FDMMX vs. MUB
FDMMX (Fidelity Massachusetts Municipal Income Fund) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, FDMMX returned 1.76%/yr vs 2.00%/yr for MUB. A 0.59 correlation means they provide meaningful diversification when combined. FDMMX charges 0.45%/yr vs 0.07%/yr for MUB.
Performance
FDMMX vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, FDMMX achieves a 1.48% return, which is significantly higher than MUB's 1.24% return. Over the past 10 years, FDMMX has underperformed MUB with an annualized return of 1.76%, while MUB has yielded a comparatively higher 2.00% annualized return.
FDMMX
- 1D
- 0.17%
- 1M
- 0.76%
- YTD
- 1.48%
- 6M
- 2.08%
- 1Y
- 7.06%
- 3Y*
- 4.00%
- 5Y*
- 0.77%
- 10Y*
- 1.76%
MUB
- 1D
- -0.08%
- 1M
- 0.56%
- YTD
- 1.24%
- 6M
- 1.74%
- 1Y
- 6.95%
- 3Y*
- 3.43%
- 5Y*
- 0.86%
- 10Y*
- 2.00%
FDMMX vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FDMMX Fidelity Massachusetts Municipal Income Fund | 1.48% | 5.24% | 1.27% | 5.76% | -9.67% | 1.11% | 4.27% | 7.09% | -0.13% | 5.48% |
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between FDMMX and MUB is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2007 | 0.59 |
The correlation between FDMMX and MUB shifts across timeframes, from 0.59 (all time) to 0.71 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FDMMX vs. MUB — Risk / Return Rank
FDMMX
MUB
FDMMX vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Massachusetts Municipal Income Fund (FDMMX) and iShares National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.50 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.50 | -0.10 |
| Martin ratioReturn relative to average drawdown | 8.22 | 8.85 | -0.62 |
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 | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.73 | 2.39 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.21 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.41 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | 0.58 | +0.54 |
Drawdowns
FDMMX vs. MUB - Drawdown Comparison
The maximum FDMMX drawdown since its inception was -18.98%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for FDMMX and MUB.
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Drawdown Indicators
| FDMMX | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.98% | -13.68% | -5.30% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -2.79% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -5.29% | -5.34% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -13.70% | -11.88% | -1.82% |
Max Drawdown (10Y)Largest decline over 10 years | -13.70% | -13.68% | -0.02% |
Current DrawdownCurrent decline from peak | -0.58% | -0.70% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -2.36% | -2.23% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.79% | +0.06% |
Volatility
FDMMX vs. MUB - Volatility Comparison
Fidelity Massachusetts Municipal Income Fund (FDMMX) has a higher volatility of 1.06% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.97%. This indicates that FDMMX's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDMMX | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.97% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.06% | 2.22% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.57% | 2.92% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.66% | 4.06% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 4.92% | -1.07% |
FDMMX vs. MUB - Expense Ratio Comparison
FDMMX has a 0.45% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
FDMMX vs. MUB - Dividend Comparison
FDMMX's dividend yield for the trailing twelve months is around 2.71%, less than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDMMX Fidelity Massachusetts Municipal Income Fund | 2.71% | 3.54% | 2.67% | 2.43% | 1.46% | 2.31% | 2.23% | 2.63% | 2.76% | 2.99% | 4.56% | 3.20% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
FDMMX and MUB have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDMMX has higher volatility (1.06%) compared to MUB (0.97%). In terms of maximum drawdown, FDMMX dropped -18.98% vs MUB's -13.68%.
FDMMX currently has the higher Sharpe Ratio (2.73 vs 2.39), 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.
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