UTWY vs. ZMUN

Last updated Jun 24, 2026

UTWY (F/m US Treasury 20 Year Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while ZMUN is a Municipal Bonds fund tracking the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.13 correlation, their price movements are largely independent. UTWY charges 0.15%/yr vs 0.30%/yr for ZMUN.

Performance

UTWY vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m US Treasury 20 Year Bond ETF (UTWY) 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, UTWY achieves a 0.13% return, which is significantly lower than ZMUN's 1.78% return.

UTWY

• 1D: 0.14%
• 1M: 1.73%
• YTD: 0.13%
• 6M: 0.04%
• 1Y: 3.50%
• 3Y*: -0.43%
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.01%
• 1M: 0.31%
• YTD: 1.78%
• 6M: 1.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UTWY vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
UTWY F/m US Treasury 20 Year Bond ETF	0.13%	-0.30%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.78%	0.67%

Correlation

The correlation between UTWY and ZMUN is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	0.13

Return for Risk

UTWY vs. ZMUN — Risk / Return Rank

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

UTWY

UTWY Risk / Return Rank: 15
UTWY Sharpe Ratio Rank: 15
UTWY Sortino Ratio Rank: 14
UTWY Omega Ratio Rank: 14
UTWY Calmar Ratio Rank: 15
UTWY Martin Ratio Rank: 15

ZMUN

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

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.

UTWY vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 20 Year Bond ETF (UTWY) 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.

	UTWY	ZMUN	Difference
Sharpe ratio: Return per unit of total volatility	0.45	—	—
Sortino ratio: Return per unit of downside risk	0.69	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.52	—	—
Martin ratio: Return relative to average drawdown	1.34	—	—

Drawdowns

UTWY vs. ZMUN - Drawdown Comparison

The maximum UTWY drawdown since its inception was -18.19%, which is greater than ZMUN's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for UTWY and ZMUN.

Drawdown Indicators

	UTWY	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-18.19%	-0.10%	-18.09%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.96%	—	—
Current Drawdown Current decline from peak	-5.30%	-0.02%	-5.28%
Average Drawdown Average peak-to-trough decline	-7.00%	-0.01%	-6.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	—	—

Volatility

Volatility by Period

	UTWY	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.89%	0.54%	+7.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.05%	0.54%	+10.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.05%	0.54%	+10.51%

UTWY vs. ZMUN - Expense Ratio Comparison

UTWY has a 0.15% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

UTWY vs. ZMUN - Dividend Comparison

UTWY's dividend yield for the trailing twelve months is around 4.65%, more than ZMUN's 2.28% yield.

Position	TTM	2025	2024	2023
UTWY F/m US Treasury 20 Year Bond ETF	4.65%	4.62%	4.56%	2.94%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UTWY and ZMUN in my portfolio?

UTWY and ZMUN have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UTWY or ZMUN?

On fees, UTWY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UTWY or ZMUN?

UTWY is cheaper with a 0.15% expense ratio, compared with 0.30% for ZMUN.

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

UTWY has the higher dividend yield at 4.65%, compared with 2.28% for ZMUN.

What is the main difference between UTWY and ZMUN?

UTWY is categorized as Government Bonds, while ZMUN is Municipal Bonds. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. Their fees differ too: 0.15% for UTWY and 0.30% for ZMUN.