Fidelity Systematic Municipal Bond ETF (FMUN) Performance
FMUN total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.3% since Dec 31, 2025
- 1 year
- −0.8% total return
- Since first price
- +2.9% since 2025
FMUN trailing returns vs SPY, QQQ, AGG
| Period | FMUN total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.1% | +1.8% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.8% | −2.7% | +3.2% | +1.9% | −0.4% |
| 6 months | −2.1% | −3.8% | +7.8% | +8.4% | −1.5% |
| YTD | −1.3% | −3.7% | +12.3% | +15.1% | −1.0% |
| 1 year | −0.8% | −4.0% | +14.4% | +15.9% | −1.1% |
| Since inceptionApr 7, 2025 | +2.9% | −2.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FMUN vs SPY
From Apr 7, 2025: FMUN grew to $10,295, SPY to $15,317.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FMUN returns by calendar year
2026 is year to date.
FMUN annual returns table
| Year | FMUN | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.3% | −7.3% | +12.3% | +15.1% | −1.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FMUN risk statistics
| Statistic | Since 2025 |
|---|---|
| Annualized return | +0.5% |
| Volatility (annualized) | 5.6% |
| Sharpe ratio | -0.56 |
| Sortino ratio | -0.63 |
| Best month | +2.4% |
| Worst month | −4.1% |
| Best 12 months | +7.2% |
| Worst 12 months | −2.9% |
| Positive months | 65% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FMUN rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 7 | −2.9% | +5.2% | +7.2% | 71% |
Every holding period starting at a month-end since 2025. Returns for 3 years and longer are annualized.
FMUN performance overview
Fidelity Systematic Municipal Bond ETF (FMUN) returned −0.8% over the past year, with distributions reinvested. Since its first recorded price on Apr 7, 2025 it has returned +2.9%. Over the same year S&P 500 (SPY) returned +14.4%.
Related: FMUN chart, FMUN dividends. See the FMUN overview for the latest quote and fund facts.
FMUN performance FAQ
What is the FMUN return over the past year?
FMUN returned −0.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.0%.
How much would $10,000 invested in FMUN be worth?
$10,000 invested in FMUN at its first recorded close on April 7, 2025 would be worth about $10,295 on October 23, 2026 with distributions reinvested.
How volatile is FMUN?
Over the past history FMUN had an annualized volatility of 5.6% and a Sharpe ratio of -0.56 (excess return over 1–3 month T-bills per unit of risk).