- ISIN
- US3162037697
- Issuer
- Fidelity
- Inception Date
- Mar 1, 2018
- Category
- Municipal Bonds
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
FROGX Performance Chart
Fidelity Advisor Municipal Income Fund Class I (FROGX) is up 1.6% since the beginning of the year. FROGX is currently trading at $12 per share. Investors who bought $1,000 worth of FROGX shares 5 years ago would now be looking at an investment worth $1,040.
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Returns By Period
Fidelity Advisor Municipal Income Fund Class I (FROGX) has returned 1.59% so far this year and 7.17% over the past 12 months.
Fidelity Advisor Municipal Income Fund Class I
- 1D
- 0.08%
- 1M
- 1.74%
- YTD
- 1.59%
- 6M
- 2.02%
- 1Y
- 7.17%
- 3Y*
- 4.15%
- 5Y*
- 0.78%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
FROGX Monthly Returns History
Based on dividend-adjusted daily data since Mar 19, 2018, FROGX's average daily return is +0.01%, while the average monthly return is +0.23%. At this rate, an investment would double in approximately 25.1 years.
Historically, 63% of months were positive and 37% 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 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FROGX closed higher 40% of trading days. The best single day was Mar 25, 2020 with a return of +3.9%, while the worst single day was Mar 19, 2020 at -3.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.82% | 1.44% | -2.53% | 1.16% | 0.42% | 0.32% | 1.59% | ||||||
| 2025 | 0.57% | 1.17% | -1.62% | -0.41% | -0.25% | 0.84% | -0.24% | 0.85% | 2.51% | 1.33% | 0.25% | 0.11% | 5.18% |
| 2024 | -0.16% | 0.06% | 0.08% | -1.23% | -0.16% | 1.73% | 0.82% | 0.73% | 1.12% | -1.53% | 1.63% | -1.36% | 1.68% |
| 2023 | 3.36% | -2.41% | 2.18% | 0.06% | -0.92% | 0.90% | 0.32% | -1.25% | -2.96% | -1.65% | 6.62% | 2.73% | 6.78% |
| 2022 | -2.83% | -0.74% | -3.25% | -3.14% | 1.05% | -2.12% | 2.67% | -2.46% | -4.17% | -1.33% | 5.36% | -0.02% | -10.83% |
| 2021 | 0.81% | -1.82% | 0.73% | 1.15% | 0.64% | 0.48% | 0.85% | -0.38% | -0.91% | -0.25% | 0.99% | 0.10% | 2.37% |
Benchmark Metrics
Fidelity Advisor Municipal Income Fund Class I has an annualized alpha of 2.23%, beta of 0.03, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since March 19, 2018.
- This fund participated in 21.95% of S&P 500 Index downside but only 15.87% 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.
- Alpha
- 2.23%
- Beta
- 0.03
- R²
- 0.02
- Upside Capture
- 15.87%
- Downside Capture
- 21.95%
Expense Ratio
FROGX has an expense ratio of 0.53%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FROGX ranks 69 for risk / return — better than 69% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Fidelity Advisor Municipal Income Fund Class I (FROGX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FROGX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.37 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 2.78 | -0.53 |
| Martin ratioReturn relative to average drawdown | 7.50 | 12.44 | -4.94 |
Dividends
Dividend History
Fidelity Advisor Municipal Income Fund Class I provided a 3.01% dividend yield over the last twelve months, with an annual payout of $0.37 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.37 | $0.48 | $0.35 | $0.31 | $0.24 | $0.35 | $0.40 | $0.41 | $0.32 |
Dividend yield | 3.01% | 3.91% | 2.89% | 2.52% | 1.98% | 2.57% | 2.92% | 3.08% | 2.50% |
Monthly Dividends
The table displays the monthly dividend distributions for Fidelity Advisor Municipal Income Fund Class I. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.15 | ||||||
| 2025 | $0.06 | $0.05 | $0.06 | $0.06 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.48 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.35 |
| 2023 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.31 |
| 2022 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.00 | $0.00 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.24 |
| 2021 | $0.00 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.11 | $0.35 |
Drawdowns
Drawdowns Chart
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.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Fidelity Advisor Municipal Income Fund Class I. 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 I was 16.25%, occurring on Oct 25, 2022. Recovery took 742 trading sessions.
The current Fidelity Advisor Municipal Income Fund Class I drawdown is 0.66%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -16.25%Oct 2022 | 1y 2mo | 2y 11mo | 4y 2moAug 2021 - Oct 2025 |
COVID crash2020 | -12.78%Mar 2020 | 10d | 8mo 23d | 9mo 3dMar 2020 - Dec 2020 |
2026 pullback2026 | -3.19%Mar 2026 | 25d | — | 3mo 23dMar 2026 - now |
2021 pullback2021 | -2.32%Feb 2021 | 9d | 3mo 2d | 3mo 11dFeb 2021 - May 2021 |
Rate-hike selloffLate 2018 | -1.73%Oct 2018 | 1mo 5d | 1mo 25d | 3moSep 2018 - Dec 2018 |
Drawdown Indicators
| FROGX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.25% | -56.78% | +40.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.19% | -9.10% | +5.91% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -18.90% | +12.82% |
Max Drawdown (5Y)Largest decline over 5 years | -16.25% | -25.43% | +9.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.66% | -1.80% | +1.14% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -10.71% | +7.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 2.03% | -1.07% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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