ZMUN vs. RJMI

Last updated Jun 24, 2026

ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and RJMI (RJ Eagle Municipal Income ETF) are both Municipal Bonds funds. ZMUN is passively managed, while RJMI is actively managed. At a 0.18 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.41%/yr for RJMI.

Performance

ZMUN vs. RJMI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ZMUN having a 1.78% return and RJMI slightly lower at 1.76%.

ZMUN

• 1D: 0.01%
• 1M: 0.31%
• YTD: 1.78%
• 6M: 1.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

RJMI

• 1D: -0.13%
• 1M: 1.45%
• YTD: 1.76%
• 6M: 1.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZMUN vs. RJMI - Yearly Performance Comparison

	2026 (YTD)	2025
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.78%	0.73%
RJMI RJ Eagle Municipal Income ETF	1.76%	2.68%

Correlation

The correlation between ZMUN and RJMI 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 Oct 2, 2025	0.18

Return for Risk

ZMUN vs. RJMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and RJ Eagle Municipal Income ETF (RJMI). 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. RJMI - Drawdown Comparison

The maximum ZMUN drawdown since its inception was -0.10%, smaller than the maximum RJMI drawdown of -3.04%. Use the drawdown chart below to compare losses from any high point for ZMUN and RJMI.

Drawdown Indicators

	ZMUN	RJMI	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-3.04%	+2.94%
Current Drawdown Current decline from peak	-0.02%	-0.48%	+0.46%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.65%	+0.64%

Volatility

Volatility by Period

	ZMUN	RJMI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	3.04%	-2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.54%	3.04%	-2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.54%	3.04%	-2.50%

ZMUN vs. RJMI - Expense Ratio Comparison

ZMUN has a 0.30% expense ratio, which is lower than RJMI's 0.41% expense ratio.

Dividends

ZMUN vs. RJMI - Dividend Comparison

ZMUN's dividend yield for the trailing twelve months is around 2.28%, more than RJMI's 1.95% yield.

Position	TTM	2025
RJMI RJ Eagle Municipal Income ETF	1.95%	0.61%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both ZMUN and RJMI in my portfolio?

ZMUN and RJMI 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 RJMI?

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 RJMI?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.41% for RJMI.

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

ZMUN has the higher dividend yield at 2.28%, compared with 1.95% for RJMI.

What is the main difference between ZMUN and RJMI?

They also come from different issuers: F/m Investments and Carillon Tower Advisers. Their fees differ too: 0.30% for ZMUN and 0.41% for RJMI.