CFNLX vs. FSMUX

Last updated Jun 4, 2026

CFNLX (Commerce National Tax-Free Intermediate Bond Fund) and FSMUX (Strategic Advisers Municipal Bond Fund) are both Municipal Bonds funds. Over the past 3 years, CFNLX returned 3.84%/yr vs 3.86%/yr for FSMUX. Their correlation of 0.86 suggests significant overlap in exposure. CFNLX charges 0.59%/yr vs 0.06%/yr for FSMUX.

Performance

CFNLX vs. FSMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Commerce National Tax-Free Intermediate Bond Fund (CFNLX) and Strategic Advisers Municipal Bond Fund (FSMUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFNLX achieves a 1.12% return, which is significantly lower than FSMUX's 1.47% return.

CFNLX

• 1D: 0.16%
• 1M: 0.60%
• YTD: 1.12%
• 6M: 1.46%
• 1Y: 6.48%
• 3Y*: 3.84%
• 5Y*: 0.99%
• 10Y*: 1.91%

FSMUX

• 1D: 0.23%
• 1M: 0.90%
• YTD: 1.47%
• 6M: 1.83%
• 1Y: 7.07%
• 3Y*: 3.86%
• 5Y*: —
• 10Y*: —

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

CFNLX vs. FSMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CFNLX Commerce National Tax-Free Intermediate Bond Fund	1.12%	6.09%	0.70%	4.83%	-7.39%	0.04%
FSMUX Strategic Advisers Municipal Bond Fund	1.47%	3.14%	2.99%	6.78%	-11.25%	0.39%

Correlation

The correlation between CFNLX and FSMUX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 18, 2021	0.86

The correlation between CFNLX and FSMUX has been stable across timeframes, ranging from 0.76 to 0.86 - a consistent structural relationship.

Return for Risk

CFNLX vs. FSMUX — Risk / Return Rank

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

CFNLX

CFNLX Risk / Return Rank: 66
CFNLX Sharpe Ratio Rank: 87
CFNLX Sortino Ratio Rank: 88
CFNLX Omega Ratio Rank: 93
CFNLX Calmar Ratio Rank: 31
CFNLX Martin Ratio Rank: 30

FSMUX

FSMUX Risk / Return Rank: 78
FSMUX Sharpe Ratio Rank: 83
FSMUX Sortino Ratio Rank: 92
FSMUX Omega Ratio Rank: 93
FSMUX Calmar Ratio Rank: 66
FSMUX Martin Ratio Rank: 57

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.

CFNLX vs. FSMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Commerce National Tax-Free Intermediate Bond Fund (CFNLX) and Strategic Advisers Municipal Bond Fund (FSMUX). 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.

	CFNLX	FSMUX	Difference
Sharpe ratio: Return per unit of total volatility	2.83	2.69	+0.15
Sortino ratio: Return per unit of downside risk	4.25	4.63	-0.38
Omega ratio: Gain probability vs. loss probability	1.72	1.71	+0.01
Calmar ratio: Return relative to maximum drawdown	2.11	3.15	-1.04
Martin ratio: Return relative to average drawdown	6.88	11.49	-4.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFNLX vs. FSMUX - Sharpe Ratio Comparison

The current CFNLX Sharpe Ratio is 2.83, which is comparable to the FSMUX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of CFNLX and FSMUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CFNLX	FSMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	2.69	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.11	+1.14

Drawdowns

CFNLX vs. FSMUX - Drawdown Comparison

The maximum CFNLX drawdown since its inception was -12.24%, smaller than the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for CFNLX and FSMUX.

Drawdown Indicators

	CFNLX	FSMUX	Difference
Max Drawdown Largest peak-to-trough decline	-12.24%	-16.27%	+4.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-2.68%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-5.56%	-5.95%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-12.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-12.24%	—	—
Current Drawdown Current decline from peak	-1.02%	0.00%	-1.02%
Average Drawdown Average peak-to-trough decline	-1.56%	-5.46%	+3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	1.83%	-0.89%

Volatility

CFNLX vs. FSMUX - Volatility Comparison

The current volatility for Commerce National Tax-Free Intermediate Bond Fund (CFNLX) is 0.88%, while Strategic Advisers Municipal Bond Fund (FSMUX) has a volatility of 1.21%. This indicates that CFNLX experiences smaller price fluctuations and is considered to be less risky than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFNLX	FSMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	1.21%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	2.10%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.28%	3.16%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.28%	4.64%	-1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	4.64%	-1.29%

CFNLX vs. FSMUX - Expense Ratio Comparison

CFNLX has a 0.59% expense ratio, which is higher than FSMUX's 0.06% expense ratio.

Dividends

CFNLX vs. FSMUX - Dividend Comparison

CFNLX's dividend yield for the trailing twelve months is around 2.77%, less than FSMUX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFNLX Commerce National Tax-Free Intermediate Bond Fund	2.77%	3.64%	2.36%	2.08%	1.63%	2.43%	1.94%	2.65%	2.38%	2.31%	2.25%	2.19%
FSMUX Strategic Advisers Municipal Bond Fund	2.99%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CFNLX and FSMUX in my portfolio?

CFNLX and FSMUX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFNLX or FSMUX?

FSMUX has higher volatility (1.21%) compared to CFNLX (0.88%). In terms of maximum drawdown, CFNLX dropped -12.24% vs FSMUX's -16.27%.

Which has better risk-adjusted returns?

CFNLX currently has the higher Sharpe Ratio (2.83 vs 2.69), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.