ZMUN vs. MFLX
ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and MFLX (First Trust Flexible Municipal High Income ETF) are both Municipal Bonds funds. ZMUN is passively managed, while MFLX is actively managed. At a 0.25 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.88%/yr for MFLX.
Performance
ZMUN vs. MFLX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZMUN achieves a 1.88% return, which is significantly lower than MFLX's 3.99% return.
ZMUN
- 1D
- 0.05%
- 1M
- 0.20%
- 6M
- 1.76%
- YTD
- 1.88%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MFLX
- 1D
- 0.00%
- 1M
- 0.55%
- 6M
- 3.33%
- YTD
- 3.99%
- 1Y
- 9.44%
- 3Y*
- 5.56%
- 5Y*
- -0.45%
- 10Y*
- —
ZMUN vs. MFLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.88% | 0.67% |
MFLX First Trust Flexible Municipal High Income ETF | 3.99% | 1.41% |
Correlation
The correlation between ZMUN and MFLX is 0.25, 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 | 0.25 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZMUN vs. MFLX — Risk / Return Rank
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MFLX
ZMUN vs. MFLX - 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 Flexible Municipal High Income ETF (MFLX). 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 | MFLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.48 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.94 | — |
| Martin ratioReturn relative to average drawdown | — | 12.50 | — |
Loading charts...
Drawdowns
ZMUN vs. MFLX - Drawdown Comparison
The maximum ZMUN drawdown since its inception was -0.13%, smaller than the maximum MFLX drawdown of -26.76%. Use the drawdown chart below to compare losses from any high point for ZMUN and MFLX.
Loading charts...
Drawdown Indicators
| ZMUN | MFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.13% | -26.76% | +26.63% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.11% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.88% | — |
Current DrawdownCurrent decline from peak | -0.07% | -3.16% | +3.09% |
Average DrawdownAverage peak-to-trough decline | -0.02% | -8.12% | +8.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.75% | — |
Volatility
ZMUN vs. MFLX - Volatility Comparison
Loading charts...
Volatility by Period
| ZMUN | MFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.93% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.08% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.54% | 4.08% | -3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.54% | 10.35% | -9.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.54% | 11.24% | -10.70% |
ZMUN vs. MFLX - Expense Ratio Comparison
ZMUN has a 0.30% expense ratio, which is lower than MFLX's 0.88% expense ratio.
Dividends
ZMUN vs. MFLX - Dividend Comparison
ZMUN's dividend yield for the trailing twelve months is around 2.60%, less than MFLX's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 4.09% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% |
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% |
Frequently Asked Questions
ZMUN and MFLX have a correlation of 0.25, 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 0.88% for MFLX.
MFLX has the higher dividend yield at 4.09%, compared with 2.60% for ZMUN.
They also come from different issuers: F/m Investments and First Trust. Their fees differ too: 0.30% for ZMUN and 0.88% for MFLX.
Find the right allocation for ZMUN and MFLX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer