FMUBvsSMBSETF Comparison
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Fidelity Municipal Bond Opportunities ETF (FMUB) belongs to the Municipal Bonds segment. Schwab Mortgage-Backed Securities ETF (SMBS) is part of the MBS & ABS segment. FMUB's top 2 sector exposures are Municipal and Non-Corporate. In contrast, SMBS's top sector exposures are Industrials, Finance and Government Agencies. FMUB is more expensive with a Total Expense Ratio (TER) of 0.3%, versus 0.03% for SMBS. FMUB is down -1.19% year-to-date (YTD) with +$148M in YTD flows. SMBS performs worse with -1.53% YTD performance, and +$770M in YTD flows. Run a side-by-side ETF comparison of FMUB and SMBS 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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FMUB vs SMBS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FMUB SMBS | -0.32%-0.22% | -3.01%-2.21% | -1.19%-1.53% | -0.73%-1.08% | n/an/a | n/an/a |
| Flows | FMUB SMBS | +$44M-$72M | +$62M+$35M | +$148M+$770M | +$164M+$1.08B | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FMUB SMBS | +5.00%+5.52% | +3.14%+4.35% | n/an/a | n/an/a |
| Max drawdown | FMUB SMBS | -5.46%-4.24% | -6.03%-5.12% | n/an/a | n/an/a |
| Max drawdown duration | FMUB SMBS | 92d52d | 102d229d | n/an/a | n/an/a |
Trading data
FMUB | SMBS | |
Last sale 10/16/2026 at 1:30 PM | $49.11 | $24.29 |
| Previous close 10/15/2026 | $49.07 | $24.32 |
| Consolidated volume 10/15/2026 | ||
| 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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FMUB
is actively managed and doesn’t replicate an indexFMUB | SMBS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
FMUB | SMBS | |
|---|---|---|
| Last price | $49.11 | $24.29 |
| 1D performance | +0.08% | -0.12% |
| AuM | $288.02 M | $6.29 B |
| E/R | 0.3% | 0.03% |
Characteristics
FMUB | SMBS | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Fidelity | Schwab ETFs |
| Benchmark | - | Bloomberg U.S. MBS Float Adjusted Index |
| N° of holdings | 164 | 430 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | April 8, 2025 | November 19, 2024 |
| ESG | No | No |
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Exposure
Countries
FMUB
USA
34.21%
Other
65.79%
SMBS
USA
33.79%
Other
66.21%
Sectors
FMUB
Municipal
26.63%
Non-Corporate
7.58%
Other
65.79%
SMBS
Industrials
33.23%
Other
66.77%
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Diversification
FMUB
Total weight of top 15 holdings out of 15
18.46%
SMBS
Total weight of top 15 holdings out of 15
5.8%
Top 15 holdings
Data as of August 31, 2026
FMUB
Fidelity Municipal Cash Central Fund
7.58%
US54659LDS07
1.66%
Black Belt Energy Gas District, 5% 1jun2031, USD (2026)
0.91%
US56035DJJ28
0.80%
US23503CFM47
0.76%
US64987KDJ43
0.75%
San Antonio Electric and Gas Systems, FRN 1feb2055, USD (2026A)
0.75%
Florida Housing Finance Corp., 1.8% 1jul2036, USD (2021)
0.75%
US84136HCT86
0.72%
US52349EEY23
0.67%
Black Belt Energy Gas District, 5% 1nov2036, USD (2026)
0.66%
US88256FAU66
0.63%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
0.61%
Black Belt Energy Gas District, 5% 1oct2033, USD (2026)
0.61%
University of Kansas Hospital Authority, 5.5% 1mar2054, USD (2026A)
0.60%
SMBS
G2 MB0025, 5% 20nov2054, USD (ABS)
0.67%
US31427R6E50
0.59%
FR SD8469, 5.5% 1oct2054, USD (ABS)
0.48%
FR SD8193, 2% 1feb2052, USD (ABS)
0.40%
US31418DYX47
0.40%
FR SD8106, 2% 1nov2050, USD (ABS)
0.36%
US3618N6HU47
0.35%
FR RQ0110, 5% 1apr2056, USD (ABS)
0.34%
FR RQ0102, 5% 1mar2056, USD (ABS)
0.34%
US3132DWDC47
0.33%
FR SD7552, 2.5% 1jan2052, USD (ABS)
0.31%
US31418EQ948
0.31%
US3142J6BK85
0.30%
US3132DWAN39
0.30%
US3618N6NA19
0.30%
Frequently asked questions about FMUB and SMBS
How have the FMUB and SMBS ETFs performed in 2026?
As of October 16, 2026, FMUB is down -1.19% year-to-date (YTD), while SMBS has lost -1.53%. That puts FMUB better performer ahead so far this year.
Which ETF is attracting more investor money: FMUB or SMBS?
Year-to-date, the FMUB ETF saw +$148M in flows, compared to +$770M for SMBS.
Which ETF is more volatile: FMUB or SMBS?
Over the past year, FMUB had a volatility of 3.14%, while SMBS experienced 4.35%.
Which ETF is bigger: FMUB or SMBS?
As of October 16, 2026, FMUB holds $288.02 M in assets under management (AUM), while SMBS manages $6.29 B.
What sectors do the FMUB and SMBS ETFs invest in?
FMUB leans toward sectors like Municipal and Non-Corporate. Meanwhile, SMBS focuses on Industrials.
What are the top holdings of the FMUB ETF and SMBS ETF?
FMUB top holdings include Fidelity Municipal Cash Central Fund, US54659LDS07 and Black Belt Energy Gas District, 5% 1jun2031, USD (2026). SMBS holds in its top three: G2 MB0025, 5% 20nov2054, USD (ABS), US31427R6E50 and FR SD8469, 5.5% 1oct2054, USD (ABS).
Which ETF is more diversified: FMUB or SMBS?
FMUB holds 563 securities with 18.46% of its assets in the top 15. SMBS has 1965 securities and a top 15 weight of 5.8%.
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