FCOQX vs. FSMUX

Last updated Apr 2, 2026

Compare and contrast key facts about Franklin Colorado Tax-Free Income Fund Class A (FCOQX) and Strategic Advisers Municipal Bond Fund (FSMUX).

FCOQX is a passively managed fund by Franklin that tracks the performance of the Bloomberg Municipal Bond Index. It was launched on Sep 1, 1987. FSMUX is managed by Fidelity. It was launched on Jun 24, 2021.

Performance

FCOQX vs. FSMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Colorado Tax-Free Income Fund Class A (FCOQX) and Strategic Advisers Municipal Bond Fund (FSMUX). The values are adjusted to include any dividend payments, if applicable.

FCOQX vs. FSMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCOQX Franklin Colorado Tax-Free Income Fund Class A	-0.45%	3.34%	2.47%	5.62%	-10.97%	0.38%
FSMUX Strategic Advisers Municipal Bond Fund	-0.79%	3.14%	2.99%	6.78%	-11.25%	0.39%

Returns By Period

In the year-to-date period, FCOQX achieves a -0.45% return, which is significantly higher than FSMUX's -0.79% return.

FCOQX

• 1D: 0.29%
• 1M: -1.97%
• YTD: -0.45%
• 6M: 1.31%
• 1Y: 3.19%
• 3Y*: 2.81%
• 5Y*: 0.22%
• 10Y*: —

FSMUX

• 1D: 0.34%
• 1M: -2.01%
• YTD: -0.79%
• 6M: 0.46%
• 1Y: 2.39%
• 3Y*: 3.05%
• 5Y*: —
• 10Y*: —

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

FCOQX vs. FSMUX - Expense Ratio Comparison

FCOQX has a 0.85% expense ratio, which is higher than FSMUX's 0.06% expense ratio.

FCOQX

Franklin Colorado Tax-Free Income Fund Class A

FSMUX

Strategic Advisers Municipal Bond Fund

Return for Risk

FCOQX vs. FSMUX — Risk / Return Rank

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

FCOQX

FCOQX Risk / Return Rank: 20
FCOQX Sharpe Ratio Rank: 21
FCOQX Sortino Ratio Rank: 17
FCOQX Omega Ratio Rank: 31
FCOQX Calmar Ratio Rank: 17
FCOQX Martin Ratio Rank: 14

FSMUX

FSMUX Risk / Return Rank: 13
FSMUX Sharpe Ratio Rank: 14
FSMUX Sortino Ratio Rank: 11
FSMUX Omega Ratio Rank: 22
FSMUX Calmar Ratio Rank: 8
FSMUX Martin Ratio Rank: 7

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.

FCOQX vs. FSMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Colorado Tax-Free Income Fund Class A (FCOQX) and Strategic Advisers Municipal Bond Fund (FSMUX). 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.

	FCOQX	FSMUX	Difference
Sharpe ratio Return per unit of total volatility	0.68	0.49	+0.19
Sortino ratio Return per unit of downside risk	0.93	0.69	+0.24
Omega ratio Gain probability vs. loss probability	1.18	1.15	+0.03
Calmar ratio Return relative to maximum drawdown	0.76	0.28	+0.48
Martin ratio Return relative to average drawdown	2.05	0.78	+1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCOQX vs. FSMUX - Sharpe Ratio Comparison

The current FCOQX Sharpe Ratio is 0.68, which is higher than the FSMUX Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of FCOQX and FSMUX, 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

	FCOQX	FSMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	0.49	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.01	+0.36

Correlation

The correlation between FCOQX and FSMUX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FCOQX vs. FSMUX - Dividend Comparison

FCOQX's dividend yield for the trailing twelve months is around 2.92%, more than FSMUX's 2.34% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FCOQX Franklin Colorado Tax-Free Income Fund Class A	2.92%	3.13%	3.01%	2.33%	2.59%	2.09%	2.37%	2.95%	1.06%
FSMUX Strategic Advisers Municipal Bond Fund	2.34%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%

Drawdowns

FCOQX vs. FSMUX - Drawdown Comparison

The maximum FCOQX drawdown since its inception was -15.80%, roughly equal to the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for FCOQX and FSMUX.

Drawdown Indicators

	FCOQX	FSMUX	Difference
Max Drawdown Largest peak-to-trough decline	-15.80%	-16.27%	+0.47%
Max Drawdown (1Y) Largest decline over 1 year	-5.32%	-5.30%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-15.80%	—	—
Current Drawdown Current decline from peak	-2.25%	-2.23%	-0.02%
Average Drawdown Average peak-to-trough decline	-4.22%	-5.61%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.96%	+0.01%

Volatility

FCOQX vs. FSMUX - Volatility Comparison

Franklin Colorado Tax-Free Income Fund Class A (FCOQX) and Strategic Advisers Municipal Bond Fund (FSMUX) have volatilities of 1.13% and 1.09%, 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

	FCOQX	FSMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	1.09%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	2.14%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	5.27%	6.65%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.16%	4.67%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.43%	4.67%	-0.24%