MUBvsFMUNETF Comparison
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iShares National Muni Bond ETF (MUB) and Fidelity Systematic Municipal Bond Index ETF (FMUN) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 2 sector exposures: Municipal and Non-Corporate. Both MUB and FMUN have the same Total Expense Ratio (TER) of 0.05%. MUB is down -1.7% year-to-date (YTD) with +$4.66B in YTD flows. FMUN performs worse with -1.89% YTD performance, and +$12M in YTD flows. Run a side-by-side ETF comparison of MUB and FMUN 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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MUB vs FMUN performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/10/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MUB FMUN | -2.62%-2.76% | -3.00%-3.16% | -1.70%-1.89% | +0.26%+0.07% | +4.17%n/a | -2.33%n/a |
| Flows | MUB FMUN | -$50M- | +$1.02B+$1M | +$4.66B+$12M | +$6.27B+$14M | +$12.31B- | +$24.57B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUB FMUN | +3.05%+3.34% | +2.46%+2.71% | +3.58%n/a | +3.45%n/a |
| Max drawdown | MUB FMUN | -3.66%-3.88% | -3.66%-3.89% | -5.81%n/a | -11.55%n/a |
| Max drawdown duration | MUB FMUN | 66d66d | 66d193d | 349dn/a | 1488dn/a |
Trading data
MUB | FMUN | |
Last sale 9/11/2026 at 1:30 PM | $103.17 | $48.28 |
| Previous close 09/10/2026 | $102.72 | $48.15 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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MUB | FMUN | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
MUB | FMUN | |
|---|---|---|
| Last price | $103.17 | $48.28 |
| 1D performance | +0.44% | +0.26% |
| AuM | $44.44 B | $176.11 M |
| E/R | 0.05% | 0.05% |
Characteristics
MUB | FMUN | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | iShares | Fidelity |
| Benchmark | ICE AMT-Free US National Municipal Index | Fidelity Systematic U.S. Municipal Bond Index |
| N° of holdings | 3867 | 739 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 7, 2007 | April 8, 2025 |
| ESG | No | No |
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Exposure
Countries
MUB
USA
58.61%
Other
41.39%
FMUN
USA
58.77%
Other
41.23%
Sectors
MUB
Municipal
58.23%
Other
41.77%
FMUN
Municipal
58.52%
Other
41.48%
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Diversification
MUB
Total weight of top 15 holdings out of 15
2.21%
FMUN
Total weight of top 15 holdings out of 15
9.67%
Top 15 holdings
Data as of July 31, 2026
MUB
BlackRock Liquidity MuniCash
0.38%
University of Texas, 5% 15aug2036, USD (2025B)
0.19%
US650028ZA41
0.15%
US79642GTU66
0.14%
US89602RPH20
0.13%
Northwest Independent School District, 5.25% 15feb2055, USD (2025)
0.13%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.13%
Houston Higher Education Finance Corp., 5% 15may2034, USD (2024)
0.13%
Ohio State University, 5% 1jun2035, USD (2026)
0.12%
New Jersey, 5% 1jun2028, USD
0.12%
California, 5% 1sep2031, USD
0.12%
US93974EVY93
0.12%
Chicago Transit Authority, 5% 1dec2049, USD (2024A)
0.11%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.11%
US812643ZK32
0.11%
FMUN
California Community Choice Financing Authority, 5% 1jan2055, USD (2024B)
2.23%
US74440DFN93
0.89%
US79574CBW29
0.83%
US91412HSH74
0.60%
US56035DDX75
0.56%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.52%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2024)
0.51%
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%
Frequently asked questions about MUB and FMUN
How have the MUB and FMUN ETFs performed in 2026?
As of September 10, 2026, MUB is down -1.7% year-to-date (YTD), while FMUN has lost -1.89%. That puts MUB better performer ahead so far this year.
Which ETF is attracting more investor money: MUB or FMUN?
Year-to-date, the MUB ETF saw +$4.66B in flows, compared to +$12M for FMUN.
Which ETF is more volatile: MUB or FMUN?
Over the past year, MUB had a volatility of 2.46%, while FMUN experienced 2.71%.
Which ETF is bigger: MUB or FMUN?
As of September 10, 2026, MUB holds $44.44 B in assets under management (AUM), while FMUN manages $176.11 M.
What sectors do the MUB and FMUN ETFs invest in?
MUB leans toward sectors like Municipal. Meanwhile, FMUN focuses on Municipal.
What are the top holdings of the MUB ETF and FMUN ETF?
MUB top holdings include BlackRock Liquidity MuniCash, University of Texas, 5% 15aug2036, USD (2025B) and US650028ZA41. FMUN holds in its top three: California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29.
Which ETF is more diversified: MUB or FMUN?
MUB holds 6762 securities with 2.21% of its assets in the top 15. FMUN has 1171 securities and a top 15 weight of 9.67%.
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