FMUB vs SPY
Fidelity Municipal Bond Opportunities ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. FMUB offers more diversification with 554 holdings.
Side-by-Side Comparison
| Metric | FMUB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.30% | 0.09% | |
| AUM | $243M | $821.1B | |
| Dividend Yield | 3.55% | 1.01% | |
| Holdings | 554 | 505 | |
| YTD Return | +1.80% | +14.47% | |
| 1Y Return | +5.70% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 3.5% | 15.3% | |
| Max Drawdown | -2.5% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Apr 7, 2025 | Jan 22, 1993 |
FMUB vs SPY Performance
Fidelity Municipal Bond Opportunities ETF (FMUB) is a ETF from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FMUB returned +5.70% while SPY returned +21.96%. Year to date, FMUB is up 1.80% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.5% for FMUB. 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 -2.5% for FMUB and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FMUB charges 0.30% per year while SPY charges 0.09%. On a $10,000 position that is $30 vs $9 annually, a gap of $21 per year that compounds over a long holding period. On income, FMUB currently yields 3.55% against 1.01% for SPY.
Holdings Overlap
FMUB and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FMUB or SPY?
FMUB has an expense ratio of 0.30% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $21 per year of difference.
Which performed better, FMUB or SPY?
Over the past year FMUB returned +5.70% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), FMUB annualized +6.82% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, FMUB or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.5% for FMUB. Worst drawdown: FMUB -2.5% vs SPY -56.5%.
Should I hold both FMUB and SPY?
FMUB and SPY have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FMUB and SPY?
FMUB and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, FMUB or SPY?
FMUB yields 3.55% while SPY yields 1.01%, so FMUB currently pays the higher dividend yield.
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