ZMUN vs. HYD

Last updated Jul 12, 2026

ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and HYD (VanEck High Yield Muni ETF) are both Municipal Bonds funds - ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index while HYD tracks the ICE Broad High Yield Crossover Municipal Index. Both are passively managed. At a 0.17 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.35%/yr for HYD.

Performance

ZMUN vs. HYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and VanEck High Yield Muni ETF (HYD). 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 lower than HYD's 2.51% return.

ZMUN

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

HYD

• 1D: -0.03%
• 1M: 0.20%
• 6M: 2.14%
• YTD: 2.51%
• 1Y: 7.84%
• 3Y*: 4.51%
• 5Y*: -0.27%
• 10Y*: 1.87%

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

ZMUN vs. HYD - Yearly Performance Comparison

	2026 (YTD)	2025
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.88%	0.67%
HYD VanEck High Yield Muni ETF	2.51%	1.87%

Correlation

The correlation between ZMUN and HYD 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 Sep 30, 2025	0.17

Return for Risk

ZMUN vs. HYD — Risk / Return Rank

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

ZMUN

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

HYD

HYD Risk / Return Rank: 71
HYD Sharpe Ratio Rank: 72
HYD Sortino Ratio Rank: 76
HYD Omega Ratio Rank: 81
HYD Calmar Ratio Rank: 57
HYD Martin Ratio Rank: 69

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.

ZMUN vs. HYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and VanEck High Yield Muni ETF (HYD). 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	HYD	Difference
Sharpe ratio: Return per unit of total volatility	—	1.84	—
Sortino ratio: Return per unit of downside risk	—	2.71	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	2.29	—
Martin ratio: Return relative to average drawdown	—	9.98	—

Drawdowns

ZMUN vs. HYD - Drawdown Comparison

The maximum ZMUN drawdown since its inception was -0.13%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for ZMUN and HYD.

Drawdown Indicators

	ZMUN	HYD	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-35.61%	+35.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.21%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.61%	—
Current Drawdown Current decline from peak	-0.07%	-1.66%	+1.59%
Average Drawdown Average peak-to-trough decline	-0.02%	-4.31%	+4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.81%	—

Volatility

Volatility by Period

	ZMUN	HYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	4.00%	-3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.54%	6.46%	-5.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.54%	12.61%	-12.07%

ZMUN vs. HYD - Expense Ratio Comparison

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

Dividends

ZMUN vs. HYD - Dividend Comparison

ZMUN's dividend yield for the trailing twelve months is around 2.60%, less than HYD's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYD VanEck High Yield Muni ETF	4.31%	4.29%	4.29%	4.13%	3.96%	3.50%	4.01%	4.08%	4.43%	4.29%	4.58%	4.82%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.60%	0.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZMUN and HYD in my portfolio?

ZMUN and HYD 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, ZMUN or HYD?

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 HYD?

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

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

HYD has the higher dividend yield at 4.31%, compared with 2.60% for ZMUN.

What is the main difference between ZMUN and HYD?

ZMUN tracks Bloomberg Municipal Bond Currently Callable Index, while HYD tracks ICE Broad High Yield Crossover Municipal Index. They also come from different issuers: F/m Investments and VanEck. Their fees differ too: 0.30% for ZMUN and 0.35% for HYD.