FMUNvsVTEBETF Comparison
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Fidelity Systematic Municipal Bond Index ETF (FMUN) and Vanguard Tax-Exempt Bond Index ETF (VTEB) belong to the same industry segment: Municipal Bonds. FMUN's top 2 sector exposures are Municipal and Non-Corporate. In contrast, VTEB's top sector exposures are Municipal. FMUN is more expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.03% for VTEB. FMUN is down -2.47% year-to-date (YTD) with +$7M in YTD flows. VTEB performs better with -2.08% YTD performance, and +$10.89B in YTD flows. Run a side-by-side ETF comparison of FMUN and VTEB 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 VTEB 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 VTEB | -0.39%-0.21% | -3.71%-3.46% | -2.47%-2.08% | -2.04%-1.57% | n/a+10.28% | n/a+1.27% |
| Flows | FMUN VTEB | -$5M+$5.04B | -$5M+$7.65B | +$7M+$10.89B | +$9M+$12.82B | -+$24.62B | -+$39.99B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FMUN VTEB | +5.47%+5.28% | +3.47%+3.33% | n/a+3.84% | n/a+3.82% |
| Max drawdown | FMUN VTEB | -6.21%-5.92% | -6.93%-6.63% | n/a-6.63% | n/a-12.41% |
| Max drawdown duration | FMUN VTEB | 92d92d | 229d102d | n/a102d | n/a1001d |
Trading data
FMUN | VTEB | |
Last sale 10/19/2026 at 1:30 PM | $47.82 | $48.01 |
| Previous close 10/16/2026 | $47.82 | $48.00 |
| 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 | VTEB | |
|---|---|---|
| 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 | VTEB | |
|---|---|---|
| Last price | $47.82 | $48.01 |
| 1D performance | -0.01% | +0.02% |
| AuM | $169.28 M | $51.37 B |
| E/R | 0.05% | 0.03% |
Characteristics
FMUN | VTEB | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Fidelity | Vanguard |
| Benchmark | Fidelity Systematic U.S. Municipal Bond Index | S&P National AMT-Free Municipal Bond Index |
| N° of holdings | 732 | 5200 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | April 8, 2025 | August 21, 2015 |
| ESG | No | No |
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Exposure
Countries
FMUN
USA
58.42%
Other
41.58%
VTEB
USA
55.18%
Other
44.82%
Sectors
FMUN
Municipal
58.22%
Other
41.78%
VTEB
Municipal
55.18%
Other
44.82%
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Diversification
FMUN
Total weight of top 15 holdings out of 15
9.69%
VTEB
Total weight of top 15 holdings out of 15
1.57%
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%
VTEB
US13063EUN48
0.16%
US13063EUP95
0.15%
City of New York, 5% 1aug2034, USD (2026)
0.12%
University of California, 5% 15may2036, USD (2025)
0.11%
US68608JXF38
0.10%
Idaho, 4% 30jun2027, USD (2026)
0.10%
US87638QBF54
0.10%
California, 5.25% 1aug2032, USD
0.10%
US646140KX00
0.10%
New Jersey Health Care Facilities Financing Authority, 1.9% 1jul2061, USD (2026B-1)
0.10%
City of New York, 5% 1aug2032, USD (2026)
0.09%
US574193YA01
0.09%
Wisconsin, 5% 1may2038, USD (2026)
0.09%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2026A)
0.08%
Dallas Independent School District, 5% 15feb2056, USD (2026B)
0.08%
Frequently asked questions about FMUN and VTEB
How have the FMUN and VTEB ETFs performed in 2026?
As of October 16, 2026, FMUN is down -2.47% year-to-date (YTD), while VTEB has lost -2.08%. That puts VTEB better performer ahead so far this year.
Which ETF is attracting more investor money: FMUN or VTEB?
Year-to-date, the FMUN ETF saw +$7M in flows, compared to +$10.89B for VTEB.
Which ETF is more volatile: FMUN or VTEB?
Over the past year, FMUN had a volatility of 3.47%, while VTEB experienced 3.33%.
Which ETF is bigger: FMUN or VTEB?
As of October 16, 2026, FMUN holds $169.28 M in assets under management (AUM), while VTEB manages $51.37 B.
What sectors do the FMUN and VTEB ETFs invest in?
FMUN leans toward sectors like Municipal. Meanwhile, VTEB focuses on Municipal.
What are the top holdings of the FMUN ETF and VTEB ETF?
FMUN top holdings include California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29. VTEB holds in its top three: US13063EUN48, US13063EUP95 and City of New York, 5% 1aug2034, USD (2026).
Which ETF is more diversified: FMUN or VTEB?
FMUN holds 1169 securities with 9.69% of its assets in the top 15. VTEB has 10722 securities and a top 15 weight of 1.57%.
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Latest news about FMUN & VTEB
The Weekly ETF Market Monitor (September 28-October 2, 2026)
October 2, 2026
VTEB
A Look at Vanguard's New Short-Term Tax-Exempt Bond ETF
April 21, 2023
VTEB
Vanguard plans to launch a new short-term municipal bond ETF in 2023
December 23, 2022
VTEB
Investing in Municipal Bond ETFs
October 24, 2022
VTEB
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