FMHI vs FMUN
First Trust Municipal High Income ETF vs Fidelity Systematic Municipal Bond Index ETF
Which is better, FMHI or FMUN?
Nearly the same fund. FMUN costs less.
FMUN has a lower expense ratio. FMHI led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.96.
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 | FMHI | FMUN |
|---|---|---|
| Expense Ratio | 0.49% | 0.05%Best |
| AUM | $1.1B | $184M |
| Dividend Yield | 4.55% | 3.69% |
| Holdings | 2,277 | 2,368 |
| YTD Return | +0.22%Best | -0.39% |
| 1Y Return | +0.33%Best | -0.11% |
| 3Y Return (annualized) | +4.92% | - |
| 5Y Return (annualized) | +0.09% | - |
| Volatility (annualized) | 6.3%Best | 6.4% |
| Max Drawdown | -7.4% | -7.3%Best |
| $10,000 over 1.6 years | $10,528Best | $10,393 |
| Fund Family | First Trust Portfolios (US) | Fidelity Investments (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 2, 2017 | Apr 7, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.6 years row, are measured over the window both funds cover: Apr 7, 2025 to Nov 12, 2026 (1.6 years).
FMHI vs FMUN 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 1.6 years both funds cover.
FMHI vs FMUN Performance
First Trust Municipal High Income ETF (FMHI) is an ETF from First Trust Portfolios (US) and Fidelity Systematic Municipal Bond Index ETF (FMUN) is an ETF from Fidelity Investments (US). Over the past year FMHI returned +0.33% while FMUN returned -0.11%. Year to date, FMHI is up 0.22% versus a loss of 0.39% for FMUN.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMUN has been the more volatile fund, with annualized monthly volatility of 6.4% compared with 6.3% for FMHI. 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 -7.4% for FMHI and -7.3% for FMUN. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMHI charges 0.49% per year while FMUN charges 0.05%. On a $10,000 position that is $49 vs $5 annually, a gap of $44 per year that compounds over a long holding period. On income, FMHI currently yields 4.55% against 3.69% for FMUN.
Holdings Overlap
We hold position weights for 468 holdings in FMHI and 779 in FMUN, totalling 57.6% and 57.7% 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, 17 positions appear in both.
17 positions in common, counted across the 468 positions we hold weights for in FMHI and 779 in FMUN, against full books of 2,277 and 2,368.
Top Shared Holdings
| Stock | Weight in FMHI | Weight in FMUN | Difference |
|---|---|---|---|
| GA MAIUTL 09/01/2052Main Street Natural Gas Inc 4.00% 09/01/2052 | 0.17% | 0.58% | 0.41% |
| GA MAIUTL 05/01/2054Main Street Natur V/R 12/01/54 | 0.20% | 0.42% | 0.22% |
| OH BUCGEN 5 06/01/20Buckeye Tobacco Settlement Financing Auth Oh Ref-Senior-Class 2-Ser B-2 5.000 Jun 01 55 | 0.30% | 0.19% | 0.11% |
| FL MIATRN 5 10/01/20Miami-dade County, Florida, Aviation Revenue Bonds, Refunding Series 2019a | 0.23% | 0.18% | 0.05% |
| AL BBEUTL 12/01/2053Black Belt Energy Gas District 5.25 12/01/2053 | 0.10% | 0.30% | 0.20% |
| NY NYTTRN 4.38 10/01New York Transportation Development Corp 4.38% 10/01/2045 | 0.22% | 0.17% | 0.05% |
| PA ALLMED 5 04/01/20Allegheny Cnty Pa Hosp Dev Auth | 0.21% | 0.09% | 0.12% |
| PA GEIMED 4 02/15/20Geisinger Pa Auth Hlth Sys Rev Geimed 02/47 Fixed 4 | 0.18% | 0.11% | 0.07% |
| AL BBEUTL 03/01/2055Black Belt Energy Gas Dist Ala 5% Nov 01, 2034 | 0.18% | 0.09% | 0.09% |
| GA MAIUTL 05/01/2052Main Street Natural Gas Inc 4.00% 05/01/2052 | 0.10% | 0.12% | 0.02% |
You are not choosing between two funds in isolation.
Whichever of FMHI and FMUN 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, FMHI or FMUN?
FMHI has an expense ratio of 0.49% while FMUN charges 0.05%. FMUN is the cheaper option, by $44 a year on a $10,000 investment.
Which performed better, FMHI or FMUN?
Over the past year FMHI returned +0.33% vs -0.11% for FMUN, so FMHI leads on 1-year performance. Over the longest common window we track (2 years), FMHI annualized +3.27% vs +2.44% for FMUN. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMHI or FMUN?
FMUN has been the more volatile fund at 6.4% annualized versus 6.3% for FMHI. Worst drawdown: FMHI -7.4% vs FMUN -7.3%.
Should I hold both FMHI and FMUN?
FMHI and FMUN have a monthly-return correlation of 0.96, 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, FMHI or FMUN?
FMHI yields 4.55% while FMUN yields 3.69%, so FMHI currently pays the higher dividend yield.
Is FMUN better than FMHI?
FMUN has a lower expense ratio. FMHI led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.96. Which one suits a particular account depends on what it is for. This is information, not a recommendation.