BATVX vs. FMBIX

Last updated Jun 6, 2026

BATVX (BlackRock Allocation Target Shares) and FMBIX (Fidelity Municipal Bond Index Fund) are both Municipal Bonds funds. At a 0.10 correlation, their price movements are largely independent. BATVX charges 0.00%/yr vs 0.07%/yr for FMBIX.

Performance

BATVX vs. FMBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Allocation Target Shares (BATVX) and Fidelity Municipal Bond Index Fund (FMBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BATVX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.97%
• 6M: 1.22%
• 1Y: 2.58%
• 3Y*: 2.47%
• 5Y*: 1.51%
• 10Y*: —

FMBIX

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

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

BATVX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BATVX BlackRock Allocation Target Shares	0.97%	2.80%	2.48%	1.41%	-0.10%	0.00%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	0.82%

Correlation

The correlation between BATVX and FMBIX is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.10

Return for Risk

BATVX vs. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Allocation Target Shares (BATVX) 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.

	BATVX	FMBIX	Difference
Sharpe ratio: Return per unit of total volatility	3.57	—	—
Sortino ratio: Return per unit of downside risk	—	—	—
Omega ratio: Gain probability vs. loss probability	—	—	—
Calmar ratio: Return relative to maximum drawdown	—	—	—
Martin ratio: Return relative to average drawdown	—	—	—
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

	BATVX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.57	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.38	—	—

Drawdowns

Drawdown Indicators

	BATVX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-0.20%	—	—
Max Drawdown (1Y) Largest decline over 1 year	0.00%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.20%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-0.03%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	BATVX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.73%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.64%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.63%	—	—

BATVX vs. FMBIX - Expense Ratio Comparison

BATVX has a 0.00% expense ratio, which is lower than FMBIX's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BATVX vs. FMBIX - Dividend Comparison

BATVX's dividend yield for the trailing twelve months is around 2.55%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BATVX BlackRock Allocation Target Shares	2.55%	2.76%	2.44%	1.40%	0.00%	0.00%	0.00%	0.00%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%

Frequently Asked Questions

Can I hold both BATVX and FMBIX in my portfolio?

BATVX and FMBIX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.