ZMUN vs. TAXF
ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and TAXF (American Century Diversified Municipal Bond ETF) are both Municipal Bonds funds. ZMUN is passively managed, while TAXF is actively managed. At a 0.19 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.29%/yr for TAXF.
Performance
ZMUN vs. TAXF - Performance Comparison
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Returns By Period
In the year-to-date period, ZMUN achieves a 1.88% return, which is significantly lower than TAXF's 2.28% return.
ZMUN
- 1D
- 0.05%
- 1M
- 0.20%
- 6M
- 1.76%
- YTD
- 1.88%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAXF
- 1D
- 0.05%
- 1M
- 0.33%
- 6M
- 1.51%
- YTD
- 2.28%
- 1Y
- 7.84%
- 3Y*
- 4.09%
- 5Y*
- 1.01%
- 10Y*
- —
ZMUN vs. TAXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.88% | 0.67% |
TAXF American Century Diversified Municipal Bond ETF | 2.28% | 1.58% |
Correlation
The correlation between ZMUN and TAXF is 0.19, 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 | 0.19 |
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Return for Risk
ZMUN vs. TAXF — Risk / Return Rank
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TAXF
ZMUN vs. TAXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and American Century Diversified Municipal Bond ETF (TAXF). 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 | TAXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.54 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.58 | — |
| Martin ratioReturn relative to average drawdown | — | 9.38 | — |
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Drawdowns
ZMUN vs. TAXF - Drawdown Comparison
The maximum ZMUN drawdown since its inception was -0.13%, smaller than the maximum TAXF drawdown of -13.93%. Use the drawdown chart below to compare losses from any high point for ZMUN and TAXF.
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Drawdown Indicators
| ZMUN | TAXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.13% | -13.93% | +13.80% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.93% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.53% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.93% | — |
Current DrawdownCurrent decline from peak | -0.07% | -0.41% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -0.02% | -3.11% | +3.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.81% | — |
Volatility
ZMUN vs. TAXF - Volatility Comparison
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Volatility by Period
| ZMUN | TAXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.78% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.31% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.54% | 3.02% | -2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.54% | 4.21% | -3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.54% | 4.63% | -4.09% |
ZMUN vs. TAXF - Expense Ratio Comparison
ZMUN has a 0.30% expense ratio, which is higher than TAXF's 0.29% expense ratio.
Dividends
ZMUN vs. TAXF - Dividend Comparison
ZMUN's dividend yield for the trailing twelve months is around 2.60%, less than TAXF's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TAXF American Century Diversified Municipal Bond ETF | 3.79% | 3.68% | 3.38% | 2.93% | 2.05% | 1.58% | 2.13% | 2.64% | 0.69% |
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% |
Frequently Asked Questions
ZMUN and TAXF have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXF is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXF is cheaper with a 0.29% expense ratio, compared with 0.30% for ZMUN.
TAXF has the higher dividend yield at 3.79%, compared with 2.60% for ZMUN.
They also come from different issuers: F/m Investments and American Century. Their fees differ too: 0.30% for ZMUN and 0.29% for TAXF.
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