TAFM vs. FMUN
TAFM (AB Tax-Aware Intermediate Municipal ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, TAFM returned 5.28% vs 5.03% for FMUN. Their 0.62 correlation means they have sometimes moved together and sometimes differently. TAFM charges 0.28%/yr vs 0.05%/yr for FMUN.
Performance
TAFM vs. FMUN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TAFM achieves a 1.00% return, which is significantly higher than FMUN's 0.55% return.
TAFM
- 1D
- 0.16%
- 1M
- -1.45%
- 6M
- 0.06%
- YTD
- 1.00%
- 1Y
- 5.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.51%
FMUN
- 1D
- 0.37%
- 1M
- -1.62%
- 6M
- -0.38%
- YTD
- 0.55%
- 1Y
- 5.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $585.46K | $512.82K | $541.96K | |
| $4.14M | $4.32M | $5.15M |
TAFM vs. FMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAFM AB Tax-Aware Intermediate Municipal ETF | 1.00% | 2.66% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 0.55% | 3.28% |
Correlation
The correlation between TAFM and FMUN is 0.63, 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. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.62 |
The correlation between TAFM and FMUN has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TAFM vs. FMUN — Risk / Return Rank
TAFM
FMUN
TAFM vs. FMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Tax-Aware Intermediate Municipal ETF (TAFM) 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.
| TAFM | FMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.34 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 1.57 | +0.40 |
| Martin ratioReturn relative to average drawdown | 6.60 | 4.78 | +1.81 |
Loading charts...
Drawdowns
TAFM vs. FMUN - Drawdown Comparison
The maximum TAFM drawdown since its inception was -4.74%, which is greater than FMUN's maximum drawdown of -3.83%. Use the drawdown chart below to compare losses from any high point for TAFM and FMUN.
Loading charts...
Drawdown Indicators
| TAFM | FMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.74% | -3.83% | -0.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.69% | -3.21% | +0.52% |
Current DrawdownCurrent decline from peak | -1.55% | -1.78% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -1.11% | +0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 1.05% | -0.25% |
Volatility
TAFM vs. FMUN - Volatility Comparison
AB Tax-Aware Intermediate Municipal ETF (TAFM) and Fidelity Systematic Municipal Bond Index ETF (FMUN) have volatilities of 0.85% and 0.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TAFM | FMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.89% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.20% | 2.52% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.05% | 3.06% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.83% | 4.04% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.83% | 4.04% | +0.79% |
TAFM vs. FMUN - Expense Ratio Comparison
TAFM has a 0.28% expense ratio, which is higher than FMUN's 0.05% expense ratio.
Dividends
TAFM vs. FMUN - Dividend Comparison
TAFM's dividend yield for the trailing twelve months is around 3.69%, more than FMUN's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.33% | 2.41% | 0.00% | 0.00% |
TAFM AB Tax-Aware Intermediate Municipal ETF | 3.69% | 3.51% | 3.35% | 0.18% |
Frequently Asked Questions
TAFM and FMUN have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMUN has higher volatility (0.89%) compared to TAFM (0.85%). In terms of maximum drawdown, TAFM dropped -4.74% vs FMUN's -3.83%.
On 1-year performance, TAFM leads with 5.28% vs 5.03% for FMUN. On fees, FMUN is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TAFM has performed better with a 5.28% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMUN is cheaper with a 0.05% expense ratio, compared with 0.28% for TAFM.
TAFM has the higher dividend yield at 3.69%, compared with 3.33% for FMUN.
They also come from different issuers: AllianceBernstein and Fidelity. Their fees differ too: 0.28% for TAFM and 0.05% for FMUN.
TAFM currently has the higher Sharpe Ratio (1.74 vs 1.65), 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.
Find the right allocation for TAFM and FMUN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer