- Issuer
- Fidelity
- Inception Date
- Jun 24, 2021
- 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
FSMUX Performance Chart
Strategic Advisers Municipal Bond Fund (FSMUX) is up 1.6% since the beginning of the year. FSMUX is currently trading at $9 per share. Investors who bought $1,000 worth of FSMUX shares 5 years ago would now be looking at an investment worth $1,028.
Loading charts...
Returns By Period
Strategic Advisers Municipal Bond Fund (FSMUX) has returned 1.59% so far this year and 6.69% over the past 12 months.
Strategic Advisers Municipal Bond Fund
- 1D
- 0.11%
- 1M
- 1.82%
- YTD
- 1.59%
- 6M
- 2.06%
- 1Y
- 6.69%
- 3Y*
- 3.82%
- 5Y*
- 0.55%
- 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%
FSMUX Monthly Returns History
Based on dividend-adjusted daily data since Jun 17, 2021, FSMUX's average daily return is 0.00%, while the average monthly return is +0.06%. At this rate, an investment would double in approximately 96.3 years.
Historically, 56% of months were positive and 44% were negative. The best month was Nov 2023 with a return of +6.4%, while the worst month was Sep 2022 at -4.3%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FSMUX closed higher 34% of trading days. The best single day was Apr 11, 2025 with a return of +2.2%, while the worst single day was Apr 14, 2025 at -2.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.34% | 1.13% | -1.89% | 1.13% | 0.56% | 0.34% | 1.59% | ||||||
| 2025 | 0.43% | 0.86% | -1.69% | -0.81% | -0.69% | 0.68% | -0.47% | 0.82% | 2.78% | 1.25% | -0.11% | 0.13% | 3.14% |
| 2024 | 0.07% | 0.18% | 0.20% | -1.05% | 0.09% | 1.68% | 0.99% | 0.65% | 1.20% | -1.34% | 1.67% | -1.34% | 2.99% |
| 2023 | 3.17% | -2.10% | 1.80% | 0.17% | -0.50% | 0.75% | 0.30% | -1.07% | -2.82% | -1.79% | 6.41% | 2.62% | 6.78% |
| 2022 | -2.65% | -0.77% | -3.26% | -3.16% | 1.34% | -2.55% | 2.61% | -2.40% | -4.32% | -1.26% | 5.12% | -0.17% | -11.25% |
| 2021 | -0.06% | 0.75% | -0.45% | -0.85% | -0.13% | 0.97% | 0.17% | 0.39% |
Benchmark Metrics
Strategic Advisers Municipal Bond Fund has an annualized alpha of 0.39%, beta of 0.02, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since June 17, 2021.
- This fund participated in 39.43% of S&P 500 Index downside but only 18.74% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.02 may look defensive, but with R2 of 0.01 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 0.01 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
- 0.39%
- Beta
- 0.02
- R²
- 0.01
- Upside Capture
- 18.74%
- Downside Capture
- 39.43%
Expense Ratio
FSMUX has an expense ratio of 0.06%, which is considered low.
Return for Risk
Risk / Return Rank
FSMUX ranks 79 for risk / return — better than 79% 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 Strategic Advisers Municipal Bond Fund (FSMUX) 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.
| FSMUX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.37 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 2.78 | +0.18 |
| Martin ratioReturn relative to average drawdown | 10.85 | 12.44 | -1.59 |
Dividends
Dividend History
Strategic Advisers Municipal Bond Fund provided a 2.98% dividend yield over the last twelve months, with an annual payout of $0.27 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $0.27 | $0.29 | $0.33 | $0.28 | $0.19 | $0.10 |
Dividend yield | 2.98% | 3.26% | 3.74% | 3.18% | 2.14% | 0.99% |
Monthly Dividends
The table displays the monthly dividend distributions for Strategic Advisers Municipal 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 | $0.00 | $0.00 | $0.03 | $0.03 | $0.03 | $0.00 | $0.09 | ||||||
| 2025 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.29 |
| 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 | $0.33 |
| 2023 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $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 | $0.03 | $0.19 |
| 2021 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.10 |
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 Strategic Advisers Municipal 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 Strategic Advisers Municipal Bond Fund was 16.27%, occurring on Oct 25, 2022. Recovery took 729 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -16.27%Oct 2022 | 1y 3mo | 2y 12mo | 4y 3moJul 2021 - Oct 2025 |
2026 pullback2026 | -2.68%Mar 2026 | 22d | 2mo 10d | 3mo 2dMar 2026 - Jun 2026 |
2025 pullback2025 | -0.56%Dec 2025 | 20d | 1mo 4d | 1mo 24dNov 2025 - Jan 2026 |
2026 pullback2026 | -0.34%Jan 2026 | 1d | 12d | 13dJan 2026 - Feb 2026 |
2025 pullback2025 | -0.22%Oct 2025 | 7d | 1d | 8dOct 2025 - Oct 2025 |
Drawdown Indicators
| FSMUX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.27% | -56.78% | +40.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -9.10% | +6.42% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -18.90% | +12.95% |
Max Drawdown (5Y)Largest decline over 5 years | -16.27% | -25.43% | +9.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -5.40% | -10.71% | +5.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 2.03% | -1.32% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with FSMUX
Add Strategic Advisers Municipal Bond 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 FSMUX