ZMUN vs. CPHY

Last updated Jul 12, 2026

ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and CPHY (F/m Compoundr High Yield Bond ETF) are both exchange-traded funds - ZMUN is a Municipal Bonds fund tracking the Bloomberg Municipal Bond Currently Callable Index, while CPHY is a High Yield Bonds fund tracking the Nasdaq Compoundr U.S. High Yield Bond Index. Both are passively managed. At a 0.18 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.35%/yr for CPHY.

Performance

ZMUN vs. CPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and F/m Compoundr High Yield Bond ETF (CPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZMUN achieves a 1.88% return, which is significantly higher than CPHY's 0.72% return.

ZMUN

• 1D: 0.05%
• 1M: 0.20%
• 6M: 1.76%
• YTD: 1.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPHY

• 1D: -0.10%
• 1M: 0.15%
• 6M: 0.27%
• YTD: 0.72%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZMUN vs. CPHY - Yearly Performance Comparison

	2026 (YTD)	2025
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.88%	0.67%
CPHY F/m Compoundr High Yield Bond ETF	0.72%	0.81%

Correlation

The correlation between ZMUN and CPHY is 0.18, 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	0.18

Return for Risk

ZMUN vs. CPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and F/m Compoundr High Yield Bond ETF (CPHY). 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.

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

Drawdowns

ZMUN vs. CPHY - Drawdown Comparison

The maximum ZMUN drawdown since its inception was -0.13%, smaller than the maximum CPHY drawdown of -2.51%. Use the drawdown chart below to compare losses from any high point for ZMUN and CPHY.

Drawdown Indicators

	ZMUN	CPHY	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-2.51%	+2.38%
Current Drawdown Current decline from peak	-0.07%	-0.27%	+0.20%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.54%	+0.52%

Volatility

Volatility by Period

	ZMUN	CPHY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	3.50%	-2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.54%	3.50%	-2.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.54%	3.50%	-2.96%

ZMUN vs. CPHY - Expense Ratio Comparison

ZMUN has a 0.30% expense ratio, which is lower than CPHY's 0.35% expense ratio.

Dividends

ZMUN vs. CPHY - Dividend Comparison

ZMUN's dividend yield for the trailing twelve months is around 2.60%, while CPHY has not paid dividends to shareholders.

Position	TTM	2025
CPHY F/m Compoundr High Yield Bond ETF	0.00%	0.00%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.60%	0.70%

Frequently Asked Questions

Can I hold both ZMUN and CPHY in my portfolio?

ZMUN and CPHY have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZMUN or CPHY?

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, ZMUN or CPHY?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.35% for CPHY.

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

ZMUN has the higher dividend yield at 2.60%, compared with 0.00% for CPHY.

What is the main difference between ZMUN and CPHY?

ZMUN is categorized as Municipal Bonds, while CPHY is High Yield Bonds. ZMUN tracks Bloomberg Municipal Bond Currently Callable Index, while CPHY tracks Nasdaq Compoundr U.S. High Yield Bond Index. Their fees differ too: 0.30% for ZMUN and 0.35% for CPHY.