VYM vs ZMUN
Vanguard High Dividend Yield ETF vs F/m Ultrashort Tax Free Municipal ETF
Which is better, VYM or ZMUN?
Large Cap Value against Municipal Bond.
VYM has a lower expense ratio. VYM led over 1Y.
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 | VYM | ZMUN |
|---|---|---|
| Expense Ratio | 0.04%Best | 0.30% |
| AUM | $81.6B | $34M |
| Dividend Yield | 2.22% | 3.25% |
| Holdings | 613 | 175 |
| YTD Return | +11.35%Best | +2.11% |
| 1Y Return | +15.34%Best | +2.87% |
| 3Y Return (annualized) | +17.22% | - |
| 5Y Return (annualized) | +12.30% | - |
| Volatility (annualized) | 10.3% | 0.5%Best |
| Fund Family | Vanguard (US) | F-m investments |
| Category | Equity | Tax Preferred |
| Style | Large Cap Value | Municipal Bond |
| Inception | Nov 10, 2006 | Sep 30, 2025 |
Not shown on this pair: Max Drawdown, $10,000 over the window, Top 10 Weight.
VYM vs ZMUN 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
VYM vs ZMUN Performance
Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US) and F/m Ultrashort Tax Free Municipal ETF (ZMUN) is an ETF from F-m investments. Over the past year VYM returned +15.34% while ZMUN returned +2.87%. Year to date, VYM is up 11.35% versus a gain of 2.11% for ZMUN.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VYM has been the more volatile fund, with annualized monthly volatility of 10.3% compared with 0.5% for ZMUN. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.18. They move largely independently of each other.
Fees and Cost Over Time
VYM charges 0.04% per year while ZMUN charges 0.30%. On a $10,000 position that is $4 vs $30 annually, a gap of $26 per year that compounds over a long holding period. On income, VYM currently yields 2.22% against 3.25% for ZMUN.
Holdings Overlap
We hold position weights for 557 holdings in VYM and 28 in ZMUN, totalling 99.2% and 20.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 557 positions we hold weights for in VYM and 28 in ZMUN, against full books of 613 and 175.
You are not choosing between two funds in isolation.
Whichever of VYM and ZMUN 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, VYM or ZMUN?
VYM has an expense ratio of 0.04% while ZMUN charges 0.30%. VYM is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, VYM or ZMUN?
Over the past year VYM returned +15.34% vs +2.87% for ZMUN, so VYM leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VYM or ZMUN?
VYM has been the more volatile fund at 10.3% annualized versus 0.5% for ZMUN.
Should I hold both VYM and ZMUN?
VYM and ZMUN have a monthly-return correlation of 0.18, 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, VYM or ZMUN?
VYM yields 2.22% while ZMUN yields 3.25%, so ZMUN currently pays the higher dividend yield.
Is ZMUN better than VYM?
VYM has a lower expense ratio. VYM led over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.