- ISIN
- US31635V1585
- CUSIP
- 31635V158
- Issuer
- Fidelity
- Inception Date
- Oct 2, 2018
- Category
- Municipal Bonds
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
FSMNX Performance Chart
Fidelity SAI Municipal Income Fund (FSMNX) is up 0.2% since the beginning of the year. FSMNX is currently trading at $10 per share. Investors who bought $1,000 worth of FSMNX shares 5 years ago would now be looking at an investment worth $1,032.
Loading charts...
Compare this symbol against anything
Returns By Period
Fidelity SAI Municipal Income Fund (FSMNX) has returned 0.16% so far this year and 4.56% over the past 12 months.
Fidelity SAI Municipal Income Fund
- 1D
- -0.20%
- 1M
- -2.01%
- 6M
- -0.71%
- YTD
- 0.16%
- 1Y
- 4.56%
- 3Y*
- 3.77%
- 5Y*
- 0.63%
- 10Y*
- —
- ALL TIME*
- 2.56%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
FSMNX Monthly Returns History
Based on dividend-adjusted daily data since Oct 29, 2018, FSMNX'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, 61% of months were positive and 39% were negative. The best month was Nov 2023 with a return of +6.5%, while the worst month was Mar 2020 at -5.6%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FSMNX closed higher 37% of trading days. The best single day was Mar 25, 2020 with a return of +3.7%, 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 | 0.88% | 1.35% | -2.39% | 1.10% | 0.50% | 0.79% | -2.01% | 0.16% | |||||
| 2025 | 0.65% | 1.30% | -1.55% | -0.26% | -0.24% | 0.80% | -0.22% | 0.82% | 2.46% | 1.10% | 0.28% | 0.10% | 5.30% |
| 2024 | -0.23% | 0.15% | -0.03% | -1.15% | -0.23% | 1.81% | 0.88% | 0.78% | 1.16% | -1.62% | 1.68% | -1.04% | 2.12% |
| 2023 | 3.48% | -2.40% | 2.12% | 0.14% | -0.87% | 0.98% | 0.26% | -1.17% | -2.96% | -1.33% | 6.51% | 2.95% | 7.55% |
| 2022 | -2.97% | -0.71% | -3.28% | -3.00% | 1.41% | -2.12% | 2.69% | -2.52% | -4.03% | -1.18% | 5.36% | -0.17% | -10.43% |
| 2021 | 0.74% | -1.83% | 0.64% | 1.09% | 0.53% | 0.43% | 0.79% | -0.40% | -0.86% | -0.22% | 0.83% | 0.10% | 1.84% |
Benchmark Metrics
Fidelity SAI Municipal Income Fund has an annualized alpha of 2.13%, beta of 0.04, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since October 29, 2018.
- This fund participated in 23.97% of S&P 500 Index downside but only 15.99% 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
- 2.13%
- Beta
- 0.04
- R²
- 0.02
- Upside Capture
- 15.99%
- Downside Capture
- 23.97%
Expense Ratio
FSMNX has an expense ratio of 0.36%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FSMNX ranks 65 for risk / return — above 65% of mutual funds peers on PortfoliosLab. Its historical combined result is above most peers.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Fidelity SAI Municipal Income Fund (FSMNX) 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.
| FSMNX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.25 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 2.00 | -0.19 |
| Martin ratioReturn relative to average drawdown | 5.73 | 8.49 | -2.76 |
Dividends
Dividend History
Fidelity SAI Municipal Income Fund provided a 3.16% dividend yield over the last twelve months, with an annual payout of $0.31 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.31 | $0.43 | $0.35 | $0.30 | $0.17 | $0.17 | $0.21 | $0.38 | $0.07 |
Dividend yield | 3.16% | 4.38% | 3.52% | 2.98% | 1.74% | 1.55% | 1.96% | 3.57% | 0.65% |
Monthly Dividends
The table displays the monthly dividend distributions for Fidelity SAI Municipal Income 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 | $0.03 | $0.00 | $0.17 | |||||
| 2025 | $0.05 | $0.05 | $0.06 | $0.05 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.43 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.35 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.30 |
| 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 | $0.00 | $0.03 | $0.17 |
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.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the Fidelity SAI Municipal Income 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 Municipal Income Fund was 15.85%, occurring on Oct 25, 2022. Recovery took 718 trading sessions.
The current Fidelity SAI Municipal Income Fund drawdown is 2.04%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-15.85%Oct 2022 | 1y 2mo | 2y 10mo | 4y 1moAug 2021 - Sep 2025 | Bear market2022 |
-12.83%Mar 2020 | 10d | 10mo 12d | 10mo 22dMar 2020 - Jan 2021 | COVID crash2020 |
-3.07%Mar 2026 | 25d | — | 5mo 4dMar 2026 - now | — |
-2.37%Feb 2021 | 9d | 3mo 7d | 3mo 16dFeb 2021 - Jun 2021 | — |
-1.74%Sep 2019 | 12d | 3mo 17d | 3mo 29dSep 2019 - Jan 2020 | — |
Drawdown Indicators
| FSMNX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -56.78% | +40.93% |
Max Drawdown (1Y)Largest decline over 1 year | -3.07% | -9.10% | +6.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.07% | -18.90% | +13.83% |
Max Drawdown (5Y)Largest decline over 5 years | -15.78% | -25.43% | +9.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -2.04% | -1.58% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -3.60% | -10.70% | +7.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 2.14% | -1.17% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with FSMNX
Add Fidelity SAI Municipal Income Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with FSMNX