EXFLX vs. FMNDX

Last updated Jun 24, 2026

EXFLX (Eaton Vance National Ultra-Short Municipal Income Fund) and FMNDX (Fidelity Conservative Income Municipal Bond Fund Institutional Class) are both Municipal Bonds funds. Over the past 10 years, EXFLX returned 1.60%/yr vs 1.60%/yr for FMNDX. At a 0.43 correlation, their price movements are largely independent. EXFLX charges 0.50%/yr vs 0.25%/yr for FMNDX.

Performance

EXFLX vs. FMNDX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EXFLX having a 1.06% return and FMNDX slightly lower at 1.01%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: EXFLX at 1.60% and FMNDX at 1.60%.

EXFLX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.06%
• 6M: 1.30%
• 1Y: 2.85%
• 3Y*: 3.36%
• 5Y*: 2.21%
• 10Y*: 1.60%

FMNDX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.01%
• 6M: 1.37%
• 1Y: 2.96%
• 3Y*: 3.16%
• 5Y*: 2.13%
• 10Y*: 1.60%

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

EXFLX vs. FMNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXFLX Eaton Vance National Ultra-Short Municipal Income Fund	1.06%	3.84%	3.47%	2.73%	-0.01%	0.43%	0.01%	1.89%	1.48%	1.10%
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class	1.01%	3.31%	3.04%	3.37%	-0.09%	0.03%	0.86%	2.00%	1.58%	1.10%

Correlation

The correlation between EXFLX and FMNDX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Oct 23, 2013	0.43

Over the past year, EXFLX and FMNDX have become more correlated (0.65) than their long-term average of 0.43, meaning their price movements have been converging.

Return for Risk

EXFLX vs. FMNDX — Risk / Return Rank

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

EXFLX

EXFLX Risk / Return Rank: 97
EXFLX Sharpe Ratio Rank: 94
EXFLX Sortino Ratio Rank: 99
EXFLX Omega Ratio Rank: 99
EXFLX Calmar Ratio Rank: 97
EXFLX Martin Ratio Rank: 98

FMNDX

FMNDX Risk / Return Rank: 98
FMNDX Sharpe Ratio Rank: 96
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.

EXFLX vs. FMNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance National Ultra-Short Municipal Income Fund (EXFLX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EXFLX	FMNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.99	3.17	-0.18
Sortino ratio: Return per unit of downside risk	7.63	8.51	-0.89
Omega ratio: Gain probability vs. loss probability	3.11	3.45	-0.34
Calmar ratio: Return relative to maximum drawdown	6.99	9.99	-3.01
Martin ratio: Return relative to average drawdown	35.85	41.56	-5.71

EXFLX vs. FMNDX - Sharpe Ratio Comparison

The current EXFLX Sharpe Ratio is 2.99, which is comparable to the FMNDX Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of EXFLX and FMNDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EXFLX vs. FMNDX - Drawdown Comparison

The maximum EXFLX drawdown since its inception was -10.11%, which is greater than FMNDX's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for EXFLX and FMNDX.

Drawdown Indicators

	EXFLX	FMNDX	Difference
Max Drawdown Largest peak-to-trough decline	-10.11%	-1.69%	-8.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.41%	-0.30%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-0.72%	-1.09%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-0.91%	-1.09%	+0.18%
Max Drawdown (10Y) Largest decline over 10 years	-1.89%	-1.69%	-0.20%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.50%	-0.10%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.07%	+0.01%

Volatility

EXFLX vs. FMNDX - Volatility Comparison

Eaton Vance National Ultra-Short Municipal Income Fund (EXFLX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) have volatilities of 0.23% and 0.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXFLX	FMNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	0.24%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.69%	0.63%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	0.96%	0.94%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.08%	1.06%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	0.91%	+0.02%

EXFLX vs. FMNDX - Expense Ratio Comparison

EXFLX has a 0.50% expense ratio, which is higher than FMNDX's 0.25% expense ratio.

Dividends

EXFLX vs. FMNDX - Dividend Comparison

EXFLX's dividend yield for the trailing twelve months is around 2.70%, less than FMNDX's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXFLX Eaton Vance National Ultra-Short Municipal Income Fund	2.70%	3.66%	3.51%	2.48%	1.12%	0.02%	0.52%	1.67%	1.37%	0.79%	0.70%	0.49%
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class	2.82%	2.95%	2.99%	2.60%	0.61%	0.23%	0.85%	1.58%	1.46%	1.00%	0.75%	0.38%

Frequently Asked Questions

Can I hold both EXFLX and FMNDX in my portfolio?

EXFLX and FMNDX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EXFLX or FMNDX?

FMNDX has higher volatility (0.24%) compared to EXFLX (0.23%). In terms of maximum drawdown, EXFLX dropped -10.11% vs FMNDX's -1.69%.

Which has better risk-adjusted returns?

FMNDX currently has the higher Sharpe Ratio (3.17 vs 2.99), 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.