ZTOP vs. ZMUN

Last updated Jun 4, 2026

ZTOP (F/m High Yield 100 ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both exchange-traded funds - ZTOP is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while ZMUN is a Municipal Bonds fund tracking the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.15 correlation, their price movements are largely independent. ZTOP charges 0.39%/yr vs 0.30%/yr for ZMUN.

Performance

ZTOP vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m High Yield 100 ETF (ZTOP) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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 ZTOP having a 1.53% return and ZMUN slightly higher at 1.57%.

ZTOP

• 1D: -0.22%
• 1M: 0.35%
• YTD: 1.53%
• 6M: 2.09%
• 1Y: 6.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: -0.02%
• 1M: 0.21%
• YTD: 1.57%
• 6M: 1.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZTOP vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.53%	1.30%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.57%	0.73%

Correlation

The correlation between ZTOP and ZMUN is 0.15, 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	0.15

Return for Risk

ZTOP vs. ZMUN — Risk / Return Rank

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

ZTOP

ZTOP Risk / Return Rank: 63
ZTOP Sharpe Ratio Rank: 60
ZTOP Sortino Ratio Rank: 66
ZTOP Omega Ratio Rank: 68
ZTOP Calmar Ratio Rank: 53
ZTOP Martin Ratio Rank: 66

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.

ZTOP vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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.

	ZTOP	ZMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.00	—	—
Sortino ratio: Return per unit of downside risk	3.00	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	2.61	—	—
Martin ratio: Return relative to average drawdown	11.86	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZTOP	ZMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.48	6.46	-3.98

Drawdowns

ZTOP vs. ZMUN - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for ZTOP and ZMUN.

Drawdown Indicators

	ZTOP	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-0.09%	-2.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.02%	-0.25%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.01%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	—	—

Volatility

Volatility by Period

	ZTOP	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	0.54%	+2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.49%	0.54%	+2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.49%	0.54%	+2.95%

ZTOP vs. ZMUN - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is higher than ZMUN's 0.30% expense ratio.

Dividends

ZTOP vs. ZMUN - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.24%, more than ZMUN's 2.28% yield.

Position	TTM	2025
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%
ZTOP F/m High Yield 100 ETF	6.24%	4.39%

Frequently Asked Questions

Can I hold both ZTOP and ZMUN in my portfolio?

ZTOP and ZMUN have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZTOP or ZMUN?

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, ZTOP or ZMUN?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.39% for ZTOP.

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

ZTOP has the higher dividend yield at 6.24%, compared with 2.28% for ZMUN.

What is the main difference between ZTOP and ZMUN?

ZTOP is categorized as High Yield Bonds, while ZMUN is Municipal Bonds. ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. Their fees differ too: 0.39% for ZTOP and 0.30% for ZMUN.