ZHOG vs. ZMUN

Last updated Jun 4, 2026

ZHOG (F/m Opportunistic Income ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both exchange-traded funds - ZHOG is a Intermediate Core-Plus Bond fund actively managed by F/m Investments, while ZMUN is a Municipal Bonds fund tracking the Bloomberg Municipal Bond Currently Callable Index. ZHOG is actively managed, while ZMUN is passively managed. At a 0.17 correlation, their price movements are largely independent. ZHOG charges 0.43%/yr vs 0.30%/yr for ZMUN.

Performance

ZHOG vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Opportunistic Income ETF (ZHOG) 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, ZHOG achieves a 0.77% return, which is significantly lower than ZMUN's 1.57% return.

ZHOG

• 1D: -0.05%
• 1M: 0.18%
• YTD: 0.77%
• 6M: 1.11%
• 1Y: 5.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: -0.02%
• 1M: 0.21%
• YTD: 1.57%
• 6M: 1.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHOG vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
ZHOG F/m Opportunistic Income ETF	0.77%	1.11%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.57%	0.73%

Correlation

The correlation between ZHOG and ZMUN is 0.17, 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 Oct 1, 2025	0.17

Return for Risk

ZHOG vs. ZMUN — Risk / Return Rank

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

ZHOG

ZHOG Risk / Return Rank: 90
ZHOG Sharpe Ratio Rank: 93
ZHOG Sortino Ratio Rank: 96
ZHOG Omega Ratio Rank: 95
ZHOG Calmar Ratio Rank: 82
ZHOG Martin Ratio Rank: 87

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.

ZHOG vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Opportunistic Income ETF (ZHOG) 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.

	ZHOG	ZMUN	Difference
Sharpe ratio: Return per unit of total volatility	3.50	—	—
Sortino ratio: Return per unit of downside risk	5.53	—	—
Omega ratio: Gain probability vs. loss probability	1.72	—	—
Calmar ratio: Return relative to maximum drawdown	4.25	—	—
Martin ratio: Return relative to average drawdown	18.40	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZHOG	ZMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	6.46	-4.84

Drawdowns

ZHOG vs. ZMUN - Drawdown Comparison

The maximum ZHOG drawdown since its inception was -3.66%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for ZHOG and ZMUN.

Drawdown Indicators

	ZHOG	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.66%	-0.09%	-3.57%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	—	—
Current Drawdown Current decline from peak	-0.08%	-0.02%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.01%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	ZHOG	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	0.54%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.01%	0.54%	+3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.01%	0.54%	+3.47%

ZHOG vs. ZMUN - Expense Ratio Comparison

ZHOG has a 0.43% expense ratio, which is higher than ZMUN's 0.30% expense ratio.

Dividends

ZHOG vs. ZMUN - Dividend Comparison

ZHOG's dividend yield for the trailing twelve months is around 5.11%, more than ZMUN's 2.28% yield.

Position	TTM	2025	2024	2023
ZHOG F/m Opportunistic Income ETF	5.11%	5.35%	5.50%	1.70%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZHOG and ZMUN in my portfolio?

ZHOG and ZMUN have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZHOG 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, ZHOG or ZMUN?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.43% for ZHOG.

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

ZHOG has the higher dividend yield at 5.11%, compared with 2.28% for ZMUN.

What is the main difference between ZHOG and ZMUN?

ZHOG is categorized as Intermediate Core-Plus Bond, while ZMUN is Municipal Bonds. Their fees differ too: 0.43% for ZHOG and 0.30% for ZMUN.