FBIIX vs. FMBIX

Last updated Jun 4, 2026

FBIIX (Fidelity International Bond Index Fund) and FMBIX (Fidelity Municipal Bond Index Fund) are both mutual funds - FBIIX is a Global Bonds fund managed by Fidelity, while FMBIX is a Municipal Bonds fund managed by Fidelity. At a 0.46 correlation, their price movements are largely independent. FBIIX charges 0.06%/yr vs 0.07%/yr for FMBIX.

Performance

FBIIX vs. FMBIX - Performance Comparison

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

Returns By Period

FBIIX

• 1D: 0.11%
• 1M: 0.99%
• YTD: 0.83%
• 6M: 0.60%
• 1Y: 2.22%
• 3Y*: 4.12%
• 5Y*: 0.80%
• 10Y*: —

FMBIX

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

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

FBIIX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FBIIX Fidelity International Bond Index Fund	0.83%	2.66%	4.64%	7.48%	-10.84%	-1.84%	4.43%	-1.13%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	3.10%	-0.08%

Correlation

The correlation between FBIIX and FMBIX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Oct 11, 2019	0.46

Return for Risk

FBIIX vs. FMBIX — Risk / Return Rank

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

FBIIX

FBIIX Risk / Return Rank: 8
FBIIX Sharpe Ratio Rank: 9
FBIIX Sortino Ratio Rank: 9
FBIIX Omega Ratio Rank: 9
FBIIX Calmar Ratio Rank: 8
FBIIX Martin Ratio Rank: 8

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.

FBIIX vs. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Bond Index Fund (FBIIX) 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.

	FBIIX	FMBIX	Difference
Sharpe ratio: Return per unit of total volatility	0.74	—	—
Sortino ratio: Return per unit of downside risk	1.08	—	—
Omega ratio: Gain probability vs. loss probability	1.14	—	—
Calmar ratio: Return relative to maximum drawdown	0.80	—	—
Martin ratio: Return relative to average drawdown	2.24	—	—
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

	FBIIX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	—	—

Drawdowns

Drawdown Indicators

	FBIIX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.79%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.74%	—	—
Current Drawdown Current decline from peak	-1.11%	—	—
Average Drawdown Average peak-to-trough decline	-4.12%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	—	—

Volatility

Volatility by Period

	FBIIX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.59%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.42%	—	—

FBIIX vs. FMBIX - Expense Ratio Comparison

FBIIX has a 0.06% expense ratio, which is lower than FMBIX's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FBIIX vs. FMBIX - Dividend Comparison

FBIIX's dividend yield for the trailing twelve months is around 4.18%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FBIIX Fidelity International Bond Index Fund	4.18%	4.09%	3.44%	2.85%	1.02%	0.62%	0.74%	0.17%
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 FBIIX and FMBIX in my portfolio?

FBIIX and FMBIX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.