DSM vs FMUN
BNY Mellon Strategic Municipal Bond Fund Inc vs Fidelity Systematic Municipal Bond Index ETF
Which is better, DSM or FMUN?
FMUN has been ahead.
FMUN has a lower expense ratio. FMUN led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DSM | FMUN |
|---|---|---|
| Expense Ratio | 1.09% | 0.05%Best |
| AUM | $335M | $170M |
| Dividend Yield | 5.50% | 3.83% |
| Holdings | 233 | 1,105 |
| YTD Return | -13.99% | -3.63%Best |
| 1Y Return | -10.44% | -2.57%Best |
| 3Y Return (annualized) | +5.32% | - |
| 5Y Return (annualized) | -4.62% | - |
| Volatility (annualized) | 12.1% | 5.5%Best |
| Max Drawdown | -19.8% | -7.3%Best |
| $10,000 over 1.5 years | $9,635 | $10,102Best |
| Fund Family | BNY Mellon Investment Management | Fidelity Investments (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 22, 1989 | Apr 7, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 7, 2025 to Oct 14, 2026 (1.5 years).
DSM vs FMUN growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.5 years both funds cover.
DSM vs FMUN Performance
BNY Mellon Strategic Municipal Bond Fund Inc (DSM) is an ETF from BNY Mellon Investment Management and Fidelity Systematic Municipal Bond Index ETF (FMUN) is an ETF from Fidelity Investments (US). Over the past year DSM returned -10.44% while FMUN returned -2.57%. Year to date, DSM is down 13.99% versus a loss of 3.63% for FMUN.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DSM has been the more volatile fund, with annualized monthly volatility of 12.1% compared with 5.5% for FMUN. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -19.8% for DSM and -7.3% for FMUN. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DSM charges 1.09% per year while FMUN charges 0.05%. On a $10,000 position that is $109 vs $5 annually, a gap of $104 per year that compounds over a long holding period. On income, DSM currently yields 5.50% against 3.83% for FMUN.
Holdings Overlap
We hold position weights for 101 holdings in DSM and 781 in FMUN, totalling 41.1% and 57.8% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 20 positions appear in both.
The two holdings books were reported 63 days apart, DSM as of Jul 31, 2026 and FMUN as of Oct 2, 2026, so some of the difference between them is the time between the two reports rather than the funds.
20 positions in common, counted across the 101 positions we hold weights for in DSM and 781 in FMUN, against full books of 233 and 1,105.
Top Shared Holdings
| Stock | Weight in DSM | Weight in FMUN | Difference |
|---|---|---|---|
| OH BUCGEN 5 06/01/20Buckeye Tobacco Settlement Financing Auth Oh Ref-Senior-Class 2-Ser B-2 5.000 Jun 01 55 | 1.69% | 0.19% | 1.50% |
| WI PUBEDU 5.75 07/01Public Finance Authority 2062-07-01 | 0.94% | 0.08% | 0.86% |
| NY NYTTRN 5 12/01/20New York St Transprtn Dev Corp Regd B/E Amt 5.00000000 | 0.87% | 0.09% | 0.78% |
| IL ILS 5 11/01/2028Ils 5.000 11/01/28 | 0.85% | 0.08% | 0.77% |
| TX TMGUTL 01/01/2054Texas St Muni Gas Acquisition & Sply Corp Iv Variable Rate, Due 01/01/2054 | 0.44% | 0.15% | 0.29% |
| WV WVSMED 5.5 06/01/West Virginia 5.5% 06/50 | 0.51% | 0.07% | 0.44% |
| AL BBEUTL 03/01/2055Black Belt Energy Gas Dist Ala 5% Nov 01, 2034 | 0.43% | 0.09% | 0.34% |
| MI MISFIN 4 12/01/20Michigan Fin Au 4% 12/1/49 | 0.48% | 0.03% | 0.45% |
| IL MPNFAC 0 12/15/20Metropolitan Pier & Exposition Authority 0 2036-12-15 | 0.45% | 0.00% | 0.45% |
| SC SCSUTL 4 12/01/20South Carolina St Public Svc A 4 12/01/2055 | 0.43% | 0.02% | 0.41% |
You are not choosing between two funds in isolation.
Whichever of DSM and FMUN you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DSM or FMUN?
DSM has an expense ratio of 1.09% while FMUN charges 0.05%. FMUN is the cheaper option, by $104 a year on a $10,000 investment.
Which performed better, DSM or FMUN?
Over the past year DSM returned -10.44% vs -2.57% for FMUN, so FMUN leads on 1-year performance. Over the longest common window we track (2 years), DSM annualized -2.45% vs +0.68% for FMUN. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DSM or FMUN?
DSM has been the more volatile fund at 12.1% annualized versus 5.5% for FMUN. Worst drawdown: DSM -19.8% vs FMUN -7.3%.
Should I hold both DSM and FMUN?
DSM and FMUN have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DSM or FMUN?
DSM yields 5.50% while FMUN yields 3.83%, so DSM currently pays the higher dividend yield.
Is FMUN better than DSM?
FMUN has a lower expense ratio. FMUN led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.