MUNYvsFMUNETF Comparison
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Vanguard New York Tax-Exempt Bond ETF (MUNY) and Fidelity Systematic Municipal Bond Index ETF (FMUN) belong to the same industry segment: Municipal Bonds. MUNY's top 1 sector exposures are Municipal. In contrast, FMUN's top sector exposures are Municipal and Non-Corporate. MUNY is more expensive with a Total Expense Ratio (TER) of 0.09%, versus 0.05% for FMUN. MUNY is down -1.91% year-to-date (YTD) with +$546M in YTD flows. FMUN performs worse with -2.47% YTD performance, and +$7M in YTD flows. Run a side-by-side ETF comparison of MUNY 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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MUNY vs FMUN performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MUNY FMUN | -0.04%-0.39% | -3.31%-3.71% | -1.91%-2.47% | -1.39%-2.04% | n/an/a | n/an/a |
| Flows | MUNY FMUN | +$212M-$5M | +$277M-$5M | +$546M+$7M | +$616M+$9M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUNY FMUN | +5.24%+5.47% | +3.32%+3.47% | n/an/a | n/an/a |
| Max drawdown | MUNY FMUN | -5.85%-6.21% | -6.60%-6.93% | n/an/a | n/an/a |
| Max drawdown duration | MUNY FMUN | 92d92d | 102d229d | n/an/a | n/an/a |
Trading data
MUNY | FMUN | |
Last sale 10/19/2026 at 1:30 PM | $98.64 | $47.82 |
| Previous close 10/16/2026 | $98.68 | $47.82 |
| 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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MUNY | 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 10/19/2026 at 1:30 PM
Live
Closed
MUNY | FMUN | |
|---|---|---|
| Last price | $98.64 | $47.82 |
| 1D performance | -0.04% | -0.01% |
| AuM | $722.39 M | $169.28 M |
| E/R | 0.09% | 0.05% |
Characteristics
MUNY | FMUN | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Fidelity |
| Benchmark | S&P NewYork AMT-Free Municipal USD10 Million Par Bond Index | Fidelity Systematic U.S. Municipal Bond Index |
| N° of holdings | 1835 | 732 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 20, 2025 | April 8, 2025 |
| ESG | No | No |
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Exposure
Countries
MUNY
USA
59.67%
Other
40.33%
FMUN
USA
58.42%
Other
41.58%
Sectors
MUNY
Municipal
59.67%
Other
40.33%
FMUN
Municipal
58.22%
Other
41.78%
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Diversification
MUNY
Total weight of top 15 holdings out of 15
3.51%
FMUN
Total weight of top 15 holdings out of 15
9.69%
Top 15 holdings
Data as of August 31, 2026
MUNY
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.31%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.29%
City of New York, FRN 1aug2044, USD
0.27%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.27%
MTA Hudson Rail Yards Trust, 5% 15nov2056, USD (2016A)
0.25%
Triborough Bridge and Tunnel Authority, 5.25% 15may2064, USD (2024A-1)
0.23%
MTA Hudson Rail Yards Trust, 5% 15nov2051, USD (2016A)
0.22%
Triborough Bridge and Tunnel Authority, 5% 15nov2051, USD (2021A)
0.22%
US896035CD29
0.22%
New York Transitional Finance Authority, 5% 1nov2034, USD (2026)
0.21%
US896032BB41
0.21%
Triborough Bridge and Tunnel Authority, 5% 15nov2047, USD (2017A)
0.21%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.20%
US89602HEY99
0.20%
New York Power Authority, 4% 15nov2050, USD
0.19%
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%
Frequently asked questions about MUNY and FMUN
How have the MUNY and FMUN ETFs performed in 2026?
As of October 16, 2026, MUNY is down -1.91% year-to-date (YTD), while FMUN has lost -2.47%. That puts MUNY better performer ahead so far this year.
Which ETF is attracting more investor money: MUNY or FMUN?
Year-to-date, the MUNY ETF saw +$546M in flows, compared to +$7M for FMUN.
Which ETF is more volatile: MUNY or FMUN?
Over the past year, MUNY had a volatility of 3.32%, while FMUN experienced 3.47%.
Which ETF is bigger: MUNY or FMUN?
As of October 16, 2026, MUNY holds $722.39 M in assets under management (AUM), while FMUN manages $169.28 M.
What sectors do the MUNY and FMUN ETFs invest in?
MUNY leans toward sectors like Municipal. Meanwhile, FMUN focuses on Municipal.
What are the top holdings of the MUNY ETF and FMUN ETF?
MUNY top holdings include New York Dormitory Authority, 5.5% 1jul2054, USD (2024A), Hudson Yards Infrastructure Corp., 5% 15feb2042, USD and City of New York, FRN 1aug2044, USD. FMUN holds in its top three: California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29.
Which ETF is more diversified: MUNY or FMUN?
MUNY holds 3643 securities with 3.51% of its assets in the top 15. FMUN has 1169 securities and a top 15 weight of 9.69%.
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