Fidelity Advisor Municipal Income Fund Class Z (FIWEX)

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The chart shows the growth of an initial investment of $10,000 in Fidelity Advisor Municipal Income Fund Class Z, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Fidelity Advisor Municipal Income Fund Class Z (FIWEX) has returned -0.82% so far this year and 4.21% over the past 12 months.

Based on dividend-adjusted daily data since Oct 17, 2018, FIWEX's average daily return is +0.01%, while the average monthly return is +0.23%. At this rate, your investment would double in approximately 25.1 years.

Historically, 62% of months were positive and 38% were negative. The best month was Nov 2023 with a return of +6.6%, while the worst month was Mar 2020 at -5.2%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 4 months.

On a daily basis, FIWEX closed higher 40% of trading days. The best single day was Mar 25, 2020 with a return of +4.0%, while the worst single day was Mar 19, 2020 at -3.3%.

Fidelity Advisor Municipal Income Fund Class Z has an annualized alpha of 2.30%, beta of 0.03, and R² of 0.02 versus S&P 500 Index. Calculated based on daily prices since October 18, 2018.

• This fund participated in 23.38% of S&P 500 Index downside but only 17.10% of its upside — more exposed to losses than it benefited from rallies.
• Beta of 0.03 may look defensive, but with R² of 0.02 this fund is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R² of 0.02 means this fund moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

FIWEX has an expense ratio of 0.42%, placing it in the medium range.

FIWEX ranks 49 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.

The table below present risk-adjusted performance metrics for Fidelity Advisor Municipal Income Fund Class Z (FIWEX) and compare them to a chosen benchmark (S&P 500 Index).

Fidelity Advisor Municipal Income Fund Class Z provided a 3.12% dividend yield over the last twelve months, with an annual payout of $0.38 per share. The fund has been increasing its distributions for 3 consecutive years.

The table displays the monthly dividend distributions for Fidelity Advisor Municipal Income Fund Class Z. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Fidelity Advisor Municipal Income Fund Class Z. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Fidelity Advisor Municipal Income Fund Class Z was 16.14%, occurring on Oct 25, 2022. Recovery took 723 trading sessions.

The current Fidelity Advisor Municipal Income Fund Class Z drawdown is 3.03%.

The chart below shows the rolling one-month volatility.