ZMUN vs. FSMB
ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and FSMB (First Trust Short Duration Managed Municipal ETF) are both Municipal Bonds funds. ZMUN is passively managed, while FSMB is actively managed. At a 0.18 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.45%/yr for FSMB.
Performance
ZMUN vs. FSMB - Performance Comparison
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Returns By Period
In the year-to-date period, ZMUN achieves a 1.78% return, which is significantly higher than FSMB's 1.26% return.
ZMUN
- 1D
- 0.01%
- 1M
- 0.31%
- YTD
- 1.78%
- 6M
- 1.87%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FSMB
- 1D
- 0.00%
- 1M
- 0.65%
- YTD
- 1.26%
- 6M
- 1.39%
- 1Y
- 3.78%
- 3Y*
- 3.39%
- 5Y*
- 1.52%
- 10Y*
- —
ZMUN vs. FSMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.78% | 0.67% |
FSMB First Trust Short Duration Managed Municipal ETF | 1.26% | 0.63% |
Correlation
The correlation between ZMUN and FSMB 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 |
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Return for Risk
ZMUN vs. FSMB — Risk / Return Rank
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FSMB
ZMUN vs. FSMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and First Trust Short Duration Managed Municipal ETF (FSMB). 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.
| ZMUN | FSMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.56 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.95 | — |
| Martin ratioReturn relative to average drawdown | — | 10.01 | — |
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Drawdowns
ZMUN vs. FSMB - Drawdown Comparison
The maximum ZMUN drawdown since its inception was -0.10%, smaller than the maximum FSMB drawdown of -6.32%. Use the drawdown chart below to compare losses from any high point for ZMUN and FSMB.
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Drawdown Indicators
| ZMUN | FSMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -6.32% | +6.22% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.29% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.97% | — |
Current DrawdownCurrent decline from peak | -0.02% | -0.15% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -1.15% | +1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.38% | — |
Volatility
ZMUN vs. FSMB - Volatility Comparison
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Volatility by Period
| ZMUN | FSMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.31% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.03% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.54% | 1.40% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.54% | 1.96% | -1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.54% | 2.91% | -2.37% |
ZMUN vs. FSMB - Expense Ratio Comparison
ZMUN has a 0.30% expense ratio, which is lower than FSMB's 0.45% expense ratio.
Dividends
ZMUN vs. FSMB - Dividend Comparison
ZMUN's dividend yield for the trailing twelve months is around 2.28%, less than FSMB's 3.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 3.14% | 3.09% | 2.88% | 2.40% | 1.47% | 1.20% | 1.79% | 2.27% | 0.19% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.28% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZMUN and FSMB 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.
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.
ZMUN is cheaper with a 0.30% expense ratio, compared with 0.45% for FSMB.
FSMB has the higher dividend yield at 3.14%, compared with 2.28% for ZMUN.
They also come from different issuers: F/m Investments and First Trust. Their fees differ too: 0.30% for ZMUN and 0.45% for FSMB.
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