SPIT vs. ZMUN

Last updated Jul 17, 2026

SPIT (F/m Emerald Special Situations ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both exchange-traded funds - SPIT is a Large Cap Growth Equities fund actively managed by F/m Investments, while ZMUN is a Municipal Bonds fund tracking the Bloomberg Municipal Bond Currently Callable Index. SPIT is actively managed, while ZMUN is passively managed. At a 0.07 correlation, their price movements are largely independent. SPIT charges 0.89%/yr vs 0.30%/yr for ZMUN.

Performance

SPIT vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Emerald Special Situations ETF (SPIT) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPIT achieves a 25.12% return, which is significantly higher than ZMUN's 1.97% return.

SPIT

• 1D: -1.56%
• 1M: -1.75%
• 6M: 14.70%
• YTD: 25.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.00%
• 1M: 0.21%
• 6M: 1.80%
• YTD: 1.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPIT vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
SPIT F/m Emerald Special Situations ETF	25.12%	5.31%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.97%	0.72%

Correlation

The correlation between SPIT and ZMUN is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 6, 2025	0.07

Return for Risk

SPIT vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Emerald Special Situations ETF (SPIT) 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

SPIT vs. ZMUN - Drawdown Comparison

The maximum SPIT drawdown since its inception was -12.49%, which is greater than ZMUN's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for SPIT and ZMUN.

Drawdown Indicators

	SPIT	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-12.49%	-0.13%	-12.36%
Current Drawdown Current decline from peak	-7.05%	0.00%	-7.05%
Average Drawdown Average peak-to-trough decline	-2.56%	-0.02%	-2.54%

Volatility

Volatility by Period

	SPIT	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	26.27%	0.54%	+25.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.27%	0.54%	+25.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.27%	0.54%	+25.73%

SPIT vs. ZMUN - Expense Ratio Comparison

SPIT has a 0.89% expense ratio, which is higher than ZMUN's 0.30% expense ratio.

Dividends

SPIT vs. ZMUN - Dividend Comparison

SPIT's dividend yield for the trailing twelve months is around 5.74%, more than ZMUN's 2.59% yield.

Position	TTM	2025
SPIT F/m Emerald Special Situations ETF	5.74%	7.18%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.59%	0.70%

Frequently Asked Questions

Can I hold both SPIT and ZMUN in my portfolio?

SPIT and ZMUN have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPIT 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, SPIT or ZMUN?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.89% for SPIT.

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

SPIT has the higher dividend yield at 5.74%, compared with 2.59% for ZMUN.

What is the main difference between SPIT and ZMUN?

SPIT is categorized as Large Cap Growth Equities, while ZMUN is Municipal Bonds. Their fees differ too: 0.89% for SPIT and 0.30% for ZMUN.