FDMMX vs. VMATX
Compare and contrast key facts about Fidelity Massachusetts Municipal Income Fund (FDMMX) and Vanguard Massachusetts Tax-Exempt Fund (VMATX).
FDMMX is managed by Fidelity. It was launched on Nov 10, 1983. VMATX is managed by Vanguard. It was launched on Dec 9, 1998.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: FDMMX or VMATX.
Key characteristics
| FDMMX | VMATX | |
|---|---|---|
| YTD Return | 2.64% | 2.99% |
| 1Y Return | 7.64% | 9.25% |
| 3Y Return (Ann) | -0.42% | -0.31% |
| 5Y Return (Ann) | 1.04% | 1.58% |
| 10Y Return (Ann) | 2.25% | 2.77% |
| Sharpe Ratio | 2.66 | 2.03 |
| Daily Std Dev | 3.50% | 4.51% |
| Max Drawdown | -15.43% | -15.91% |
| Current Drawdown | -1.81% | -1.59% |
Correlation
The correlation between FDMMX and VMATX is 0.88, 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.
Performance
FDMMX vs. VMATX - Performance Comparison
In the year-to-date period, FDMMX achieves a 2.64% return, which is significantly lower than VMATX's 2.99% return. Over the past 10 years, FDMMX has underperformed VMATX with an annualized return of 2.25%, while VMATX has yielded a comparatively higher 2.77% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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FDMMX vs. VMATX - Expense Ratio Comparison
FDMMX has a 0.45% expense ratio, which is higher than VMATX's 0.13% expense ratio.
Risk-Adjusted Performance
FDMMX vs. VMATX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Massachusetts Municipal Income Fund (FDMMX) and Vanguard Massachusetts Tax-Exempt Fund (VMATX). 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.
Dividends
FDMMX vs. VMATX - Dividend Comparison
FDMMX's dividend yield for the trailing twelve months is around 2.60%, less than VMATX's 3.26% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDMMX Fidelity Massachusetts Municipal Income Fund | 2.60% | 2.43% | 2.16% | 2.64% | 2.40% | 2.62% | 3.14% | 2.99% | 4.29% | 3.46% | 3.43% | 3.97% |
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.26% | 3.06% | 2.69% | 2.65% | 3.22% | 3.40% | 3.06% | 2.91% | 3.56% | 3.21% | 3.78% | 3.35% |
Drawdowns
FDMMX vs. VMATX - Drawdown Comparison
The maximum FDMMX drawdown since its inception was -15.43%, roughly equal to the maximum VMATX drawdown of -15.91%. Use the drawdown chart below to compare losses from any high point for FDMMX and VMATX. For additional features, visit the drawdowns tool.
Volatility
FDMMX vs. VMATX - Volatility Comparison
The current volatility for Fidelity Massachusetts Municipal Income Fund (FDMMX) is 0.35%, while Vanguard Massachusetts Tax-Exempt Fund (VMATX) has a volatility of 0.52%. This indicates that FDMMX experiences smaller price fluctuations and is considered to be less risky than VMATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.