SPEU	FMUB	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-2.74%	-59.71%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-2.49%	-9.60%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	—	—
Current Drawdown Current decline from peak	-0.67%	-0.26%	-0.41%
Average Drawdown Average peak-to-trough decline	-13.83%	-0.48%	-13.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	0.63%	+2.68%

Volatility

SPEU vs. FMUB - Volatility Comparison

SPDR Portfolio Europe ETF (SPEU) has a higher volatility of 5.81% compared to Fidelity Municipal Bond Opportunities ETF (FMUB) at 0.90%. This indicates that SPEU's price experiences larger fluctuations and is considered to be riskier than FMUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEU	FMUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	0.90%	+4.91%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	2.02%	+11.38%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	2.67%	+13.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	3.65%	+13.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	3.65%	+14.86%

SPEU vs. FMUB - Expense Ratio Comparison

SPEU has a 0.09% expense ratio, which is lower than FMUB's 0.30% expense ratio.

Dividends

SPEU vs. FMUB - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.33%, less than FMUB's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUB Fidelity Municipal Bond Opportunities ETF	3.43%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPEU SPDR Portfolio Europe ETF	3.33%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Frequently Asked Questions

Can I hold both SPEU and FMUB in my portfolio?

SPEU and FMUB have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPEU or FMUB?

SPEU has higher volatility (5.81%) compared to FMUB (0.90%). In terms of maximum drawdown, SPEU dropped -62.45% vs FMUB's -2.74%.

Which ETF is better, SPEU or FMUB?

On 1-year performance, SPEU leads with 19.59% vs 6.87% for FMUB. On fees, SPEU is cheaper at 0.09% per year. On volatility, FMUB has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEU or FMUB?

Over the 1-year period, SPEU has performed better with a 19.59% return vs 6.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEU or FMUB?

SPEU is cheaper with a 0.09% expense ratio, compared with 0.30% for FMUB.

Which ETF pays a higher dividend yield, SPEU or FMUB?

FMUB has the higher dividend yield at 3.43%, compared with 3.33% for SPEU.

What is the main difference between SPEU and FMUB?

SPEU is categorized as Europe Equities, while FMUB is Municipal Bonds. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.09% for SPEU and 0.30% for FMUB.

Which has better risk-adjusted returns?

FMUB currently has the higher Sharpe Ratio (2.56 vs 1.13), 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.