ZMUN vs. MNBD

Last updated Jun 5, 2026

ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and MNBD (ALPS Intermediate Municipal Bond ETF) are both Municipal Bonds funds. ZMUN is passively managed, while MNBD is actively managed. At a 0.13 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.50%/yr for MNBD.

Performance

ZMUN vs. MNBD - Performance Comparison

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

Returns By Period

In the year-to-date period, ZMUN achieves a 1.61% return, which is significantly higher than MNBD's 1.36% return.

ZMUN

• 1D: 0.04%
• 1M: 0.31%
• YTD: 1.61%
• 6M: 1.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MNBD

• 1D: 0.04%
• 1M: 0.34%
• YTD: 1.36%
• 6M: 1.73%
• 1Y: 6.15%
• 3Y*: 4.42%
• 5Y*: —
• 10Y*: —

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

ZMUN vs. MNBD - Yearly Performance Comparison

	2026 (YTD)	2025
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.73%
MNBD ALPS Intermediate Municipal Bond ETF	1.36%	1.41%

Correlation

The correlation between ZMUN and MNBD is 0.13, 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	0.13

Return for Risk

ZMUN vs. MNBD — Risk / Return Rank

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

MNBD

MNBD Risk / Return Rank: 70
MNBD Sharpe Ratio Rank: 77
MNBD Sortino Ratio Rank: 82
MNBD Omega Ratio Rank: 87
MNBD Calmar Ratio Rank: 53
MNBD Martin Ratio Rank: 51

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. MNBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and ALPS Intermediate Municipal Bond ETF (MNBD). 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.

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

Sharpe Ratios by Period

	ZMUN	MNBD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.54	1.20	+5.34

Drawdowns

ZMUN vs. MNBD - Drawdown Comparison

The maximum ZMUN drawdown since its inception was -0.09%, smaller than the maximum MNBD drawdown of -5.89%. Use the drawdown chart below to compare losses from any high point for ZMUN and MNBD.

Drawdown Indicators

	ZMUN	MNBD	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	-5.89%	+5.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.38%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.97%	—
Current Drawdown Current decline from peak	0.00%	-0.88%	+0.88%
Average Drawdown Average peak-to-trough decline	-0.01%	-1.09%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.72%	—

Volatility

Volatility by Period

	ZMUN	MNBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	2.50%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.54%	3.77%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.54%	3.77%	-3.23%

ZMUN vs. MNBD - Expense Ratio Comparison

ZMUN has a 0.30% expense ratio, which is lower than MNBD's 0.50% expense ratio.

Dividends

ZMUN vs. MNBD - Dividend Comparison

ZMUN's dividend yield for the trailing twelve months is around 2.28%, less than MNBD's 3.32% yield.

Position	TTM	2025	2024	2023	2022
MNBD ALPS Intermediate Municipal Bond ETF	3.32%	3.32%	3.83%	3.44%	2.40%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZMUN and MNBD in my portfolio?

ZMUN and MNBD have a correlation of 0.13, 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 MNBD?

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 MNBD?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.50% for MNBD.

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

MNBD has the higher dividend yield at 3.32%, compared with 2.28% for ZMUN.

What is the main difference between ZMUN and MNBD?

They also come from different issuers: F/m Investments and ALPS. Their fees differ too: 0.30% for ZMUN and 0.50% for MNBD.