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VSDM vs ZMUN

Vanguard Short Duration Tax-Exempt Bond ETF

VSDMACboe

F/m Ultrashort Tax-Free Municipal ETF

ZMUNCNasdaq

Overlap

No data

Expense ratio

VSDM −0.18pt a year

VSDM0.12%ZMUN0.30%

Avg volume · 30D

VSDM 41.6×the volume

VSDM258KZMUN6.21K

VSDM vs ZMUN Performance

Oct 31, 2025 – Nov 2, 2026

+2.1%VSDM+3.3%ZMUN

Oct 31, 2025 to Nov 2, 2026. VSDM +2.1%. ZMUN +3.3%. Use the arrow keys to read each point.0%1%Oct 2025May 2026Nov 2026
Expense ratio
VSDM 0.12%, better
ZMUN 0.30%
Fund size
VSDM $1.2B
ZMUN $37M
1Y total return
VSDM +2.1%
ZMUN +3.3%, better
Yield (12M)
VSDM 3.38%
ZMUN 3.79%, better
Holdings
VSDM 3315
ZMUN 164
Avg volume (30D)
VSDM 258K sh, better
ZMUN 6.21K sh
NAV per share
VSDM $75.79
ZMUN $49.86
52W range

ETF.net Grade

VSDM: Cost 85, Risk 48, Mission 100, Tradability 79, Holdings 75, Durability 62. ZMUN: Cost 19, Risk 71, Mission 100, Tradability 46, Holdings 32, Durability 29.
Pillar letters and Scores for VSDM, ZMUN, with each pillar’s weight
PillarVSDMZMUN
Cost30% weightA85HigherF19
Mission25% weightA100A100
Risk15% weightC48A71Higher
Tradability15% weightA79HigherC46
Holdings10% weightA75HigherD32
Durability5% weightB62HigherD29

Rank among Short-Duration Municipal Bonds funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. VSDM and ZMUN are both graded against the same 27 Short-Duration Municipal Bonds funds, so their Grades compare head to head.

Short-Duration Municipal Bonds⁠

Category · 27 funds
See all 27 ›

VSDM ranks 2nd and ZMUN 24th of 27 funds in the Short-Duration Municipal Bonds Category.

  1. Rank 1AVTESVanguard Short-Term Tax-Exempt Bond ETFScore 81
  2. Rank 2ASUBiShares Short-Term National Muni Bond ETFScore 80
  3. Rank 2AVSDMVanguard Short Duration Tax-Exempt Bond ETFScore 80
  4. Rank 4ATAXSNorthern Trust Short-Term Tax-Exempt Bond ETFScore 77
  5. Rank 24CFSMBFirst Trust Short Duration Managed Municipal ETFScore 52
  6. Rank 24CZMUNF/m Ultrashort Tax-Free Municipal ETFScore 52
  7. Rank 26CBKMSBNY Mellon Municipal Short Duration ETFScore 51

Our read on each fund

ETF.net Research

VSDMAVanguard Short Duration Tax-Exempt Bond ETF

ZMUNCF/m Ultrashort Tax-Free Municipal ETF

In short

VSDM No data

ZMUN The first ETF built purely on callable munis, tracking an index F/m co-developed with Bloomberg. It buys investment-grade tax-exempt bonds already callable or callable within three months, which keeps the maturity clock very short.

Stated mandate

VSDM No data

ZMUN The fund seeks to track, before fees and expenses, the price and yield performance of the Bloomberg Municipal Bond Currently Callable Index. It uses a passive representative-sampling approach focused on U.S. tax-exempt investment-grade municipal bonds that are currently callable or callable within three months.

Why people hold it

VSDM No data

  • ZMUN A corner of the muni market nobody else had packaged: F/m calls it the first ETF dedicated to callable municipal bonds, on an index built with Bloomberg.fminvest.com
  • The mechanism is the point: bonds callable now or within three months act like ultrashort paper, so price moves from rate swings tend to be muted.
  • Interest is exempt from federal tax and, for some holders, certain state taxes. Spread across roughly 170 investment-grade issues, with cash paid monthly.
  • No style drift: it is a passive representative-sampling fund, and the portfolio it holds matches the mandate written in its prospectus.

