FMUN vs MMD
Fidelity Systematic Municipal Bond Index ETF vs NYLIM MacKay DefinedTerm Muni Opportunities Fund
Which is better, FMUN or MMD?
Each has led over a different period.
FMUN has a lower expense ratio. FMUN led over 1Y, MMD over 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 | MMD |
|---|---|---|
| Expense Ratio | 0.05%Best | 2.33% |
| AUM | $170M | $478M |
| Dividend Yield | 3.83% | 5.20% |
| Holdings | 1,105 | 96 |
| YTD Return | -3.63%Best | -4.95% |
| 1Y Return | -2.57%Best | -5.20% |
| 3Y Return (annualized) | - | +1.68% |
| 5Y Return (annualized) | - | -3.93% |
| Volatility (annualized) | 5.5%Best | 11.0% |
| Max Drawdown | -7.3%Best | -17.1% |
| $10,000 over 1.5 years | $10,102 | $10,218Best |
| Fund Family | Fidelity Investments (US) | New York Life Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Apr 7, 2025 | Jun 27, 2012 |
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 MMD 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 MMD Performance
Fidelity Systematic Municipal Bond Index ETF (FMUN) is an ETF from Fidelity Investments (US) and NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments. Over the past year FMUN returned -2.57% while MMD returned -5.20%. Year to date, FMUN is down 3.63% versus a loss of 4.95% for MMD.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 11.0% 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 -17.1% for MMD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FMUN charges 0.05% per year while MMD charges 2.33%. On a $10,000 position that is $5 vs $233 annually, a gap of $228 per year that compounds over a long holding period. On income, FMUN currently yields 3.83% against 5.20% for MMD.
Holdings Overlap
We hold position weights for 781 holdings in FMUN and 34 in MMD, totalling 57.8% and 46.5% 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, 4 positions appear in both.
The two holdings books were reported 94 days apart, FMUN as of Oct 2, 2026 and MMD as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
4 positions in common, counted across the 781 positions we hold weights for in FMUN and 34 in MMD, against full books of 1,105 and 96.
Top Shared Holdings
| Stock | Weight in FMUN | Weight in MMD | Difference |
|---|---|---|---|
| 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% | 2.53% | 2.34% |
| IL CHIEDU 5.75 04/01Chicago Ill Brd Ed Dedicated C 5.75% Apr 01, 2034 | 0.06% | 2.61% | 2.55% |
| NY MTATRN 5.25 11/15Metropolitan Transportation Authority | 0.09% | 2.30% | 2.21% |
| NJ NJSTRN 4 06/15/20New Jersey Transportation Trust Fund Authority 4 06/15/2044 | 0.01% | 0.32% | 0.31% |
You are not choosing between two funds in isolation.
Whichever of FMUN and MMD 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, FMUN or MMD?
FMUN has an expense ratio of 0.05% while MMD charges 2.33%. FMUN is the cheaper option, by $228 a year on a $10,000 investment.
Which performed better, FMUN or MMD?
Over the past year FMUN returned -2.57% vs -5.20% for MMD, so FMUN leads on 1-year performance. Over the longest common window we track (2 years), FMUN annualized +0.68% vs +1.45% for MMD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUN or MMD?
MMD has been the more volatile fund at 11.0% annualized versus 5.5% for FMUN. Worst drawdown: FMUN -7.3% vs MMD -17.1%.
Should I hold both FMUN and MMD?
FMUN and MMD have a monthly-return correlation of 0.88, 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 MMD?
FMUN yields 3.83% while MMD yields 5.20%, so MMD currently pays the higher dividend yield.
Is MMD better than FMUN?
FMUN has a lower expense ratio. FMUN led over 1Y, MMD over the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.