ATOIX vs. FMNDX

Last updated Apr 2, 2026

Compare and contrast key facts about abrdn Ultra Short Municipal Income Fund (ATOIX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX).

ATOIX is managed by Aberdeen. It was launched on Dec 4, 2002. FMNDX is managed by Fidelity. It was launched on Oct 15, 2013.

Performance

ATOIX vs. FMNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Ultra Short Municipal Income Fund (ATOIX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX). The values are adjusted to include any dividend payments, if applicable.

ATOIX vs. FMNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ATOIX abrdn Ultra Short Municipal Income Fund	0.35%	3.33%	3.14%	3.27%	0.87%	-0.04%	0.88%	1.40%	1.54%	2.24%
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class	0.30%	3.31%	3.04%	3.37%	-0.09%	0.03%	0.86%	2.00%	1.58%	1.10%

Returns By Period

In the year-to-date period, ATOIX achieves a 0.35% return, which is significantly higher than FMNDX's 0.30% return. Over the past 10 years, ATOIX has outperformed FMNDX with an annualized return of 1.73%, while FMNDX has yielded a comparatively lower 1.55% annualized return.

ATOIX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.35%
• 6M: 1.37%
• 1Y: 2.95%
• 3Y*: 3.07%
• 5Y*: 2.17%
• 10Y*: 1.73%

FMNDX

• 1D: 0.00%
• 1M: -0.30%
• YTD: 0.30%
• 6M: 1.06%
• 1Y: 2.67%
• 3Y*: 3.04%
• 5Y*: 1.98%
• 10Y*: 1.55%

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

ATOIX vs. FMNDX - Expense Ratio Comparison

ATOIX has a 0.44% expense ratio, which is higher than FMNDX's 0.25% expense ratio.

ATOIX

abrdn Ultra Short Municipal Income Fund

FMNDX

Fidelity Conservative Income Municipal Bond Fund Institutional Class

Return for Risk

ATOIX vs. FMNDX — Risk / Return Rank

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

ATOIX

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

FMNDX

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

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.

ATOIX vs. FMNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Ultra Short Municipal Income Fund (ATOIX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX). 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.

	ATOIX	FMNDX	Difference
Sharpe ratio Return per unit of total volatility	3.34	2.85	+0.49
Sortino ratio Return per unit of downside risk	16.90	6.52	+10.38
Omega ratio Gain probability vs. loss probability	10.74	2.73	+8.01
Calmar ratio Return relative to maximum drawdown	32.23	7.66	+24.57
Martin ratio Return relative to average drawdown	91.90	29.05	+62.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ATOIX vs. FMNDX - Sharpe Ratio Comparison

The current ATOIX Sharpe Ratio is 3.34, which is comparable to the FMNDX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of ATOIX and FMNDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ATOIX	FMNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.34	2.85	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.69	1.90	+0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.24	1.74	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	2.45	1.66	+0.79

Correlation

The correlation between ATOIX and FMNDX is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ATOIX vs. FMNDX - Dividend Comparison

ATOIX's dividend yield for the trailing twelve months is around 2.90%, more than FMNDX's 2.64% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATOIX abrdn Ultra Short Municipal Income Fund	2.90%	3.27%	3.09%	3.02%	1.07%	0.06%	0.88%	1.39%	1.42%	2.20%	0.61%	0.52%
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class	2.64%	2.95%	2.99%	2.60%	0.61%	0.23%	0.85%	1.58%	1.46%	1.00%	0.75%	0.38%

Drawdowns

ATOIX vs. FMNDX - Drawdown Comparison

The maximum ATOIX drawdown since its inception was -1.46%, smaller than the maximum FMNDX drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for ATOIX and FMNDX.

Drawdown Indicators

	ATOIX	FMNDX	Difference
Max Drawdown Largest peak-to-trough decline	-1.46%	-1.69%	+0.23%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.40%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-0.37%	-1.09%	+0.72%
Max Drawdown (10Y) Largest decline over 10 years	-0.43%	-1.69%	+1.26%
Current Drawdown Current decline from peak	-0.10%	-0.30%	+0.20%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.10%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.10%	-0.07%

Volatility

ATOIX vs. FMNDX - Volatility Comparison

The current volatility for abrdn Ultra Short Municipal Income Fund (ATOIX) is 0.00%, while Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) has a volatility of 0.16%. This indicates that ATOIX experiences smaller price fluctuations and is considered to be less risky than FMNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ATOIX	FMNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.16%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	0.65%	0.62%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.92%	1.01%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.81%	1.05%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.78%	0.90%	-0.12%