FMUN vs IVV
Fidelity Systematic Municipal Bond Index ETF vs iShares Core S&P 500 ETF
Which is better, FMUN or IVV?
Municipal Bond against Large Cap Blend.
IVV has a lower expense ratio. IVV led over 1Y and the full window.
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 | IVV |
|---|---|---|
| Expense Ratio | 0.05% | 0.03%Best |
| AUM | $180M | $876.4B |
| Dividend Yield | 3.64% | 1.06% |
| Holdings | 1,105 | 508 |
| YTD Return | -2.18% | +11.03%Best |
| 1Y Return | -0.53% | +15.62%Best |
| 3Y Return (annualized) | - | +20.81% |
| 5Y Return (annualized) | - | +12.61% |
| Volatility (annualized) | 4.6%Best | 12.4% |
| Max Drawdown | -4.4%Best | -8.9% |
| $10,000 over 1.4 years | $10,247 | $15,004Best |
| Fund Family | Fidelity Investments (US) | iShares by BlackRock (US) |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Apr 7, 2025 | May 15, 2000 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.4 years row, are measured over the window both funds cover: Apr 7, 2025 to Sep 16, 2026 (1.4 years).
FMUN vs IVV 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 1.4 years both funds cover.
FMUN vs IVV Performance
Fidelity Systematic Municipal Bond Index ETF (FMUN) is an ETF from Fidelity Investments (US) and iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US). Over the past year FMUN returned -0.53% while IVV returned +15.62%. Year to date, FMUN is down 2.18% versus a gain of 11.03% for IVV.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 12.4% compared with 4.6% 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 -4.4% for FMUN and -8.9% for IVV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.51. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FMUN charges 0.05% per year while IVV 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 3.64% against 1.06% for IVV.
Holdings Overlap
We hold position weights for 1 holding in FMUN and 490 in IVV, totalling 0.1% and 99.3% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 62 days apart, FMUN as of Jun 30, 2026 and IVV as of Aug 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 1 positions we hold weights for in FMUN and 490 in IVV, against full books of 1,105 and 508.
You are not choosing between two funds in isolation.
Whichever of FMUN and IVV 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 IVV?
FMUN has an expense ratio of 0.05% while IVV charges 0.03%. IVV is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, FMUN or IVV?
Over the past year FMUN returned -0.53% vs +15.62% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (1 years), FMUN annualized +1.76% vs +33.62% for IVV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUN or IVV?
IVV has been the more volatile fund at 12.4% annualized versus 4.6% for FMUN. Worst drawdown: FMUN -4.4% vs IVV -8.9%.
Should I hold both FMUN and IVV?
FMUN and IVV have a monthly-return correlation of 0.51, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FMUN or IVV?
FMUN yields 3.64% while IVV yields 1.06%, so FMUN currently pays the higher dividend yield.
Is IVV better than FMUN?
IVV has a lower expense ratio. IVV led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.