FCSHX vs. FHMIX

Last updated Aug 1, 2026

FCSHX (Fidelity Advisor Limited Term Municipal Income Fund Class C) and FHMIX (Federated Hermes Conservative Municipal Microshort Fund) are both Municipal Bonds funds. Over the past 5 years, FCSHX returned 0.22%/yr vs 1.18%/yr for FHMIX. Their 0.20 correlation means their historical movements had little consistent relationship. FCSHX charges 1.38%/yr vs 0.05%/yr for FHMIX.

Performance

FCSHX vs. FHMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Limited Term Municipal Income Fund Class C (FCSHX) and Federated Hermes Conservative Municipal Microshort Fund (FHMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCSHX achieves a 0.02% return, which is significantly lower than FHMIX's 1.33% return.

FCSHX

• 1D: -0.09%
• 1M: -0.75%
• 6M: -0.67%
• YTD: 0.02%
• 1Y: 1.12%
• 3Y*: 2.35%
• 5Y*: 0.22%
• 10Y*: 0.55%
• ALL TIME*: 0.90%

FHMIX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.03%
• YTD: 1.33%
• 1Y: 2.49%
• 3Y*: 1.97%
• 5Y*: 1.18%
• 10Y*: —
• ALL TIME*: 1.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCSHX Fidelity Advisor Limited Term Municipal Income Fund Class C	$0.00	$0.00	$0.00
FHMIX Federated Hermes Conservative Municipal Microshort Fund	$0.00	$0.00	$0.00

FCSHX vs. FHMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCSHX Fidelity Advisor Limited Term Municipal Income Fund Class C	0.02%	3.92%	1.18%	2.73%	-5.53%	-0.58%
FHMIX Federated Hermes Conservative Municipal Microshort Fund	1.33%	3.09%	1.19%	0.32%	0.00%	0.02%

Correlation

The correlation between FCSHX and FHMIX is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.20
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.20

The correlation between FCSHX and FHMIX shifts across timeframes, from 0.20 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FCSHX vs. FHMIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FCSHX

FCSHX Risk / Return Rank: 30
FCSHX Sharpe Ratio Rank: 32
FCSHX Sortino Ratio Rank: 30
FCSHX Omega Ratio Rank: 56
FCSHX Calmar Ratio Rank: 18
FCSHX Martin Ratio Rank: 15

FHMIX

FHMIX Risk / Return Rank: 99
FHMIX Sharpe Ratio Rank: 98
FHMIX Sortino Ratio Rank: 100
FHMIX Omega Ratio Rank: 100
FHMIX Calmar Ratio Rank: 100
FHMIX Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FCSHX vs. FHMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Limited Term Municipal Income Fund Class C (FCSHX) and Federated Hermes Conservative Municipal Microshort Fund (FHMIX). 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.

	FCSHX	FHMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	3.28	-2.16
Sortino ratio: Return per unit of downside risk	1.55	13.98	-12.43
Omega ratio: Gain probability vs. loss probability	1.28	7.98	-6.70
Calmar ratio: Return relative to maximum drawdown	0.96	28.37	-27.41
Martin ratio: Return relative to average drawdown	2.28	93.72	-91.44

FCSHX vs. FHMIX - Sharpe Ratio Comparison

The current FCSHX Sharpe Ratio is 1.12, which is lower than the FHMIX Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of FCSHX and FHMIX, 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

FCSHX vs. FHMIX - Drawdown Comparison

The maximum FCSHX drawdown since its inception was -8.65%, which is greater than FHMIX's maximum drawdown of -0.50%. Use the drawdown chart below to compare losses from any high point for FCSHX and FHMIX.

Drawdown Indicators

	FCSHX	FHMIX	Difference
Max Drawdown Largest peak-to-trough decline	-8.65%	-0.50%	-8.15%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-0.10%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	-2.00%	-0.50%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	-8.50%	-0.50%	-8.00%
Max Drawdown (10Y) Largest decline over 10 years	-8.65%	—	—
Current Drawdown Current decline from peak	-1.24%	0.00%	-1.24%
Average Drawdown Average peak-to-trough decline	-1.36%	-0.06%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.03%	+0.60%

Volatility

FCSHX vs. FHMIX - Volatility Comparison

Fidelity Advisor Limited Term Municipal Income Fund Class C (FCSHX) has a higher volatility of 0.47% compared to Federated Hermes Conservative Municipal Microshort Fund (FHMIX) at 0.00%. This indicates that FCSHX's price experiences larger fluctuations and is considered to be riskier than FHMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCSHX	FHMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.00%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	1.08%	0.54%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	1.29%	0.86%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.85%	0.80%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.98%	0.78%	+1.20%

FCSHX vs. FHMIX - Expense Ratio Comparison

FCSHX has a 1.38% expense ratio, which is higher than FHMIX's 0.05% expense ratio.

Dividends

FCSHX vs. FHMIX - Dividend Comparison

FCSHX's dividend yield for the trailing twelve months is around 1.41%, less than FHMIX's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCSHX Fidelity Advisor Limited Term Municipal Income Fund Class C	1.41%	1.73%	0.89%	0.63%	0.24%	0.22%	0.70%	0.87%	0.56%	0.48%	0.39%	0.64%
FHMIX Federated Hermes Conservative Municipal Microshort Fund	2.56%	3.04%	1.18%	0.32%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCSHX and FHMIX in my portfolio?

FCSHX and FHMIX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCSHX or FHMIX?

FCSHX has higher volatility (0.47%) compared to FHMIX (0.00%). In terms of maximum drawdown, FCSHX dropped -8.65% vs FHMIX's -0.50%.

Which has better risk-adjusted returns?

FHMIX currently has the higher Sharpe Ratio (3.28 vs 1.12), 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.