TMNL vs. ZMUN

Last updated Jun 5, 2026

TMNL (T. Rowe Price Long Municipal Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. TMNL is actively managed, while ZMUN is passively managed. At a 0.08 correlation, their price movements are largely independent. TMNL charges 0.26%/yr vs 0.30%/yr for ZMUN.

Performance

TMNL vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Long Municipal Income ETF (TMNL) 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, TMNL achieves a 2.54% return, which is significantly higher than ZMUN's 1.61% return.

TMNL

• 1D: 0.25%
• 1M: 0.96%
• YTD: 2.54%
• 6M: 2.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.04%
• 1M: 0.31%
• YTD: 1.61%
• 6M: 1.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMNL vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
TMNL T. Rowe Price Long Municipal Income ETF	2.54%	0.34%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.42%

Correlation

The correlation between TMNL and ZMUN is 0.08, 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 Nov 21, 2025	0.08

Return for Risk

TMNL vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Long Municipal Income ETF (TMNL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TMNL	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	6.54	-5.32

Drawdowns

TMNL vs. ZMUN - Drawdown Comparison

The maximum TMNL drawdown since its inception was -2.94%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for TMNL and ZMUN.

Drawdown Indicators

	TMNL	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.94%	-0.09%	-2.85%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.59%	-0.01%	-0.58%

Volatility

Volatility by Period

	TMNL	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.55%	0.54%	+4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	0.54%	+4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	0.54%	+4.01%

TMNL vs. ZMUN - Expense Ratio Comparison

TMNL has a 0.26% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

TMNL vs. ZMUN - Dividend Comparison

TMNL's dividend yield for the trailing twelve months is around 2.12%, less than ZMUN's 2.28% yield.

Position	TTM	2025
TMNL T. Rowe Price Long Municipal Income ETF	2.12%	0.39%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both TMNL and ZMUN in my portfolio?

TMNL and ZMUN have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMNL or ZMUN?

On fees, TMNL is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMNL or ZMUN?

TMNL is cheaper with a 0.26% expense ratio, compared with 0.30% for ZMUN.

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

ZMUN has the higher dividend yield at 2.28%, compared with 2.12% for TMNL.

What is the main difference between TMNL and ZMUN?

They also come from different issuers: T. Rowe Price and F/m Investments. Their fees differ too: 0.26% for TMNL and 0.30% for ZMUN.