CMFvsFMUNETF Comparison
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iShares California Muni Bond ETF (CMF) and Fidelity Systematic Municipal Bond Index ETF (FMUN) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 2 sector exposures: Municipal and Non-Corporate. CMF is more expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.05% for FMUN. CMF is down -0.95% year-to-date (YTD) with +$1.69B in YTD flows. FMUN performs worse with -0.98% YTD performance, and +$19M in YTD flows. Run a side-by-side ETF comparison of CMF and FMUN below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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CMF vs FMUN performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/27/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | CMF FMUN | +3.76%+3.95% | -1.09%-1.33% | -0.95%-0.98% | -0.53%-0.78% | +12.11%n/a | +1.88%n/a |
| Flows | CMF FMUN | +$548M+$9M | +$877M+$7M | +$1.69B+$19M | +$2.02B+$21M | +$3.13B- | +$3.71B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | CMF FMUN | +4.95%+5.58% | +3.19%+3.59% | +3.57%n/a | +3.60%n/a |
| Max drawdown | CMF FMUN | -5.53%-6.02% | -6.52%-6.93% | -6.52%n/a | -12.25%n/a |
| Max drawdown duration | CMF FMUN | 75d75d | 240d240d | 240dn/a | 1346dn/a |
Trading data
CMF | FMUN | |
Last sale 10/28/2026 at 1:30 PM | $55.57 | $48.66 |
| Previous close 10/27/2026 | $55.63 | $48.69 |
| Consolidated volume 10/27/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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CMF | FMUN | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/28/2026 at 1:30 PM
Live
Closed
CMF | FMUN | |
|---|---|---|
| Last price | $55.57 | $48.66 |
| 1D performance | -0.11% | -0.05% |
| AuM | $5.35 B | $183.99 M |
| E/R | 0.08% | 0.05% |
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Exposure
Countries
CMF
USA
59.23%
Other
40.77%
FMUN
USA
58.42%
Other
41.58%
Sectors
CMF
Municipal
59.23%
Other
40.77%
FMUN
Municipal
58.22%
Other
41.78%
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Diversification
CMF
Total weight of top 15 holdings out of 15
6.39%
FMUN
Total weight of top 15 holdings out of 15
9.69%
Top 15 holdings
Data as of August 31, 2026
CMF
Orange Water District, FRN 1aug2042, USD (2003A)
0.60%
US79766DLC10
0.52%
US032556NJ70
0.49%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.47%
University of California, 5.5% 15may2040, USD
0.46%
California Educational Facilities Authority, 5% 1may2045, USD
0.44%
US4636324Q95
0.44%
US79905CAB90
0.42%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.41%
US13077DUT70
0.40%
University of California, 5% 15may2036, USD (2025)
0.39%
California, 5% 1mar2055, USD
0.37%
California, 5.25% 1aug2032, USD
0.34%
US91412GSH91
0.32%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.32%
FMUN
California Community Choice Financing Authority, 5% 1jan2055, USD (2024B)
2.24%
US74440DFN93
0.89%
US79574CBW29
0.83%
US91412HSH74
0.61%
US56035DDX75
0.56%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.53%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2024)
0.50%
California, 5% 1aug2035, USD
0.50%
Southeast Energy Authority, 5.25% 1mar2055, USD (2025B)
0.48%
Triborough Bridge and Tunnel Authority, 4% 15may2046, USD (2021A)
0.47%
US452153JU45
0.46%
New York Transportation Development Corp., 5.375% 30jun2060, USD (2023)
0.44%
US56035DGT37
0.41%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.39%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.38%
Frequently asked questions about CMF and FMUN
How have the CMF and FMUN ETFs performed in 2026?
As of October 27, 2026, CMF is down -0.95% year-to-date (YTD), while FMUN has lost -0.98%. That puts CMF better performer ahead so far this year.
Which ETF is attracting more investor money: CMF or FMUN?
Year-to-date, the CMF ETF saw +$1.69B in flows, compared to +$19M for FMUN.
Which ETF is more volatile: CMF or FMUN?
Over the past year, CMF had a volatility of 3.19%, while FMUN experienced 3.59%.
Which ETF is bigger: CMF or FMUN?
As of October 27, 2026, CMF holds $5.35 B in assets under management (AUM), while FMUN manages $183.99 M.
What sectors do the CMF and FMUN ETFs invest in?
CMF leans toward sectors like Municipal. Meanwhile, FMUN focuses on Municipal.
What are the top holdings of the CMF ETF and FMUN ETF?
CMF top holdings include Orange Water District, FRN 1aug2042, USD (2003A), US79766DLC10 and US032556NJ70. FMUN holds in its top three: California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29.
Which ETF is more diversified: CMF or FMUN?
CMF holds 1670 securities with 6.39% of its assets in the top 15. FMUN has 1169 securities and a top 15 weight of 9.69%.
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Latest news about CMF & FMUN
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