FFHCX vs. FMUN

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Series Floating Rate High Income Fund (FFHCX) and Fidelity Systematic Municipal Bond Index ETF (FMUN).

FFHCX is managed by Fidelity. It was launched on Oct 20, 2011. FMUN is an actively managed fund by Fidelity. It was launched on Jul 11, 2019.

Performance

FFHCX vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Floating Rate High Income Fund (FFHCX) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

FFHCX vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
FFHCX Fidelity Series Floating Rate High Income Fund	-0.54%	8.68%
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.40%	4.25%

Returns By Period

In the year-to-date period, FFHCX achieves a -0.54% return, which is significantly lower than FMUN's -0.40% return.

FFHCX

• 1D: -0.12%
• 1M: 0.12%
• YTD: -0.54%
• 6M: 0.95%
• 1Y: 5.16%
• 3Y*: 7.87%
• 5Y*: 5.83%
• 10Y*: 5.78%

FMUN

• 1D: 0.22%
• 1M: -2.71%
• YTD: -0.40%
• 6M: 1.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FFHCX vs. FMUN - Expense Ratio Comparison

FFHCX has a 0.00% expense ratio, which is lower than FMUN's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

FMUN

Fidelity Systematic Municipal Bond Index ETF

FFHCX

Fidelity Series Floating Rate High Income Fund

Return for Risk

FFHCX vs. FMUN — Risk / Return Rank

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

FFHCX

FFHCX Risk / Return Rank: 89
FFHCX Sharpe Ratio Rank: 86
FFHCX Sortino Ratio Rank: 89
FFHCX Omega Ratio Rank: 96
FFHCX Calmar Ratio Rank: 84
FFHCX Martin Ratio Rank: 90

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.

FFHCX vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Floating Rate High Income Fund (FFHCX) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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.

	FFHCX	FMUN	Difference
Sharpe ratio Return per unit of total volatility	1.65	—	—
Sortino ratio Return per unit of downside risk	2.45	—	—
Omega ratio Gain probability vs. loss probability	1.58	—	—
Calmar ratio Return relative to maximum drawdown	2.04	—	—
Martin ratio Return relative to average drawdown	10.03	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FFHCX	FMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.92	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	0.95	+0.41

Correlation

The correlation between FFHCX and FMUN is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FFHCX vs. FMUN - Dividend Comparison

FFHCX's dividend yield for the trailing twelve months is around 7.31%, more than FMUN's 3.25% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFHCX Fidelity Series Floating Rate High Income Fund	7.31%	8.11%	8.46%	9.47%	3.83%	3.64%	4.61%	5.92%	6.68%	4.80%	5.16%	4.37%
FMUN Fidelity Systematic Municipal Bond Index ETF	3.25%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FFHCX vs. FMUN - Drawdown Comparison

The maximum FFHCX drawdown since its inception was -21.45%, which is greater than FMUN's maximum drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for FFHCX and FMUN.

Drawdown Indicators

	FFHCX	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-21.45%	-3.21%	-18.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.45%	—	—
Current Drawdown Current decline from peak	-0.73%	-2.71%	+1.98%
Average Drawdown Average peak-to-trough decline	-0.94%	-0.67%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	—	—

Volatility

Volatility by Period

	FFHCX	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.85%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	4.16%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.06%	4.16%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	4.16%	-0.01%