EVSMvsFMUNETF Comparison
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Eaton Vance Short Duration Municipal Income ETF (EVSM) and Fidelity Systematic Municipal Bond Index ETF (FMUN) belong to the same industry segment: Municipal Bonds. EVSM's top 3 sector exposures are Municipal, Sovereign and Non-Corporate. In contrast, FMUN's top sector exposures are Municipal and Non-Corporate. EVSM is more expensive with a Total Expense Ratio (TER) of 0.19%, versus 0.05% for FMUN. EVSM is up 1.18% year-to-date (YTD) with +$259M in YTD flows. FMUN performs worse with -0.55% YTD performance, and +$12M in YTD flows. Run a side-by-side ETF comparison of EVSM 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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EVSM vs FMUN performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | EVSM FMUN | +0.13%-0.76% | +0.17%-1.92% | +1.18%-0.55% | +2.43%+3.64% | n/an/a | n/an/a |
| Flows | EVSM FMUN | +$48M- | +$114M+$3M | +$259M+$12M | +$398M+$14M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | EVSM FMUN | +0.96%+2.78% | +0.94%+2.70% | n/an/a | n/an/a |
| Max drawdown | EVSM FMUN | -0.62%-2.57% | -1.01%-2.86% | n/an/a | n/an/a |
| Max drawdown duration | EVSM FMUN | 37d58d | 103d185d | n/an/a | n/an/a |
Trading data
EVSM | FMUN | |
Last sale 9/3/2026 at 1:30 PM | $49.97 | $48.75 |
| Previous close 09/02/2026 | $49.96 | $48.73 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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EVSM
is actively managed and doesn’t replicate an indexEVSM | 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 9/3/2026 at 1:30 PM
Live
Closed
EVSM | FMUN | |
|---|---|---|
| Last price | $49.97 | $48.75 |
| 1D performance | +0.02% | +0.03% |
| AuM | $827.57 M | $178.50 M |
| E/R | 0.19% | 0.05% |
Characteristics
EVSM | FMUN | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Morgan Stanley | Fidelity |
| Benchmark | - | Fidelity Systematic U.S. Municipal Bond Index |
| N° of holdings | 211 | 739 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 25, 2024 | April 8, 2025 |
| ESG | No | No |
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Exposure
Countries
EVSM
USA
60.04%
Other
39.96%
FMUN
USA
58.77%
Other
41.23%
Sectors
EVSM
Municipal
56.06%
Other
43.94%
FMUN
Municipal
58.52%
Other
41.48%
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Diversification
EVSM
Total weight of top 15 holdings out of 15
14.48%
FMUN
Total weight of top 15 holdings out of 15
9.67%
Top 15 holdings
Data as of July 31, 2026
EVSM
BlackRock Liquidity MuniCash
1.65%
Gainesville (FL), FRN 1oct2042, USD (2012)
1.11%
City of Los Angeles, 5% 24jun2027, USD (2026)
1.11%
US083773EE76
1.10%
Arkansas Development Finance Authority, 4% 1sep2046, USD (2026A)
1.02%
Build NYC Resource Corp., 5.25% 15dec2031, USD (2026B-3)
1.02%
US454898XD44
1.01%
University of Connecticut, 3.83% 23mar2027, USD (2026)
0.96%
Aquarion Water Authority, 5.25% 1feb2031, USD (2026)
0.90%
Ohio Water Development Authority, FRN 1dec2054, USD (2024C)
0.87%
US607167DW00
0.86%
US254845VW74
0.82%
Nashville and Davidson Metropolitan Government, 5% 1jul2032, USD (2026)
0.69%
US84136HCT86
0.68%
Dallas Independent School District, 5% 15feb2056, USD (2026B)
0.68%
FMUN
California Community Choice Financing Authority, 5% 1jan2055, USD (2024B)
2.23%
US74440DFN93
0.89%
US79574CBW29
0.83%
US91412HSH74
0.60%
US56035DDX75
0.56%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.52%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2024)
0.51%
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 EVSM and FMUN
How have the EVSM and FMUN ETFs performed in 2026?
As of September 1, 2026, EVSM is up 1.18% year-to-date (YTD), while FMUN has lost -0.55%. That puts EVSM better performer ahead so far this year.
Which ETF is attracting more investor money: EVSM or FMUN?
Year-to-date, the EVSM ETF saw +$259M in flows, compared to +$12M for FMUN.
Which ETF is more volatile: EVSM or FMUN?
Over the past year, EVSM had a volatility of 0.94%, while FMUN experienced 2.7%.
Which ETF is bigger: EVSM or FMUN?
As of September 1, 2026, EVSM holds $827.57 M in assets under management (AUM), while FMUN manages $178.50 M.
What sectors do the EVSM and FMUN ETFs invest in?
EVSM leans toward sectors like Municipal. Meanwhile, FMUN focuses on Municipal.
What are the top holdings of the EVSM ETF and FMUN ETF?
EVSM top holdings include BlackRock Liquidity MuniCash, Gainesville (FL), FRN 1oct2042, USD (2012) and City of Los Angeles, 5% 24jun2027, USD (2026). FMUN holds in its top three: California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29.
Which ETF is more diversified: EVSM or FMUN?
EVSM holds 379 securities with 14.48% of its assets in the top 15. FMUN has 1171 securities and a top 15 weight of 9.67%.
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