CBTAX vs. FMBIX

Last updated Jun 5, 2026

CBTAX (Six Circles Tax Aware Bond Fund) and FMBIX (Fidelity Municipal Bond Index Fund) are both Municipal Bonds funds. A 0.78 correlation means they provide meaningful diversification when combined. CBTAX charges 0.14%/yr vs 0.07%/yr for FMBIX.

Performance

CBTAX vs. FMBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles Tax Aware Bond Fund (CBTAX) and Fidelity Municipal Bond Index Fund (FMBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBTAX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.69%
• 6M: 1.99%
• 1Y: 6.88%
• 3Y*: 4.08%
• 5Y*: 1.35%
• 10Y*: —

FMBIX

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

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

CBTAX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CBTAX Six Circles Tax Aware Bond Fund	1.69%	4.13%	2.38%	6.35%	-7.47%	0.89%	5.02%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	4.72%

Correlation

The correlation between CBTAX and FMBIX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 20, 2020	0.78

The correlation between CBTAX and FMBIX has been stable across timeframes, ranging from 0.70 to 0.80 - a consistent structural relationship.

Return for Risk

CBTAX vs. FMBIX — Risk / Return Rank

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

CBTAX

CBTAX Risk / Return Rank: 81
CBTAX Sharpe Ratio Rank: 94
CBTAX Sortino Ratio Rank: 94
CBTAX Omega Ratio Rank: 96
CBTAX Calmar Ratio Rank: 67
CBTAX Martin Ratio Rank: 55

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.

CBTAX vs. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles Tax Aware Bond Fund (CBTAX) 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.

	CBTAX	FMBIX	Difference
Sharpe ratio: Return per unit of total volatility	3.27	—	—
Sortino ratio: Return per unit of downside risk	4.88	—	—
Omega ratio: Gain probability vs. loss probability	1.86	—	—
Calmar ratio: Return relative to maximum drawdown	3.10	—	—
Martin ratio: Return relative to average drawdown	11.02	—	—
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

	CBTAX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.27	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	—	—

Drawdowns

Drawdown Indicators

	CBTAX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.31%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.99%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	—	—
Current Drawdown Current decline from peak	-0.30%	—	—
Average Drawdown Average peak-to-trough decline	-2.77%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	—	—

Volatility

Volatility by Period

	CBTAX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.19%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.41%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	—	—

CBTAX vs. FMBIX - Expense Ratio Comparison

CBTAX has a 0.14% expense ratio, which is higher than FMBIX's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CBTAX vs. FMBIX - Dividend Comparison

CBTAX's dividend yield for the trailing twelve months is around 3.53%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CBTAX Six Circles Tax Aware Bond Fund	3.53%	3.49%	3.28%	2.68%	1.57%	0.88%	0.49%	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 CBTAX and FMBIX in my portfolio?

CBTAX and FMBIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.