FMUN vs KTF
Fidelity Systematic Municipal Bond Index ETF vs DWS Municipal Income Trust
Which is better, FMUN or KTF?
FMUN has been ahead.
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 | FMUN | KTF |
|---|---|---|
| Expense Ratio | 0.05% | - |
| AUM | $170M | $321M |
| Dividend Yield | 3.83% | 9.36% |
| Holdings | 1,105 | 232 |
| YTD Return | -3.63%Best | -6.11% |
| 1Y Return | -2.57%Best | -5.53% |
| 3Y Return (annualized) | - | +9.12% |
| 5Y Return (annualized) | - | -1.77% |
| Volatility (annualized) | 5.5%Best | 8.7% |
| Max Drawdown | -7.3%Best | -12.3% |
| $10,000 over 1.5 years | $10,102Best | $9,837 |
| Fund Family | Fidelity Investments (US) | DWS |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Apr 7, 2025 | Oct 20, 1988 |
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).
FMUN vs KTF 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.
FMUN vs KTF Performance
Fidelity Systematic Municipal Bond Index ETF (FMUN) is an ETF from Fidelity Investments (US) and DWS Municipal Income Trust (KTF) is an ETF from DWS. Over the past year FMUN returned -2.57% while KTF returned -5.53%. Year to date, FMUN is down 3.63% versus a loss of 6.11% for KTF.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KTF has been the more volatile fund, with annualized monthly volatility of 8.7% 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 -7.3% for FMUN and -12.3% for KTF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Holdings Overlap
We hold position weights for 781 holdings in FMUN and 105 in KTF, totalling 57.8% and 40.7% 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, 27 positions appear in both.
The two holdings books were reported 63 days apart, FMUN as of Oct 2, 2026 and KTF as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
27 positions in common, counted across the 781 positions we hold weights for in FMUN and 105 in KTF, against full books of 1,105 and 232.
Top Shared Holdings
| Stock | Weight in FMUN | Weight in KTF | Difference |
|---|---|---|---|
| CO COSMED 4 08/01/20Colorado Health Facilities Authority 4 08/01/2044 | 0.03% | 1.69% | 1.66% |
| NY NYSDEV 4 03/15/20Ny State Ur D 4% 3/15/2045 | 0.03% | 1.52% | 1.49% |
| AZ SALAGR 5 01/01/20Salt River Project Agricultural Improvement And Power District, Arizona, Electric System Revenue Bonds, Series 2024A 5 01/01/2054 | 0.02% | 0.96% | 0.94% |
| TX NRTTRN 5 01/01/20North Texas Tollway Authority 0.05 01/01/2048 | 0.01% | 0.88% | 0.87% |
| NY NYTTRN 5.38 06/30New York Transn Dev Corp Spl F 5.38% Jun 30, 2060 | 0.43% | 0.39% | 0.04% |
| TX LAMSCD 5 02/15/20Lamar Consolidated Independent School District, Fort Bend County, Texas, General Obligation Bonds, S 5 02-15-2058 | 0.12% | 0.70% | 0.58% |
| OH BUCGEN 5 06/01/20Buckeye Tobacco Settlement Financing Auth Oh Ref-Senior-Class 2-Ser B-2 5.000 Jun 01 55 | 0.19% | 0.62% | 0.43% |
| IL CHITRN 5 12/01/20Chicago Transit Authority Sales Tax Receipts Fund 5 12/01/2052 | 0.17% | 0.56% | 0.39% |
| MI MISFIN 4 02/15/20Michigan Fin Au(Mc) 4% 2/15/47 | 0.02% | 0.66% | 0.64% |
| FL MIATRN 5 07/01/20Miami-dade Cnty Fl Expressway Auth Toll Sys Revenue 07/01/2035 | 0.12% | 0.56% | 0.44% |
You are not choosing between two funds in isolation.
Whichever of FMUN and KTF 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 performed better, FMUN or KTF?
Over the past year FMUN returned -2.57% vs -5.53% for KTF, so FMUN leads on 1-year performance. Over the longest common window we track (2 years), FMUN annualized +0.68% vs -1.09% for KTF. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUN or KTF?
KTF has been the more volatile fund at 8.7% annualized versus 5.5% for FMUN. Worst drawdown: FMUN -7.3% vs KTF -12.3%.
Should I hold both FMUN and KTF?
FMUN and KTF have a monthly-return correlation of 0.84, 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, FMUN or KTF?
FMUN yields 3.83% while KTF yields 9.36%, so KTF currently pays the higher dividend yield.
Is KTF better than FMUN?
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.