FAPGX vs. FMUN
FAPGX (Fidelity Sustainable Low Duration Bond) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both funds - FAPGX is a Ultrashort Bond fund managed by Fidelity, while FMUN is a Municipal Bonds fund actively managed by Fidelity. Over the past year, FAPGX returned 4.01% vs 7.03% for FMUN. At a 0.33 correlation, their price movements are largely independent. FAPGX charges 0.25%/yr vs 0.05%/yr for FMUN.
Performance
FAPGX vs. FMUN - Performance Comparison
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Returns By Period
In the year-to-date period, FAPGX achieves a 1.39% return, which is significantly lower than FMUN's 1.55% return.
FAPGX
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.39%
- 6M
- 1.70%
- 1Y
- 4.01%
- 3Y*
- 4.87%
- 5Y*
- —
- 10Y*
- —
FMUN
- 1D
- 0.11%
- 1M
- 1.40%
- YTD
- 1.55%
- 6M
- 1.55%
- 1Y
- 7.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FAPGX vs. FMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FAPGX Fidelity Sustainable Low Duration Bond | 1.39% | 3.30% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 1.55% | 3.28% |
Correlation
The correlation between FAPGX and FMUN is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.33 |
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Return for Risk
FAPGX vs. FMUN — Risk / Return Rank
FAPGX
FMUN
FAPGX vs. FMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable Low Duration Bond (FAPGX) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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.
| FAPGX | FMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +5.93 | ||
| Omega ratioGain probability vs. loss probability | 3.07 | 1.49 | +1.58 |
| Calmar ratioReturn relative to maximum drawdown | 13.70 | 2.20 | +11.50 |
| Martin ratioReturn relative to average drawdown | 62.07 | 7.13 | +54.94 |
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Drawdowns
FAPGX vs. FMUN - Drawdown Comparison
The maximum FAPGX drawdown since its inception was -0.49%, smaller than the maximum FMUN drawdown of -3.83%. Use the drawdown chart below to compare losses from any high point for FAPGX and FMUN.
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Drawdown Indicators
| FAPGX | FMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.49% | -3.83% | +3.34% |
Max Drawdown (1Y)Largest decline over 1 year | -0.29% | -3.21% | +2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -0.39% | — | — |
Current DrawdownCurrent decline from peak | -0.10% | -0.80% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -1.13% | +1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.06% | 0.99% | -0.93% |
Volatility
FAPGX vs. FMUN - Volatility Comparison
The current volatility for Fidelity Sustainable Low Duration Bond (FAPGX) is 0.29%, while Fidelity Systematic Municipal Bond Index ETF (FMUN) has a volatility of 0.98%. This indicates that FAPGX experiences smaller price fluctuations and is considered to be less risky than FMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAPGX | FMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 0.98% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 0.83% | 2.38% | -1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.13% | 3.10% | -1.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.07% | 4.12% | -3.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.07% | 4.12% | -3.05% |
FAPGX vs. FMUN - Expense Ratio Comparison
FAPGX has a 0.25% expense ratio, which is higher than FMUN's 0.05% 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
FAPGX vs. FMUN - Dividend Comparison
FAPGX's dividend yield for the trailing twelve months is around 4.63%, more than FMUN's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FAPGX Fidelity Sustainable Low Duration Bond | 4.63% | 4.40% | 4.81% | 3.44% | 0.77% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.29% | 2.41% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FAPGX and FMUN have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMUN has higher volatility (0.98%) compared to FAPGX (0.29%). In terms of maximum drawdown, FAPGX dropped -0.49% vs FMUN's -3.83%.
FAPGX currently has the higher Sharpe Ratio (3.58 vs 2.28), 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.
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