FDMMX vs. FXAIX
Compare and contrast key facts about Fidelity Massachusetts Municipal Income Fund (FDMMX) and Fidelity 500 Index Fund (FXAIX).
FDMMX is managed by Fidelity. It was launched on Nov 10, 1983. FXAIX is a passively managed fund by Fidelity that tracks the performance of the S&P 500 Index. It was launched on Feb 17, 1988.
Performance
FDMMX vs. FXAIX - Performance Comparison
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FDMMX vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FDMMX Fidelity Massachusetts Municipal Income Fund | -0.72% | 5.24% | 1.27% | 5.76% | -9.67% | 1.11% | 4.27% | 7.09% | -0.13% | 5.48% |
FXAIX Fidelity 500 Index Fund | -7.05% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Returns By Period
In the year-to-date period, FDMMX achieves a -0.72% return, which is significantly higher than FXAIX's -7.05% return. Over the past 10 years, FDMMX has underperformed FXAIX with an annualized return of 1.67%, while FXAIX has yielded a comparatively higher 13.75% annualized return.
FDMMX
- 1D
- 0.18%
- 1M
- -2.74%
- YTD
- -0.72%
- 6M
- 1.12%
- 1Y
- 4.06%
- 3Y*
- 3.08%
- 5Y*
- 0.62%
- 10Y*
- 1.67%
FXAIX
- 1D
- -0.39%
- 1M
- -7.68%
- YTD
- -7.05%
- 6M
- -4.59%
- 1Y
- 14.42%
- 3Y*
- 17.17%
- 5Y*
- 11.40%
- 10Y*
- 13.75%
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FDMMX vs. FXAIX - Expense Ratio Comparison
FDMMX has a 0.45% expense ratio, which is higher than FXAIX's 0.02% expense ratio.
Return for Risk
FDMMX vs. FXAIX — Risk / Return Rank
FDMMX
FXAIX
FDMMX vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Massachusetts Municipal Income Fund (FDMMX) and Fidelity 500 Index Fund (FXAIX). 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.
| FDMMX | FXAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.15 | 0.84 | +0.31 |
Sortino ratioReturn per unit of downside risk | 1.54 | 1.30 | +0.25 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.20 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.05 | +0.18 |
Martin ratioReturn relative to average drawdown | 4.44 | 5.13 | -0.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FDMMX | FXAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 0.84 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.68 | -0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.77 | -0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.11 | 0.75 | +0.36 |
Correlation
The correlation between FDMMX and FXAIX is -0.09. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
FDMMX vs. FXAIX - Dividend Comparison
FDMMX's dividend yield for the trailing twelve months is around 2.72%, more than FXAIX's 1.20% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDMMX Fidelity Massachusetts Municipal Income Fund | 2.72% | 3.54% | 2.67% | 2.43% | 1.46% | 2.31% | 2.23% | 2.63% | 2.76% | 2.99% | 4.56% | 3.20% |
FXAIX Fidelity 500 Index Fund | 1.20% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
Drawdowns
FDMMX vs. FXAIX - Drawdown Comparison
The maximum FDMMX drawdown since its inception was -18.98%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FDMMX and FXAIX.
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Drawdown Indicators
| FDMMX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.98% | -33.79% | +14.81% |
Max Drawdown (1Y)Largest decline over 1 year | -4.14% | -12.13% | +7.99% |
Max Drawdown (5Y)Largest decline over 5 years | -13.70% | -24.50% | +10.80% |
Max Drawdown (10Y)Largest decline over 10 years | -13.70% | -33.79% | +20.09% |
Current DrawdownCurrent decline from peak | -2.74% | -8.89% | +6.15% |
Average DrawdownAverage peak-to-trough decline | -2.36% | -3.83% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 2.50% | -1.35% |
Volatility
FDMMX vs. FXAIX - Volatility Comparison
The current volatility for Fidelity Massachusetts Municipal Income Fund (FDMMX) is 1.12%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.24%. This indicates that FDMMX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDMMX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 4.24% | -3.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.67% | 9.08% | -7.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.22% | 18.13% | -13.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.62% | 16.88% | -13.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.83% | 18.03% | -14.20% |