FEMIX vs. FSMUX

Last updated Jun 4, 2026

FEMIX (Fidelity Advisor New York Municipal Income Fund Class I) and FSMUX (Strategic Advisers Municipal Bond Fund) are both Municipal Bonds funds from Fidelity. Over the past 3 years, FEMIX returned 3.99%/yr vs 3.86%/yr for FSMUX. Their correlation of 0.88 suggests significant overlap in exposure. FEMIX charges 0.54%/yr vs 0.06%/yr for FSMUX.

Performance

FEMIX vs. FSMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New York Municipal Income Fund Class I (FEMIX) and Strategic Advisers Municipal Bond Fund (FSMUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMIX achieves a 1.78% return, which is significantly higher than FSMUX's 1.47% return.

FEMIX

• 1D: 0.24%
• 1M: 0.81%
• YTD: 1.78%
• 6M: 2.20%
• 1Y: 8.04%
• 3Y*: 3.99%
• 5Y*: 0.67%
• 10Y*: 1.90%

FSMUX

• 1D: 0.23%
• 1M: 0.90%
• YTD: 1.47%
• 6M: 1.83%
• 1Y: 7.07%
• 3Y*: 3.86%
• 5Y*: —
• 10Y*: —

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

FEMIX vs. FSMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FEMIX Fidelity Advisor New York Municipal Income Fund Class I	1.78%	4.93%	0.99%	7.17%	-11.15%	0.45%
FSMUX Strategic Advisers Municipal Bond Fund	1.47%	3.14%	2.99%	6.78%	-11.25%	0.39%

Correlation

The correlation between FEMIX and FSMUX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 18, 2021	0.88

The correlation between FEMIX and FSMUX shifts across timeframes, from 0.77 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FEMIX vs. FSMUX — Risk / Return Rank

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

FEMIX

FEMIX Risk / Return Rank: 66
FEMIX Sharpe Ratio Rank: 80
FEMIX Sortino Ratio Rank: 84
FEMIX Omega Ratio Rank: 89
FEMIX Calmar Ratio Rank: 40
FEMIX Martin Ratio Rank: 37

FSMUX

FSMUX Risk / Return Rank: 78
FSMUX Sharpe Ratio Rank: 83
FSMUX Sortino Ratio Rank: 92
FSMUX Omega Ratio Rank: 93
FSMUX Calmar Ratio Rank: 66
FSMUX Martin Ratio Rank: 57

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.

FEMIX vs. FSMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New York Municipal Income Fund Class I (FEMIX) 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.

	FEMIX	FSMUX	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.69	-0.03
Sortino ratio: Return per unit of downside risk	4.02	4.63	-0.62
Omega ratio: Gain probability vs. loss probability	1.65	1.71	-0.06
Calmar ratio: Return relative to maximum drawdown	2.41	3.15	-0.74
Martin ratio: Return relative to average drawdown	8.17	11.49	-3.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEMIX vs. FSMUX - Sharpe Ratio Comparison

The current FEMIX Sharpe Ratio is 2.65, which is comparable to the FSMUX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of FEMIX and FSMUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FEMIX	FSMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	2.69	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.11	+0.55

Drawdowns

FEMIX vs. FSMUX - Drawdown Comparison

The maximum FEMIX drawdown since its inception was -22.72%, which is greater than FSMUX's maximum drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for FEMIX and FSMUX.

Drawdown Indicators

	FEMIX	FSMUX	Difference
Max Drawdown Largest peak-to-trough decline	-22.72%	-16.27%	-6.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-2.68%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-6.48%	-5.95%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.11%	—	—
Current Drawdown Current decline from peak	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-4.26%	-5.46%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.83%	-0.86%

Volatility

FEMIX vs. FSMUX - Volatility Comparison

Fidelity Advisor New York Municipal Income Fund Class I (FEMIX) and Strategic Advisers Municipal Bond Fund (FSMUX) have volatilities of 1.23% and 1.21%, 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

	FEMIX	FSMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.21%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	2.10%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	3.16%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.31%	4.64%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.26%	4.64%	-0.38%

FEMIX vs. FSMUX - Expense Ratio Comparison

FEMIX has a 0.54% expense ratio, which is higher than FSMUX's 0.06% expense ratio.

Dividends

FEMIX vs. FSMUX - Dividend Comparison

FEMIX's dividend yield for the trailing twelve months is around 2.84%, less than FSMUX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMIX Fidelity Advisor New York Municipal Income Fund Class I	2.84%	3.68%	2.28%	2.34%	1.74%	2.45%	2.71%	2.80%	2.94%	3.56%	4.16%	3.72%
FSMUX Strategic Advisers Municipal Bond Fund	2.99%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEMIX and FSMUX in my portfolio?

FEMIX and FSMUX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEMIX or FSMUX?

FEMIX has higher volatility (1.23%) compared to FSMUX (1.21%). In terms of maximum drawdown, FEMIX dropped -22.72% vs FSMUX's -16.27%.

Which has better risk-adjusted returns?

FSMUX currently has the higher Sharpe Ratio (2.69 vs 2.65), 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.