- ISIN
- US31635V1668
- CUSIP
- 31635V166
- Issuer
- Fidelity
- Inception Date
- Oct 2, 2018
- Category
- Municipal Bonds
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
FSAJX Performance Chart
Fidelity SAI Tax-Free Bond Fund (FSAJX) is up 1.7% since the beginning of the year. FSAJX is currently trading at $10 per share. Investors who bought $1,000 worth of FSAJX shares 5 years ago would now be looking at an investment worth $1,064.
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Returns By Period
Fidelity SAI Tax-Free Bond Fund (FSAJX) has returned 1.68% so far this year and 6.98% over the past 12 months.
Fidelity SAI Tax-Free Bond Fund
- 1D
- -0.10%
- 1M
- 1.59%
- YTD
- 1.68%
- 6M
- 2.07%
- 1Y
- 6.98%
- 3Y*
- 4.43%
- 5Y*
- 1.25%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
FSAJX Monthly Returns History
Based on dividend-adjusted daily data since Oct 3, 2018, FSAJX's average daily return is +0.01%, while the average monthly return is +0.25%. At this rate, an investment would double in approximately 23.1 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 -6.1%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FSAJX closed higher 38% of trading days. The best single day was Mar 25, 2020 with a return of +3.6%, while the worst single day was Mar 12, 2020 at -3.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.87% | 1.33% | -2.25% | 1.09% | 0.48% | 0.20% | 1.68% | ||||||
| 2025 | 0.72% | 1.28% | -1.54% | -0.47% | -0.24% | 0.78% | -0.23% | 0.90% | 2.42% | 1.18% | 0.18% | 0.20% | 5.25% |
| 2024 | -0.14% | 0.04% | 0.06% | -1.34% | -0.14% | 1.88% | 0.86% | 0.59% | 1.04% | -1.50% | 1.64% | -1.13% | 1.80% |
| 2023 | 3.32% | -2.39% | 2.19% | 0.02% | -0.78% | 0.85% | 0.33% | -1.28% | -2.74% | -1.22% | 6.61% | 2.89% | 7.67% |
| 2022 | -2.86% | -0.61% | -3.26% | -2.98% | 1.50% | -2.00% | 2.66% | -2.40% | -4.09% | -1.05% | 5.30% | -0.08% | -9.82% |
| 2021 | 0.73% | -1.82% | 0.72% | 1.07% | 0.52% | 0.42% | 0.78% | -0.40% | -0.94% | -0.22% | 0.98% | 0.16% | 1.98% |
Benchmark Metrics
Fidelity SAI Tax-Free Bond Fund has an annualized alpha of 2.42%, beta of 0.04, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since October 03, 2018.
- This fund participated in 22.21% of S&P 500 Index downside but only 16.39% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.04 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
- 2.42%
- Beta
- 0.04
- R²
- 0.02
- Upside Capture
- 16.39%
- Downside Capture
- 22.21%
Expense Ratio
FSAJX has an expense ratio of 0.25%, which is considered low.
Return for Risk
Risk / Return Rank
FSAJX 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 SAI Tax-Free Bond Fund (FSAJX) 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.
| FSAJX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.32 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 2.46 | -0.09 |
| Martin ratioReturn relative to average drawdown | 8.26 | 10.92 | -2.65 |
Dividends
Dividend History
Fidelity SAI Tax-Free Bond Fund provided a 3.30% dividend yield over the last twelve months, with an annual payout of $0.33 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.33 | $0.43 | $0.31 | $0.28 | $0.17 | $0.16 | $0.22 | $0.30 | $0.04 |
Dividend yield | 3.30% | 4.25% | 3.08% | 2.75% | 1.72% | 1.50% | 2.03% | 2.79% | 0.44% |
Monthly Dividends
The table displays the monthly dividend distributions for Fidelity SAI Tax-Free Bond Fund. 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 | $0.02 | $0.03 | $0.03 | $0.03 | $0.00 | $0.14 | ||||||
| 2025 | $0.05 | $0.05 | $0.05 | $0.05 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.43 |
| 2024 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.05 | $0.31 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.28 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.00 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.17 |
| 2021 | $0.00 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.16 |
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 SAI Tax-Free Bond Fund. 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 SAI Tax-Free Bond Fund was 15.16%, occurring on Oct 25, 2022. Recovery took 587 trading sessions.
The current Fidelity SAI Tax-Free Bond Fund drawdown is 0.52%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -15.16%Oct 2022 | 1y 3mo | 2y 4mo | 3y 7moJul 2021 - Feb 2025 |
COVID crash2020 | -13.37%Mar 2020 | 10d | 9mo 16d | 9mo 26dMar 2020 - Dec 2020 |
2025 selloff2025 | -5.02%Apr 2025 | 1mo 7d | 4mo 29d | 6mo 6dMar 2025 - Sep 2025 |
2026 pullback2026 | -3.02%Mar 2026 | 25d | — | 3mo 24dMar 2026 - now |
2021 pullback2021 | -2.27%Feb 2021 | 9d | 3mo 2d | 3mo 11dFeb 2021 - May 2021 |
Drawdown Indicators
| FSAJX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.16% | -56.78% | +41.62% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -9.10% | +6.08% |
Max Drawdown (3Y)Largest decline over 3 years | -5.86% | -18.90% | +13.04% |
Max Drawdown (5Y)Largest decline over 5 years | -15.16% | -25.43% | +10.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.52% | -3.21% | +2.69% |
Average DrawdownAverage peak-to-trough decline | -3.30% | -10.71% | +7.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 2.04% | -1.18% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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