TMNS vs. ZMUN

Last updated Jun 5, 2026

TMNS (T. Rowe Price Short Municipal Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. TMNS is actively managed, while ZMUN is passively managed. At a 0.10 correlation, their price movements are largely independent. TMNS charges 0.18%/yr vs 0.30%/yr for ZMUN.

Performance

TMNS vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Short Municipal Income ETF (TMNS) 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, TMNS achieves a 1.24% return, which is significantly lower than ZMUN's 1.61% return.

TMNS

• 1D: 0.10%
• 1M: 0.41%
• YTD: 1.24%
• 6M: 1.57%
• 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)

TMNS vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
TMNS T. Rowe Price Short Municipal Income ETF	1.24%	0.57%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.42%

Correlation

The correlation between TMNS and ZMUN is 0.10, 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	0.10

Return for Risk

TMNS vs. ZMUN - Risk-Adjusted Trends Comparison

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

	TMNS	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	6.54	-4.42

Drawdowns

TMNS vs. ZMUN - Drawdown Comparison

The maximum TMNS drawdown since its inception was -1.28%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for TMNS and ZMUN.

Drawdown Indicators

	TMNS	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-1.28%	-0.09%	-1.19%
Current Drawdown Current decline from peak	-0.23%	0.00%	-0.23%
Average Drawdown Average peak-to-trough decline	-0.32%	-0.01%	-0.31%

Volatility

Volatility by Period

	TMNS	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.64%	0.54%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.64%	0.54%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	0.54%	+1.10%

TMNS vs. ZMUN - Expense Ratio Comparison

TMNS has a 0.18% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

TMNS vs. ZMUN - Dividend Comparison

TMNS's dividend yield for the trailing twelve months is around 1.72%, less than ZMUN's 2.28% yield.

Position	TTM	2025
TMNS T. Rowe Price Short Municipal Income ETF	1.72%	0.33%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both TMNS and ZMUN in my portfolio?

TMNS and ZMUN have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMNS or ZMUN?

On fees, TMNS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMNS or ZMUN?

TMNS is cheaper with a 0.18% expense ratio, compared with 0.30% for ZMUN.

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

ZMUN has the higher dividend yield at 2.28%, compared with 1.72% for TMNS.

What is the main difference between TMNS and ZMUN?

They also come from different issuers: T. Rowe Price and F/m Investments. Their fees differ too: 0.18% for TMNS and 0.30% for ZMUN.