APUSX vs. FMBIX

Last updated Apr 2, 2026

Compare and contrast key facts about Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) and Fidelity Municipal Bond Index Fund (FMBIX).

APUSX is managed by Cavanal Hill funds. It was launched on Dec 25, 2017. FMBIX is managed by Fidelity. It was launched on Jul 11, 2019.

Performance

APUSX vs. FMBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) and Fidelity Municipal Bond Index Fund (FMBIX). The values are adjusted to include any dividend payments, if applicable.

APUSX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	0.21%	3.88%	3.65%	2.63%	-0.18%	-0.40%	0.15%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	2.99%

Returns By Period

APUSX

• 1D: 0.00%
• 1M: -0.10%
• YTD: 0.21%
• 6M: 0.87%
• 1Y: 2.54%
• 3Y*: 3.21%
• 5Y*: 1.96%
• 10Y*: —

FMBIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APUSX vs. FMBIX - Expense Ratio Comparison

APUSX has a 0.60% expense ratio, which is higher than FMBIX's 0.07% expense ratio.

APUSX

Cavanal Hill Ultra Short Tax-Free Income Fund

FMBIX

Fidelity Municipal Bond Index Fund

Return for Risk

APUSX vs. FMBIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APUSX

APUSX Risk / Return Rank: 99
APUSX Sharpe Ratio Rank: 98
APUSX Sortino Ratio Rank: 100
APUSX Omega Ratio Rank: 100
APUSX Calmar Ratio Rank: 100
APUSX Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APUSX vs. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) and Fidelity Municipal Bond Index Fund (FMBIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	APUSX	FMBIX	Difference
Sharpe ratio Return per unit of total volatility	2.83	—	—
Sortino ratio Return per unit of downside risk	10.29	—	—
Omega ratio Gain probability vs. loss probability	5.18	—	—
Calmar ratio Return relative to maximum drawdown	15.80	—	—
Martin ratio Return relative to average drawdown	57.18	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	APUSX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	—	—

Correlation

The correlation between APUSX and FMBIX is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

APUSX vs. FMBIX - Dividend Comparison

APUSX's dividend yield for the trailing twelve months is around 2.61%, while FMBIX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	2.61%	3.69%	3.68%	1.69%	0.33%	0.00%	0.25%	0.00%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%

Drawdowns

Drawdown Indicators

	APUSX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.64%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.45%	—	—
Current Drawdown Current decline from peak	-0.10%	—	—
Average Drawdown Average peak-to-trough decline	-0.30%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	—	—

Volatility

Volatility by Period

	APUSX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.09%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.24%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.14%	—	—