FMUN vs SCMB
Fidelity Systematic Municipal Bond Index ETF vs Schwab Municipal Bond ETF
Which is better, FMUN or SCMB?
Nearly the same fund. SCMB costs less.
SCMB has a lower expense ratio. SCMB 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 | FMUN | SCMB |
|---|---|---|
| Expense Ratio | 0.05% | 0.03%Best |
| AUM | $170M | $3.1B |
| Dividend Yield | 3.83% | 3.74% |
| Holdings | 1,105 | 7,278 |
| YTD Return | -3.63% | -3.06%Best |
| 1Y Return | -2.57% | -2.05%Best |
| 3Y Return (annualized) | - | +2.76% |
| Volatility (annualized) | 5.5% | 5.0%Best |
| Max Drawdown | -7.3% | -6.7%Best |
| $10,000 over 1.5 years | $10,102 | $10,164Best |
| Fund Family | Fidelity Investments (US) | Charles Schwab Investment Mangement |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Apr 7, 2025 | Oct 11, 2022 |
Not shown on this pair: 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).
FMUN vs SCMB 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 SCMB Performance
Fidelity Systematic Municipal Bond Index ETF (FMUN) is an ETF from Fidelity Investments (US) and Schwab Municipal Bond ETF (SCMB) is an ETF from Charles Schwab Investment Mangement. Over the past year FMUN returned -2.57% while SCMB returned -2.05%. Year to date, FMUN is down 3.63% versus a loss of 3.06% for SCMB.
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 5.0% for SCMB. 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 -6.7% for SCMB. 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
FMUN charges 0.05% per year while SCMB charges 0.03%. On a $10,000 position that is $5 vs $3 annually, a gap of $2 per year that compounds over a long holding period. On income, FMUN currently yields 3.83% against 3.74% for SCMB.
Holdings Overlap
We hold position weights for 781 holdings in FMUN and 2,477 in SCMB, totalling 57.8% and 23.7% 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, 421 positions appear in both.
421 positions in common, counted across the 781 positions we hold weights for in FMUN and 2,477 in SCMB, against full books of 1,105 and 7,278.
Top Shared Holdings
| Stock | Weight in FMUN | Weight in SCMB | Difference |
|---|---|---|---|
| IL ILS 5 05/01/2037Il St 5% 5/1/2037 | 0.48% | 0.00% | 0.48% |
| NY NYCGEN 5.25 02/01New York City Transitional Finance Authority Future Tax Secured Revenue 5.25 2047-02-01 | 0.26% | 0.11% | 0.15% |
| 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% | 0.00% | 0.36% |
| NY NYSGEN 5 03/15/20New York St Dorm Auth St Pers 5% Mar 15, 2055 | 0.33% | 0.01% | 0.32% |
| NY TRITRN 5.25 05/15Triborough Bridge & Tunnel Authority (Mta Bridges & Tunnels) 5.25 05-15-2057 | 0.28% | 0.01% | 0.27% |
| WA WAS 5 08/01/2046Washington St -A-3 01/08/2046 | 0.29% | 0.00% | 0.29% |
| NY NYC 5.25 10/01/20New York 5.25 10/47 | 0.29% | 0.00% | 0.29% |
| CT CTS 5 04/15/2035Connecticut St 5% Apr 15, 2035 | 0.29% | 0.00% | 0.29% |
| NY NYSHGR 4 03/15/20New York St Dorm Auth St Perso Regd Oid B/E 4.00000000 | 0.29% | 0.00% | 0.29% |
| PA PAS 3.75 03/01/20Commonwealth Of Pennsylvania, Series 2018, Go Bonds 03/01/2039 | 0.27% | 0.01% | 0.26% |
You are not choosing between two funds in isolation.
Whichever of FMUN and SCMB 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 SCMB?
FMUN has an expense ratio of 0.05% while SCMB charges 0.03%. SCMB is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, FMUN or SCMB?
Over the past year FMUN returned -2.57% vs -2.05% for SCMB, so SCMB leads on 1-year performance. Over the longest common window we track (2 years), FMUN annualized +0.68% vs +1.09% for SCMB. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUN or SCMB?
FMUN has been the more volatile fund at 5.5% annualized versus 5.0% for SCMB. Worst drawdown: FMUN -7.3% vs SCMB -6.7%.
Should I hold both FMUN and SCMB?
FMUN and SCMB 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, FMUN or SCMB?
FMUN yields 3.83% while SCMB yields 3.74%, so FMUN currently pays the higher dividend yield.
Is SCMB better than FMUN?
SCMB has a lower expense ratio. SCMB 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.