FMUNvsSHYDETF Comparison
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Fidelity Systematic Municipal Bond Index ETF (FMUN) and VanEck Short High Yield Muni ETF (SHYD) belong to the same industry segment: Municipal Bonds. FMUN's top 2 sector exposures are Municipal and Non-Corporate. In contrast, SHYD's top sector exposures are Municipal. FMUN is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.32% for SHYD. FMUN is down -2.47% year-to-date (YTD) with +$7M in YTD flows. SHYD performs better with -0.1% YTD performance, and +$114M in YTD flows. Run a side-by-side ETF comparison of FMUN and SHYD 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 SHYD 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 SHYD | -0.39%-0.09% | -3.71%-1.41% | -2.47%-0.10% | -2.04%+0.62% | n/a+12.92% | n/a+3.35% |
| Flows | FMUN SHYD | -$5M+$37M | -$5M+$55M | +$7M+$114M | +$9M+$134M | -+$135M | -+$124M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FMUN SHYD | +5.47%+3.46% | +3.47%+2.17% | n/a+2.40% | n/a+2.49% |
| Max drawdown | FMUN SHYD | -6.21%-3.65% | -6.93%-3.75% | n/a-3.75% | n/a-12.01% |
| Max drawdown duration | FMUN SHYD | 92d64d | 229d102d | n/a102d | n/a1310d |
Trading data
FMUN | SHYD | |
Last sale 10/19/2026 at 1:30 PM | $47.82 | $22.31 |
| Previous close 10/16/2026 | $47.82 | $22.31 |
| 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 | SHYD | |
|---|---|---|
| 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 | SHYD | |
|---|---|---|
| Last price | $47.82 | $22.31 |
| 1D performance | -0.01% | +0.00% |
| AuM | $169.28 M | $492.88 M |
| E/R | 0.05% | 0.32% |
Characteristics
FMUN | SHYD | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Fidelity | VanEck |
| Benchmark | Fidelity Systematic U.S. Municipal Bond Index | ICE 1-12 Year Broad High Yield Crossover Municipal Index |
| N° of holdings | 732 | 266 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | April 8, 2025 | January 13, 2014 |
| ESG | No | No |
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Exposure
Countries
FMUN
USA
58.42%
Other
41.58%
SHYD
USA
57.59%
Other
42.41%
Sectors
FMUN
Municipal
58.22%
Other
41.78%
SHYD
Municipal
57.59%
Other
42.41%
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Diversification
FMUN
Total weight of top 15 holdings out of 15
9.69%
SHYD
Total weight of top 15 holdings out of 15
14.21%
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%
SHYD
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
1.70%
Patriots Energy Group Financing Agency, 5.25% 1oct2054, USD (2023A-1)
1.19%
Puerto Rico, 5.75% 1jul2031, USD
1.01%
Puerto Rico, 4% 1jul2033, USD
0.94%
Denver, 5% 1oct2032, USD (2017)
0.94%
Chicago Board of Education, 5% 1dec2036, USD (2017H)
0.93%
Greater Orlando Aviation Authority, 5.5% 1nov2037, USD (2025)
0.90%
US13034A7E44
0.89%
US09182TGC53
0.88%
US05786PAA12
0.87%
Houston Airport System, 5% 15jul2028, USD (2018)
0.86%
Mission Economic Development Corp., 4.625% 1oct2031, USD (2018)
0.84%
New York Transportation Development Corp., 4% 1jul2035, USD (2016A)
0.83%
Baldwin Industrial Development Authority, 4.3% 1mar2056, USD (2026A)
0.74%
Puerto Rico, 5.625% 1jul2029, USD
0.69%
Frequently asked questions about FMUN and SHYD
How have the FMUN and SHYD ETFs performed in 2026?
As of October 16, 2026, FMUN is down -2.47% year-to-date (YTD), while SHYD has lost -0.1%. That puts SHYD better performer ahead so far this year.
Which ETF is attracting more investor money: FMUN or SHYD?
Year-to-date, the FMUN ETF saw +$7M in flows, compared to +$114M for SHYD.
Which ETF is more volatile: FMUN or SHYD?
Over the past year, FMUN had a volatility of 3.47%, while SHYD experienced 2.17%.
Which ETF is bigger: FMUN or SHYD?
As of October 16, 2026, FMUN holds $169.28 M in assets under management (AUM), while SHYD manages $492.88 M.
What sectors do the FMUN and SHYD ETFs invest in?
FMUN leans toward sectors like Municipal. Meanwhile, SHYD focuses on Municipal.
What are the top holdings of the FMUN ETF and SHYD ETF?
FMUN top holdings include California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29. SHYD holds in its top three: California Municipal Finance Authority, 4% 15jul2029, USD (2019), Patriots Energy Group Financing Agency, 5.25% 1oct2054, USD (2023A-1) and Puerto Rico, 5.75% 1jul2031, USD.
Which ETF is more diversified: FMUN or SHYD?
FMUN holds 1169 securities with 9.69% of its assets in the top 15. SHYD has 520 securities and a top 15 weight of 14.21%.
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