FGMNX vs. SHMMX
FGMNX (Fidelity GNMA Fund) and SHMMX (Western Asset Managed Municipals Fund) are both mutual funds - FGMNX is a Government Bonds fund managed by Fidelity, while SHMMX is a Municipal Bonds fund managed by Franklin Templeton. Over the past 10 years, FGMNX returned 1.18%/yr vs 2.20%/yr for SHMMX. At a 0.36 correlation, their price movements are largely independent. FGMNX charges 0.45%/yr vs 0.67%/yr for SHMMX.
Performance
FGMNX vs. SHMMX - Performance Comparison
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Returns By Period
In the year-to-date period, FGMNX achieves a 0.89% return, which is significantly lower than SHMMX's 2.07% return. Over the past 10 years, FGMNX has underperformed SHMMX with an annualized return of 1.18%, while SHMMX has yielded a comparatively higher 2.20% annualized return.
FGMNX
- 1D
- -0.19%
- 1M
- 0.70%
- YTD
- 0.89%
- 6M
- 1.18%
- 1Y
- 5.63%
- 3Y*
- 4.15%
- 5Y*
- 0.29%
- 10Y*
- 1.18%
SHMMX
- 1D
- -0.07%
- 1M
- 1.79%
- YTD
- 2.07%
- 6M
- 2.52%
- 1Y
- 7.43%
- 3Y*
- 4.30%
- 5Y*
- 1.21%
- 10Y*
- 2.20%
FGMNX vs. SHMMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FGMNX Fidelity GNMA Fund | 0.89% | 7.89% | 0.43% | 5.46% | -11.52% | -1.03% | 3.74% | 5.72% | 0.62% | 1.74% |
SHMMX Western Asset Managed Municipals Fund | 2.07% | 4.42% | 2.90% | 7.17% | -10.11% | 2.74% | 4.23% | 7.49% | 0.44% | 5.54% |
Correlation
The correlation between FGMNX and SHMMX is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990 | 0.36 |
Over the past year, FGMNX and SHMMX have become more correlated (0.60) than their long-term average of 0.36, meaning their price movements have been converging.
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Return for Risk
FGMNX vs. SHMMX — Risk / Return Rank
FGMNX
SHMMX
FGMNX vs. SHMMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity GNMA Fund (FGMNX) and Western Asset Managed Municipals Fund (SHMMX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FGMNX | SHMMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.65 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 2.78 | -0.51 |
| Martin ratioReturn relative to average drawdown | 6.92 | 9.60 | -2.68 |
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Drawdowns
FGMNX vs. SHMMX - Drawdown Comparison
The maximum FGMNX drawdown since its inception was -16.84%, roughly equal to the maximum SHMMX drawdown of -16.40%. Use the drawdown chart below to compare losses from any high point for FGMNX and SHMMX.
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Drawdown Indicators
| FGMNX | SHMMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.84% | -16.40% | -0.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -2.71% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -5.75% | -1.48% |
Max Drawdown (5Y)Largest decline over 5 years | -16.50% | -14.96% | -1.54% |
Max Drawdown (10Y)Largest decline over 10 years | -16.84% | -14.96% | -1.88% |
Current DrawdownCurrent decline from peak | -1.28% | -0.07% | -1.21% |
Average DrawdownAverage peak-to-trough decline | -1.91% | -1.85% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.78% | +0.05% |
Volatility
FGMNX vs. SHMMX - Volatility Comparison
Fidelity GNMA Fund (FGMNX) has a higher volatility of 1.17% compared to Western Asset Managed Municipals Fund (SHMMX) at 0.84%. This indicates that FGMNX's price experiences larger fluctuations and is considered to be riskier than SHMMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGMNX | SHMMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.84% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 2.11% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 2.87% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.26% | 4.20% | +2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 4.26% | +0.42% |
FGMNX vs. SHMMX - Expense Ratio Comparison
FGMNX has a 0.45% expense ratio, which is lower than SHMMX's 0.67% expense ratio.
Dividends
FGMNX vs. SHMMX - Dividend Comparison
FGMNX's dividend yield for the trailing twelve months is around 3.62%, more than SHMMX's 3.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGMNX Fidelity GNMA Fund | 3.62% | 3.61% | 3.23% | 3.45% | 1.68% | 0.76% | 1.61% | 2.46% | 2.19% | 2.17% | 2.61% | 2.25% |
SHMMX Western Asset Managed Municipals Fund | 3.45% | 4.53% | 3.87% | 3.73% | 2.82% | 2.05% | 2.73% | 3.59% | 3.82% | 3.89% | 3.79% | 3.84% |
Frequently Asked Questions
FGMNX and SHMMX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FGMNX has higher volatility (1.17%) compared to SHMMX (0.84%). In terms of maximum drawdown, FGMNX dropped -16.84% vs SHMMX's -16.40%.
SHMMX currently has the higher Sharpe Ratio (2.63 vs 1.53), 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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