FMUNvsCMFETF Comparison
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Fidelity Systematic Municipal Bond Index ETF (FMUN) and iShares California Muni Bond ETF (CMF) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 2 sector exposures: Municipal and Non-Corporate. FMUN is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.08% for CMF. FMUN is down -2.47% year-to-date (YTD) with +$7M in YTD flows. CMF performs better with -2.36% YTD performance, and +$1.60B in YTD flows. Run a side-by-side ETF comparison of FMUN and CMF 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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FMUN vs CMF performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FMUN CMF | -0.39%-0.25% | -3.71%-3.34% | -2.47%-2.36% | -2.04%-1.71% | n/a+9.17% | n/a+0.25% |
| Flows | FMUN CMF | -$5M+$660M | -$5M+$801M | +$7M+$1.60B | +$9M+$1.96B | -+$3.16B | -+$3.62B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FMUN CMF | +5.47%+4.84% | +3.47%+3.08% | n/a+3.57% | n/a+3.58% |
| Max drawdown | FMUN CMF | -6.21%-5.69% | -6.93%-6.52% | n/a-6.52% | n/a-12.25% |
| Max drawdown duration | FMUN CMF | 92d92d | 229d229d | n/a229d | n/a1346d |
Trading data
FMUN | CMF | |
Last sale 10/19/2026 at 1:30 PM | $47.82 | $54.79 |
| Previous close 10/16/2026 | $47.82 | $54.82 |
| Consolidated volume 10/16/2026 | ||
| 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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FMUN | CMF | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/19/2026 at 1:30 PM
Live
Closed
FMUN | CMF | |
|---|---|---|
| Last price | $47.82 | $54.79 |
| 1D performance | -0.01% | -0.05% |
| AuM | $169.28 M | $5.19 B |
| E/R | 0.05% | 0.08% |
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Exposure
Countries
FMUN
USA
58.42%
Other
41.58%
CMF
USA
59.23%
Other
40.77%
Sectors
FMUN
Municipal
58.22%
Other
41.78%
CMF
Municipal
59.23%
Other
40.77%
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Diversification
FMUN
Total weight of top 15 holdings out of 15
9.69%
CMF
Total weight of top 15 holdings out of 15
6.39%
Top 15 holdings
Data as of August 31, 2026
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%
California, 5% 1aug2035, USD
0.50%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2024)
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%
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%
Frequently asked questions about FMUN and CMF
How have the FMUN and CMF ETFs performed in 2026?
As of October 16, 2026, FMUN is down -2.47% year-to-date (YTD), while CMF has lost -2.36%. That puts CMF better performer ahead so far this year.
Which ETF is attracting more investor money: FMUN or CMF?
Year-to-date, the FMUN ETF saw +$7M in flows, compared to +$1.60B for CMF.
Which ETF is more volatile: FMUN or CMF?
Over the past year, FMUN had a volatility of 3.47%, while CMF experienced 3.08%.
Which ETF is bigger: FMUN or CMF?
As of October 16, 2026, FMUN holds $169.28 M in assets under management (AUM), while CMF manages $5.19 B.
What sectors do the FMUN and CMF ETFs invest in?
FMUN leans toward sectors like Municipal. Meanwhile, CMF focuses on Municipal.
What are the top holdings of the FMUN ETF and CMF ETF?
FMUN top holdings include California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29. CMF holds in its top three: Orange Water District, FRN 1aug2042, USD (2003A), US79766DLC10 and US032556NJ70.
Which ETF is more diversified: FMUN or CMF?
FMUN holds 1169 securities with 9.69% of its assets in the top 15. CMF has 1670 securities and a top 15 weight of 6.39%.
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Latest news about FMUN & CMF
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