FMUN vs MUST
Fidelity Systematic Municipal Bond Index ETF vs Columbia Multi-Sector Municipal Income ETF
Which is better, FMUN or MUST?
Nearly the same fund. FMUN costs less.
FMUN has a lower expense ratio. FMUN led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.97.
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 | MUST |
|---|---|---|
| Expense Ratio | 0.05%Best | 0.23% |
| AUM | $170M | $509M |
| Dividend Yield | 3.83% | 3.59% |
| Holdings | 1,105 | 1,292 |
| YTD Return | -3.63%Best | -4.34% |
| 1Y Return | -2.57%Best | -2.87% |
| 3Y Return (annualized) | - | +2.83% |
| 5Y Return (annualized) | - | -0.37% |
| Volatility (annualized) | 5.5%Best | 5.8% |
| Max Drawdown | -7.3%Best | -8.4% |
| $10,000 over 1.5 years | $10,102Best | $10,090 |
| Fund Family | Fidelity Investments (US) | Columbia Threadneedle Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Apr 7, 2025 | Oct 10, 2018 |
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 MUST 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 MUST Performance
Fidelity Systematic Municipal Bond Index ETF (FMUN) is an ETF from Fidelity Investments (US) and Columbia Multi-Sector Municipal Income ETF (MUST) is an ETF from Columbia Threadneedle Investments. Over the past year FMUN returned -2.57% while MUST returned -2.87%. Year to date, FMUN is down 3.63% versus a loss of 4.34% for MUST.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MUST has been the more volatile fund, with annualized monthly volatility of 5.8% 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 -8.4% for MUST. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMUN charges 0.05% per year while MUST charges 0.23%. On a $10,000 position that is $5 vs $23 annually, a gap of $18 per year that compounds over a long holding period. On income, FMUN currently yields 3.83% against 3.59% for MUST.
Holdings Overlap
We hold position weights for 781 holdings in FMUN and 356 in MUST, totalling 57.8% and 52.2% 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, 93 positions appear in both.
93 positions in common, counted across the 781 positions we hold weights for in FMUN and 356 in MUST, against full books of 1,105 and 1,292.
Top Shared Holdings
| Stock | Weight in FMUN | Weight in MUST | Difference |
|---|---|---|---|
| NY NYTTRN 4.38 10/01New York Transportation Development Corp 4.38% 10/01/2045 | 0.17% | 0.45% | 0.28% |
| NY NYSHGR 5.25 03/15Dormitory Authority Of The State Of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2024A 5.25 2048-03-15 | 0.36% | 0.20% | 0.16% |
| FL SMIMED 5 08/15/20City Of South Miami Health Facilities Authority Inc 5.0% 08/15/2047 | 0.31% | 0.19% | 0.12% |
| NY MTATRN 4 11/15/20Metropolitan Transportation Authority 4 11/15/2035 | 0.01% | 0.48% | 0.47% |
| OH OHSPOL 5 12/01/20Ohio Water Development Authority Water Pollution Control Loan Fund 5 12/01/2033 | 0.02% | 0.46% | 0.44% |
| FL HILMEC 5.25 11/15Hillsborough (County Of), Fl Industrial Development Authority (Baycare Health System), Series 2024 C, Ref. Rb 5.25 11/15/2049 | 0.06% | 0.39% | 0.33% |
| IL CHITRN 5 01/01/20Illinois, Chicago O'Hare International Airport, General Airport Senior Lien Revenue Bonds, Series 20 | 0.01% | 0.42% | 0.41% |
| FL MIATRN 5 10/01/20Miami-Dade Cnty Fl Aviation Re Regd B/E Amt 5.00000000 10/01/2036 | 0.18% | 0.20% | 0.02% |
| GA GWISCD 5 02/01/20Gwinnett County School District 5 2033-02-01 | 0.06% | 0.31% | 0.25% |
| AZ PHOAPT 5 07/01/20City Of Phoenix Civic Improvement Corp 5 07/01/2036 | 0.08% | 0.29% | 0.21% |
You are not choosing between two funds in isolation.
Whichever of FMUN and MUST 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 MUST?
FMUN has an expense ratio of 0.05% while MUST charges 0.23%. FMUN is the cheaper option, by $18 a year on a $10,000 investment.
Which performed better, FMUN or MUST?
Over the past year FMUN returned -2.57% vs -2.87% for MUST, so FMUN leads on 1-year performance. Over the longest common window we track (2 years), FMUN annualized +0.68% vs +0.60% for MUST. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUN or MUST?
MUST has been the more volatile fund at 5.8% annualized versus 5.5% for FMUN. Worst drawdown: FMUN -7.3% vs MUST -8.4%.
Should I hold both FMUN and MUST?
FMUN and MUST have a monthly-return correlation of 0.97, 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, FMUN or MUST?
FMUN yields 3.83% while MUST yields 3.59%, so FMUN currently pays the higher dividend yield.
Is MUST better than FMUN?
FMUN has a lower expense ratio. FMUN led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.97. Which one suits a particular account depends on what it is for. This is information, not a recommendation.