Worth knowing

VSDM No data

  • ZMUN 0.30% a year sits above the short-muni group's 0.25% median, and far above the index giants VTES (0.05%) and SUB (0.07%).
  • Callability cuts both ways: issuers can redeem these bonds at their option, capping price upside and forcing reinvestment at whatever rates exist that day.fminvest.com
  • A 2025 launch that is still small and thinly traded. Short track record, and limit orders are the sane way in and out.

Full VSDM profile⁠

Full ZMUN profile⁠

VSDM vs ZMUN Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

VSDM vs ZMUN Cost

Overpaying ZMUN vs VSDM

$3,629

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • VSDM 0.12%

    $2,520

  • ZMUN 0.30%

    $6,149

$10,000
30 years

Cost over time

  • VSDM 0.12%
  • ZMUN 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530ZMUN $6,149VSDM $2,520

Year by year

YearVSDMZMUNOverpaying
10$220$545$325
20$859$2,113$1,254
30$2,520$6,149$3,629

Expense ratio

  • 0.12%VSDM, cheaper
  • 0.30%ZMUN
  • Middle half of Short-Duration Municipal Bonds funds
  • Median 0.21%

VSDM 5th cheapest of 27 funds

ZMUN 22nd cheapest of 27 funds

VSDM vs ZMUN Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
VSDM 3.38%
ZMUN 3.79%, better
Payout (12M)
VSDM $2.56
ZMUN $1.89
Last payment
VSDM $0.19
ZMUN $0.17
Ex-dividend
VSDM Nov 2, 2026
ZMUN Oct 27, 2026
Paid on
VSDM Pays Nov 4, 2026
ZMUN Oct 28, 2026
Frequency
VSDM Monthly
ZMUN Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

VSDMMonthly · 23 paymentsAll VSDM payments⁠
One bar per payment. 23 payments from 2024 to 2026 YTD. Dec 24, 2024 $0.26; Feb 3, 2025 $0.20; Mar 3, 2025 $0.20; Apr 1, 2025 $0.16; May 1, 2025 $0.19; Jun 2, 2025 $0.20; Jul 1, 2025 $0.19; Aug 1, 2025 $0.19; Sep 2, 2025 $0.20; Oct 1, 2025 $0.20; Nov 3, 2025 $0.20; Dec 1, 2025 $0.20; Dec 18, 2025 $0.20; Feb 2, 2026 $0.19; Mar 2, 2026 $0.20; Apr 1, 2026 $0.20; May 1, 2026 $0.20; Jun 1, 2026 $0.20; Jul 1, 2026 $0.20; Aug 3, 2026 $0.20; Sep 1, 2026 $0.20; Oct 1, 2026 $0.19; Nov 2, 2026 $0.19. Use the arrow keys to read each point.$0$0.252026YTD
ZMUNMonthly · 13 paymentsAll ZMUN payments⁠
One bar per payment. 13 payments from 2024 to 2026 YTD. Oct 30, 2025 $0.07; Nov 26, 2025 $0.13; Dec 30, 2025 $0.16; Jan 29, 2026 $0.16; Feb 26, 2026 $0.16; Mar 30, 2026 $0.16; Apr 28, 2026 $0.16; May 28, 2026 $0.16; Jun 29, 2026 $0.16; Jul 28, 2026 $0.16; Aug 27, 2026 $0.17; Sep 28, 2026 $0.17; Oct 27, 2026 $0.17. Use the arrow keys to read each point.$0$0.252026YTD

VSDM vs ZMUN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
VSDM 2.9%since Dec 2024ZMUN 1.6%since Oct 2025
Return per unit of riskSharpe ratio, 3 years
VSDM −0.26since Dec 2024ZMUN −0.35since Oct 2025
Worst fallMax drawdown, 5 years
VSDM −2.8%since Nov 2024ZMUN −1.0%since Sep 2025
Market sensitivityBeta, 5 years
VSDM 0.09ZMUN −0.004

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