CXE vs. FUENX

Last updated Jun 4, 2026

CXE (MFS High Income Municipal Trust) is a stock, while FUENX (Fidelity Flex Municipal Income Fund) is Municipal Bonds fund managed by Fidelity. Over the past 5 years, CXE returned -2.59%/yr vs 1.31%/yr for FUENX. At a 0.31 correlation, their price movements are largely independent.

Performance

CXE vs. FUENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS High Income Municipal Trust (CXE) and Fidelity Flex Municipal Income Fund (FUENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CXE achieves a 1.94% return, which is significantly higher than FUENX's 1.79% return.

CXE

• 1D: -0.54%
• 1M: 0.43%
• YTD: 1.94%
• 6M: 1.89%
• 1Y: 11.88%
• 3Y*: 7.55%
• 5Y*: -2.59%
• 10Y*: 1.42%

FUENX

• 1D: 0.20%
• 1M: 0.79%
• YTD: 1.79%
• 6M: 2.19%
• 1Y: 7.67%
• 3Y*: 4.49%
• 5Y*: 1.31%
• 10Y*: —

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

CXE vs. FUENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CXE MFS High Income Municipal Trust	1.94%	6.44%	8.88%	6.40%	-27.88%	5.14%	-0.83%	22.02%	-6.39%	1.16%
FUENX Fidelity Flex Municipal Income Fund	1.79%	4.63%	2.32%	7.27%	-9.29%	1.99%	3.07%	8.27%	0.72%	1.02%

Correlation

The correlation between CXE and FUENX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 30, 2017	0.31

The correlation between CXE and FUENX shifts across timeframes, from 0.31 (all time) to 0.44 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CXE vs. FUENX — Risk / Return Rank

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

CXE

CXE Risk / Return Rank: 75
CXE Sharpe Ratio Rank: 77
CXE Sortino Ratio Rank: 73
CXE Omega Ratio Rank: 70
CXE Calmar Ratio Rank: 76
CXE Martin Ratio Rank: 79

FUENX

FUENX Risk / Return Rank: 76
FUENX Sharpe Ratio Rank: 90
FUENX Sortino Ratio Rank: 94
FUENX Omega Ratio Rank: 95
FUENX Calmar Ratio Rank: 53
FUENX Martin Ratio Rank: 48

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.

CXE vs. FUENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS High Income Municipal Trust (CXE) and Fidelity Flex Municipal Income Fund (FUENX). 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.

	CXE	FUENX	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.99	-1.74
Sortino ratio: Return per unit of downside risk	1.91	4.79	-2.88
Omega ratio: Gain probability vs. loss probability	1.22	1.78	-0.56
Calmar ratio: Return relative to maximum drawdown	2.18	2.79	-0.61
Martin ratio: Return relative to average drawdown	6.29	10.03	-3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CXE vs. FUENX - Sharpe Ratio Comparison

The current CXE Sharpe Ratio is 1.26, which is lower than the FUENX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of CXE and FUENX, 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

	CXE	FUENX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.99	-1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	0.35	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.58	-0.44

Drawdowns

CXE vs. FUENX - Drawdown Comparison

The maximum CXE drawdown since its inception was -56.78%, which is greater than FUENX's maximum drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for CXE and FUENX.

Drawdown Indicators

	CXE	FUENX	Difference
Max Drawdown Largest peak-to-trough decline	-56.78%	-14.32%	-42.46%
Max Drawdown (1Y) Largest decline over 1 year	-5.48%	-2.77%	-2.71%
Max Drawdown (3Y) Largest decline over 3 years	-16.64%	-5.34%	-11.30%
Max Drawdown (5Y) Largest decline over 5 years	-39.23%	-14.32%	-24.91%
Max Drawdown (10Y) Largest decline over 10 years	-39.23%	—	—
Current Drawdown Current decline from peak	-14.40%	-0.34%	-14.06%
Average Drawdown Average peak-to-trough decline	-12.64%	-2.92%	-9.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	0.77%	+1.12%

Volatility

CXE vs. FUENX - Volatility Comparison

MFS High Income Municipal Trust (CXE) has a higher volatility of 2.74% compared to Fidelity Flex Municipal Income Fund (FUENX) at 1.01%. This indicates that CXE's price experiences larger fluctuations and is considered to be riskier than FUENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CXE	FUENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	1.01%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	6.59%	2.02%	+4.57%
Volatility (1Y) Calculated over the trailing 1-year period	9.51%	2.59%	+6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.77%	3.78%	+9.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	4.20%	+12.05%

Dividends

CXE vs. FUENX - Dividend Comparison

CXE's dividend yield for the trailing twelve months is around 6.81%, more than FUENX's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXE MFS High Income Municipal Trust	6.81%	5.59%	4.97%	4.39%	5.70%	4.74%	4.86%	4.73%	6.17%	5.72%	6.04%	6.27%
FUENX Fidelity Flex Municipal Income Fund	3.25%	3.14%	2.90%	2.58%	1.38%	1.40%	1.54%	2.95%	2.61%	0.41%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CXE and FUENX in my portfolio?

CXE and FUENX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CXE or FUENX?

CXE has higher volatility (2.74%) compared to FUENX (1.01%). In terms of maximum drawdown, CXE dropped -56.78% vs FUENX's -14.32%.

Which has better risk-adjusted returns?

FUENX currently has the higher Sharpe Ratio (2.99 vs 1.26), 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.