FMUN vs TAFL
Fidelity Systematic Municipal Bond Index ETF vs AB Tax-Aware Long Municipal ETF
Which is better, FMUN or TAFL?
FMUN has been ahead.
FMUN has a lower expense ratio. FMUN led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.92.
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 | TAFL |
|---|---|---|
| Expense Ratio | 0.05%Best | 0.28% |
| AUM | $170M | $60M |
| Dividend Yield | 3.83% | 4.37% |
| Holdings | 1,105 | 326 |
| YTD Return | -3.63%Best | -4.38% |
| 1Y Return | -2.57%Best | -3.64% |
| Volatility (annualized) | 5.5%Best | 6.4% |
| Max Drawdown | -7.3%Best | -8.1% |
| $10,000 over 1.5 years | $10,102Best | $10,053 |
| Fund Family | Fidelity Investments (US) | AllianceBernstein L.P. |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Apr 7, 2025 | Dec 13, 2023 |
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).
FMUN vs TAFL 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 TAFL Performance
Fidelity Systematic Municipal Bond Index ETF (FMUN) is an ETF from Fidelity Investments (US) and AB Tax-Aware Long Municipal ETF (TAFL) is an ETF from AllianceBernstein L.P.. Over the past year FMUN returned -2.57% while TAFL returned -3.64%. Year to date, FMUN is down 3.63% versus a loss of 4.38% for TAFL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TAFL has been the more volatile fund, with annualized monthly volatility of 6.4% 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 -8.1% for TAFL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. 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 TAFL charges 0.28%. On a $10,000 position that is $5 vs $28 annually, a gap of $23 per year that compounds over a long holding period. On income, FMUN currently yields 3.83% against 4.37% for TAFL.
Holdings Overlap
We hold position weights for 781 holdings in FMUN and 68 in TAFL, totalling 57.8% and 50.6% 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, 15 positions appear in both.
15 positions in common, counted across the 781 positions we hold weights for in FMUN and 68 in TAFL, against full books of 1,105 and 326.
Top Shared Holdings
| Stock | Weight in FMUN | Weight in TAFL | Difference |
|---|---|---|---|
| WI PUBTRN 5.75 12/31Pub Fin A 5.75% 12/31/65 | 0.32% | 2.36% | 2.04% |
| NY NYTTRN 5.38 06/30New York Transn Dev Corp Spl F 5.38% Jun 30, 2060 | 0.43% | 1.47% | 1.04% |
| NY NYC 5 09/01/2048New York City, New York, General Obligation Bonds, Fiscal 2025 Series C-1 | 0.25% | 1.50% | 1.25% |
| CO DENAPT 5 11/15/20City And County Of Denver Co Airport System Revenuefx.Rt. Muni Bond | 0.02% | 1.56% | 1.54% |
| AZ SALAGR 5 01/01/20Salt River Project Agricultural Improvement & Power District 5 01/01/2044 | 0.02% | 1.55% | 1.53% |
| NY NYCGEN 5 05/01/20NEW YORK NY CITY TRANSITIONAL NYCGEN 05/50 FIXED 5 | 0.06% | 1.51% | 1.45% |
| AZ SLTPWR 5 12/01/20Salt Verde Az Financial Corp Senior Gas Revenue 5% 12/01/2037 | 0.03% | 1.53% | 1.50% |
| NY NYCUTL 5 06/15/20New York City Municipal Water Finance Authority 5 06/15/2048 | 0.00% | 1.52% | 1.52% |
| MA MASTRN 5.25 07/01Massachusetts Bay Transportation Authority Sales Tax Revenue 5.25 07/01/2048 | 0.01% | 1.30% | 1.29% |
| NY MTATRN 5.25 11/15Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024A 5.25 2049-11-15 | 0.09% | 0.78% | 0.69% |
You are not choosing between two funds in isolation.
Whichever of FMUN and TAFL 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 TAFL?
FMUN has an expense ratio of 0.05% while TAFL charges 0.28%. FMUN is the cheaper option, by $23 a year on a $10,000 investment.
Which performed better, FMUN or TAFL?
Over the past year FMUN returned -2.57% vs -3.64% for TAFL, so FMUN leads on 1-year performance. Over the longest common window we track (2 years), FMUN annualized +0.68% vs +0.35% for TAFL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUN or TAFL?
TAFL has been the more volatile fund at 6.4% annualized versus 5.5% for FMUN. Worst drawdown: FMUN -7.3% vs TAFL -8.1%.
Should I hold both FMUN and TAFL?
FMUN and TAFL have a monthly-return correlation of 0.92, 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 TAFL?
FMUN yields 3.83% while TAFL yields 4.37%, so TAFL currently pays the higher dividend yield.
Is TAFL 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 0.92. Which one suits a particular account depends on what it is for. This is information, not a recommendation.