ZMUN vs. SPIT

Last updated Jul 12, 2026

ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and SPIT (F/m Emerald Special Situations ETF) are both exchange-traded funds - ZMUN is a Municipal Bonds fund tracking the Bloomberg Municipal Bond Currently Callable Index, while SPIT is a Large Cap Growth Equities fund actively managed by F/m Investments. ZMUN is passively managed, while SPIT is actively managed. At a 0.07 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.89%/yr for SPIT.

Performance

ZMUN vs. SPIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and F/m Emerald Special Situations ETF (SPIT). 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 SPIT's 29.78% return.

ZMUN

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

SPIT

• 1D: -1.32%
• 1M: 2.29%
• 6M: 21.58%
• YTD: 29.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZMUN vs. SPIT - Yearly Performance Comparison

	2026 (YTD)	2025
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.88%	0.72%
SPIT F/m Emerald Special Situations ETF	29.78%	5.31%

Correlation

The correlation between ZMUN and SPIT is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 6, 2025	0.07

Return for Risk

ZMUN vs. SPIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and F/m Emerald Special Situations ETF (SPIT). 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. SPIT - Drawdown Comparison

The maximum ZMUN drawdown since its inception was -0.13%, smaller than the maximum SPIT drawdown of -12.49%. Use the drawdown chart below to compare losses from any high point for ZMUN and SPIT.

Drawdown Indicators

	ZMUN	SPIT	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-12.49%	+12.36%
Current Drawdown Current decline from peak	-0.07%	-3.59%	+3.52%
Average Drawdown Average peak-to-trough decline	-0.02%	-2.50%	+2.48%

Volatility

Volatility by Period

	ZMUN	SPIT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	26.35%	-25.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.54%	26.35%	-25.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.54%	26.35%	-25.81%

ZMUN vs. SPIT - Expense Ratio Comparison

ZMUN has a 0.30% expense ratio, which is lower than SPIT's 0.89% expense ratio.

Dividends

ZMUN vs. SPIT - Dividend Comparison

ZMUN's dividend yield for the trailing twelve months is around 2.60%, less than SPIT's 5.53% yield.

Position	TTM	2025
SPIT F/m Emerald Special Situations ETF	5.53%	7.18%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.60%	0.70%

Frequently Asked Questions

Can I hold both ZMUN and SPIT in my portfolio?

ZMUN and SPIT have a correlation of 0.07, 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 SPIT?

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 SPIT?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.89% for SPIT.

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

SPIT has the higher dividend yield at 5.53%, compared with 2.60% for ZMUN.

What is the main difference between ZMUN and SPIT?

ZMUN is categorized as Municipal Bonds, while SPIT is Large Cap Growth Equities. Their fees differ too: 0.30% for ZMUN and 0.89% for SPIT.