FMUB vs FMUN
Fidelity Municipal Bond Opportunities ETF vs Fidelity Systematic Municipal Bond Index ETF
Which is better, FMUB or FMUN?
Nearly the same fund. FMUN costs less.
FMUN has a lower expense ratio. FMUB led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.99.
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 | FMUB | FMUN |
|---|---|---|
| Expense Ratio | 0.30% | 0.05%Best |
| AUM | $246M | $170M |
| Dividend Yield | 3.76% | 3.83% |
| Holdings | 605 | 1,105 |
| YTD Return | -2.14%Best | -3.63% |
| 1Y Return | -1.26%Best | -2.57% |
| Volatility (annualized) | 4.5%Best | 5.5% |
| Max Drawdown | -6.1%Best | -7.3% |
| $10,000 over 1.5 years | $10,501Best | $10,102 |
| Fund Family | Fidelity Investments (US) | Fidelity Investments (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Apr 7, 2025 | Apr 7, 2025 |
Not shown on this pair: 3Y Return (annualized), 5Y Return (annualized), 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).
FMUB 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.
FMUB vs FMUN Performance
Fidelity Municipal Bond Opportunities ETF (FMUB) is an ETF from Fidelity Investments (US) and Fidelity Systematic Municipal Bond Index ETF (FMUN) is an ETF from Fidelity Investments (US). Over the past year FMUB returned -1.26% while FMUN returned -2.57%. Year to date, FMUB is down 2.14% versus a loss of 3.63% for FMUN.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMUN has been the more volatile fund, with annualized monthly volatility of 5.5% compared with 4.5% for FMUB. 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 -6.1% for FMUB 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMUB charges 0.30% per year while FMUN charges 0.05%. On a $10,000 position that is $30 vs $5 annually, a gap of $25 per year that compounds over a long holding period. On income, FMUB currently yields 3.76% against 3.83% for FMUN.
Holdings Overlap
We hold position weights for 353 holdings in FMUB and 781 in FMUN, totalling 34.6% 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, 62 positions appear in both.
62 positions in common, counted across the 353 positions we hold weights for in FMUB and 781 in FMUN, against full books of 605 and 1,105.
Top Shared Holdings
| Stock | Weight in FMUB | Weight in FMUN | Difference |
|---|---|---|---|
| GA MAIUTL 05/01/2055Main Street Natural Gas Inc 5 05/01/2055 | 0.82% | 0.14% | 0.68% |
| AL SEEPWR 10/01/2055Southeast Energy Authority A Cooperative District | 0.59% | 0.12% | 0.47% |
| GA MAIUTL 09/01/2052Main Street Natural Gas Inc 4.00% 09/01/2052 | 0.08% | 0.59% | 0.51% |
| AL SEEPWR 03/01/2055Southeast Energy Authority A Cooperative District 5.25 03/01/2055 | 0.12% | 0.50% | 0.38% |
| WA PTSGEN 5 07/01/20Port Of Seattle Wa 5% 07/01/2037 5 2037-07-01 | 0.41% | 0.19% | 0.22% |
| IL ILS 5 05/01/2037State Of Illinois, Series May 2023 B 05/01/2037 | 0.02% | 0.48% | 0.46% |
| DC METAPT 5 10/01/20Metropolitan Wash D C Arpts Au 5% Oct 01, 2029 | 0.42% | 0.04% | 0.38% |
| AL BBEUTL 05/01/2055Black Belt Energy Gas District Series 2024-C 5.00%, 05/01/55 | 0.04% | 0.41% | 0.37% |
| AL BBEUTL 02/01/2053Black Belt Energy Gas Dist Al Bbeutl 02/53 Adjustable Var | 0.26% | 0.18% | 0.08% |
| IL CHI 5 01/01/2041Chicago Il 5% 01/01/41 | 0.18% | 0.20% | 0.02% |
You are not choosing between two funds in isolation.
Whichever of FMUB 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, FMUB or FMUN?
FMUB has an expense ratio of 0.30% while FMUN charges 0.05%. FMUN is the cheaper option, by $25 a year on a $10,000 investment.
Which performed better, FMUB or FMUN?
Over the past year FMUB returned -1.26% vs -2.57% for FMUN, so FMUB leads on 1-year performance. Over the longest common window we track (2 years), FMUB annualized +3.31% vs +0.68% for FMUN. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUB or FMUN?
FMUN has been the more volatile fund at 5.5% annualized versus 4.5% for FMUB. Worst drawdown: FMUB -6.1% vs FMUN -7.3%.
Should I hold both FMUB and FMUN?
FMUB and FMUN have a monthly-return correlation of 0.99, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, FMUB or FMUN?
FMUB yields 3.76% while FMUN yields 3.83%, so FMUN currently pays the higher dividend yield.
Is FMUN better than FMUB?
FMUN has a lower expense ratio. FMUB led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.99. Which one suits a particular account depends on what it is for. This is information, not a recommendation.