FMUNvsHYDETF Comparison
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Fidelity Systematic Municipal Bond Index ETF (FMUN) and VanEck High Yield Muni ETF (HYD) belong to the same industry segment: Municipal Bonds. FMUN's top 2 sector exposures are Municipal and Non-Corporate. In contrast, HYD's top sector exposures are Municipal. FMUN is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.32% for HYD. FMUN is down -2.47% year-to-date (YTD) with +$7M in YTD flows. HYD performs better with -1.57% YTD performance, and +$535M in YTD flows. Run a side-by-side ETF comparison of FMUN and HYD 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 HYD 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 HYD | -0.39%-0.86% | -3.71%-3.95% | -2.47%-1.57% | -2.04%-0.91% | n/a+13.01% | n/a-4.06% |
| Flows | FMUN HYD | -$5M+$368M | -$5M+$62M | +$7M+$535M | +$9M+$981M | -+$1.81B | -+$1.62B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FMUN HYD | +5.47%+5.81% | +3.47%+3.64% | n/a+4.51% | n/a+4.67% |
| Max drawdown | FMUN HYD | -6.21%-6.17% | -6.93%-6.77% | n/a-6.77% | n/a-19.44% |
| Max drawdown duration | FMUN HYD | 92d92d | 229d102d | n/a102d | n/a1747d |
Trading data
FMUN | HYD | |
Last sale 10/16/2026 at 1:30 PM | $47.82 | $48.74 |
| Previous close 10/15/2026 | $47.88 | $48.82 |
| 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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FMUN | HYD | |
|---|---|---|
| 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
FMUN | HYD | |
|---|---|---|
| Last price | $47.82 | $48.74 |
| 1D performance | -0.11% | -0.16% |
| AuM | $169.28 M | $4.35 B |
| E/R | 0.05% | 0.32% |
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Exposure
Countries
FMUN
USA
58.42%
Other
41.58%
HYD
USA
60.08%
Other
39.92%
Sectors
FMUN
Municipal
58.22%
Other
41.78%
HYD
Municipal
60.08%
Other
39.92%
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Diversification
FMUN
Total weight of top 15 holdings out of 15
9.69%
HYD
Total weight of top 15 holdings out of 15
8.65%
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%
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%
HYD
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
1.01%
Chicago Board of Education, 5% 1dec2042, USD (2012A)
0.79%
Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B)
0.74%
New York Transportation Development Corp., 5% 1jul2046, USD (2016A)
0.63%
Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2)
0.62%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.61%
Chicago Board of Education, 5.25% 1dec2039, USD (2015C)
0.55%
Florida Development Finance Corp., 5% 1jul2044, USD (2024)
0.52%
New York Transportation Development Corp., 5.25% 1jan2050, USD (2016A)
0.48%
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
0.47%
US442349GA89
0.47%
Arkansas Development Finance Authority, 5.45% 1sep2052, USD (2022)
0.45%
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
0.44%
Iowa Finance Authority, 4.75% 1aug2042, USD (2012)
0.44%
California Statewide Communities Development Authority, 5.25% 1dec2056, USD (2016A)
0.44%
Frequently asked questions about FMUN and HYD
How have the FMUN and HYD ETFs performed in 2026?
As of October 16, 2026, FMUN is down -2.47% year-to-date (YTD), while HYD has lost -1.57%. That puts HYD better performer ahead so far this year.
Which ETF is attracting more investor money: FMUN or HYD?
Year-to-date, the FMUN ETF saw +$7M in flows, compared to +$535M for HYD.
Which ETF is more volatile: FMUN or HYD?
Over the past year, FMUN had a volatility of 3.47%, while HYD experienced 3.64%.
Which ETF is bigger: FMUN or HYD?
As of October 16, 2026, FMUN holds $169.28 M in assets under management (AUM), while HYD manages $4.35 B.
What sectors do the FMUN and HYD ETFs invest in?
FMUN leans toward sectors like Municipal. Meanwhile, HYD focuses on Municipal.
What are the top holdings of the FMUN ETF and HYD ETF?
FMUN top holdings include California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29. HYD holds in its top three: Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D), Chicago Board of Education, 5% 1dec2042, USD (2012A) and Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B).
Which ETF is more diversified: FMUN or HYD?
FMUN holds 1169 securities with 9.69% of its assets in the top 15. HYD has 1443 securities and a top 15 weight of 8.65%.
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Latest news about FMUN & HYD
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