Fidelity Flex Municipal Income Fund (FUENX)

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Fidelity Flex Municipal Income Fund (FUENX) is up 1.9% since the beginning of the year. FUENX is currently trading at $10 per share. Investors who bought $1,000 worth of FUENX shares 5 years ago would now be looking at an investment worth $1,066.

Fidelity Flex Municipal Income Fund (FUENX) has returned 1.89% so far this year and 7.33% over the past 12 months.

Based on dividend-adjusted daily data since Oct 27, 2017, FUENX's average daily return is +0.01%, while the average monthly return is +0.21%. At this rate, an investment would double in approximately 27.5 years.

Historically, 63% of months were positive and 37% were negative. The best month was Nov 2023 with a return of +6.2%, 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, FUENX closed higher 36% of trading days. The best single day was Mar 25, 2020 with a return of +3.6%, while the worst single day was Mar 19, 2020 at -3.2%.

Fidelity Flex Municipal Income Fund has an annualized alpha of 2.03%, beta of 0.03, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since October 27, 2017.

• This fund participated in 20.51% of S&P 500 Index downside but only 14.70% 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.

FUENX has an expense ratio of 0.00%, meaning no management fees are charged.

FUENX ranks 77 for risk / return — better than 77% 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.

Fidelity Flex Municipal Income Fund provided a 3.25% dividend yield over the last twelve months, with an annual payout of $0.32 per share. The fund has been increasing its distributions for 3 consecutive years.

The table displays the monthly dividend distributions for Fidelity Flex Municipal Income Fund. 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 Flex 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 Flex Municipal Income Fund was 14.32%, occurring on Oct 25, 2022. Recovery took 484 trading sessions.

The current Fidelity Flex Municipal Income Fund drawdown is 0.24%.

The chart below shows the rolling one-month volatility.