FCFMX vs. SCMB

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Series Total Market Index Fund (FCFMX) and Schwab Municipal Bond ETF (SCMB).

FCFMX is managed by Fidelity. It was launched on Apr 26, 2019. SCMB is a passively managed fund by Charles Schwab that tracks the performance of the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. It was launched on Oct 11, 2022.

Performance

FCFMX vs. SCMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Total Market Index Fund (FCFMX) and Schwab Municipal Bond ETF (SCMB). The values are adjusted to include any dividend payments, if applicable.

FCFMX vs. SCMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FCFMX Fidelity Series Total Market Index Fund	-6.76%	17.43%	23.92%	26.15%	7.18%
SCMB Schwab Municipal Bond ETF	-0.51%	3.78%	0.91%	5.86%	3.05%

Returns By Period

In the year-to-date period, FCFMX achieves a -6.76% return, which is significantly lower than SCMB's -0.51% return.

FCFMX

• 1D: -0.43%
• 1M: -7.67%
• YTD: -6.76%
• 6M: -4.55%
• 1Y: 15.13%
• 3Y*: 16.85%
• 5Y*: 10.21%
• 10Y*: —

SCMB

• 1D: 0.24%
• 1M: -2.42%
• YTD: -0.51%
• 6M: 1.25%
• 1Y: 3.88%
• 3Y*: 2.44%
• 5Y*: —
• 10Y*: —

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

FCFMX vs. SCMB - Expense Ratio Comparison

FCFMX has a 0.00% expense ratio, which is lower than SCMB's 0.03% 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%.

SCMB

Schwab Municipal Bond ETF

FCFMX

Fidelity Series Total Market Index Fund

Return for Risk

FCFMX vs. SCMB — Risk / Return Rank

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

FCFMX

FCFMX Risk / Return Rank: 47
FCFMX Sharpe Ratio Rank: 42
FCFMX Sortino Ratio Rank: 46
FCFMX Omega Ratio Rank: 49
FCFMX Calmar Ratio Rank: 42
FCFMX Martin Ratio Rank: 55

SCMB

SCMB Risk / Return Rank: 49
SCMB Sharpe Ratio Rank: 56
SCMB Sortino Ratio Rank: 47
SCMB Omega Ratio Rank: 61
SCMB Calmar Ratio Rank: 45
SCMB Martin Ratio Rank: 35

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.

FCFMX vs. SCMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Total Market Index Fund (FCFMX) and Schwab Municipal Bond ETF (SCMB). 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.

	FCFMX	SCMB	Difference
Sharpe ratio Return per unit of total volatility	0.85	0.94	-0.09
Sortino ratio Return per unit of downside risk	1.32	1.22	+0.09
Omega ratio Gain probability vs. loss probability	1.20	1.21	-0.02
Calmar ratio Return relative to maximum drawdown	1.08	1.05	+0.02
Martin ratio Return relative to average drawdown	5.27	2.98	+2.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCFMX vs. SCMB - Sharpe Ratio Comparison

The current FCFMX Sharpe Ratio is 0.85, which is comparable to the SCMB Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of FCFMX and SCMB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCFMX	SCMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	0.94	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.90	-0.27

Correlation

The correlation between FCFMX and SCMB is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FCFMX vs. SCMB - Dividend Comparison

FCFMX's dividend yield for the trailing twelve months is around 1.51%, less than SCMB's 3.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
FCFMX Fidelity Series Total Market Index Fund	1.51%	1.41%	1.27%	1.45%	1.78%	1.56%	1.88%	1.35%
SCMB Schwab Municipal Bond ETF	3.38%	3.36%	3.34%	3.10%	0.59%	0.00%	0.00%	0.00%

Drawdowns

FCFMX vs. SCMB - Drawdown Comparison

The maximum FCFMX drawdown since its inception was -34.99%, which is greater than SCMB's maximum drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for FCFMX and SCMB.

Drawdown Indicators

	FCFMX	SCMB	Difference
Max Drawdown Largest peak-to-trough decline	-34.99%	-6.13%	-28.86%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-3.79%	-8.60%
Max Drawdown (5Y) Largest decline over 5 years	-25.34%	—	—
Current Drawdown Current decline from peak	-8.89%	-2.42%	-6.47%
Average Drawdown Average peak-to-trough decline	-5.68%	-1.32%	-4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	1.34%	+1.19%

Volatility

FCFMX vs. SCMB - Volatility Comparison

Fidelity Series Total Market Index Fund (FCFMX) has a higher volatility of 4.42% compared to Schwab Municipal Bond ETF (SCMB) at 1.47%. This indicates that FCFMX's price experiences larger fluctuations and is considered to be riskier than SCMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCFMX	SCMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	1.47%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	2.02%	+7.37%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	4.15%	+14.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	4.22%	+13.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.55%	4.22%	+16.33%