ZMUN vs. TBIL

Last updated Jul 12, 2026

ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - ZMUN is a Municipal Bonds fund tracking the Bloomberg Municipal Bond Currently Callable Index, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Both are passively managed. At a 0.20 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.15%/yr for TBIL.

Performance

ZMUN vs. TBIL - 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 US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ZMUN having a 1.88% return and TBIL slightly higher at 1.91%.

ZMUN

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

TBIL

• 1D: 0.04%
• 1M: 0.29%
• 6M: 1.81%
• YTD: 1.91%
• 1Y: 3.91%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

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

ZMUN vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.88%	0.67%
TBIL F/m US Treasury 3 Month Bill ETF	1.91%	1.02%

Correlation

The correlation between ZMUN and TBIL is 0.20, 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	0.20

Return for Risk

ZMUN vs. TBIL — Risk / Return Rank

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

ZMUN

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

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL Martin Ratio Rank: 100

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. TBIL - 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 US Treasury 3 Month Bill ETF (TBIL). 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	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	—	14.13	—
Sortino ratio: Return per unit of downside risk	—	65.47	—
Omega ratio: Gain probability vs. loss probability	—	20.88	—
Calmar ratio: Return relative to maximum drawdown	—	197.87	—
Martin ratio: Return relative to average drawdown	—	1,059.54	—

Drawdowns

ZMUN vs. TBIL - Drawdown Comparison

The maximum ZMUN drawdown since its inception was -0.13%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for ZMUN and TBIL.

Drawdown Indicators

	ZMUN	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-0.10%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.00%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	ZMUN	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	0.28%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.54%	0.32%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.54%	0.32%	+0.22%

ZMUN vs. TBIL - Expense Ratio Comparison

ZMUN has a 0.30% expense ratio, which is higher than TBIL's 0.15% expense ratio.

Dividends

ZMUN vs. TBIL - Dividend Comparison

ZMUN's dividend yield for the trailing twelve months is around 2.60%, less than TBIL's 3.73% yield.

Position	TTM	2025	2024	2023	2022
TBIL F/m US Treasury 3 Month Bill ETF	3.73%	4.07%	5.02%	5.00%	1.10%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.60%	0.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZMUN and TBIL in my portfolio?

ZMUN and TBIL have a correlation of 0.20, 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 TBIL?

On fees, TBIL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZMUN or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.30% for ZMUN.

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

TBIL has the higher dividend yield at 3.73%, compared with 2.60% for ZMUN.

What is the main difference between ZMUN and TBIL?

ZMUN is categorized as Municipal Bonds, while TBIL is Ultrashort Bond. ZMUN tracks Bloomberg Municipal Bond Currently Callable Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Their fees differ too: 0.30% for ZMUN and 0.15% for TBIL.