FGNSX vs. FMBIX

Last updated Jun 6, 2026

FGNSX (Strategic Advisers Tax-Sensitive Short Duration Fund) and FMBIX (Fidelity Municipal Bond Index Fund) are both Municipal Bonds funds from Fidelity. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.07% expense ratio.

Performance

FGNSX vs. FMBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX) and Fidelity Municipal Bond Index Fund (FMBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FGNSX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 0.77%
• 6M: 1.05%
• 1Y: 2.68%
• 3Y*: 3.24%
• 5Y*: 2.09%
• 10Y*: —

FMBIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FGNSX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	0.77%	3.08%	3.47%	3.56%	-0.36%	0.14%	1.04%	0.78%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	3.10%	1.48%

Correlation

The correlation between FGNSX and FMBIX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019	0.47

Return for Risk

FGNSX vs. FMBIX — Risk / Return Rank

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

FGNSX

FGNSX Risk / Return Rank: 97
FGNSX Sharpe Ratio Rank: 93
FGNSX Sortino Ratio Rank: 99
FGNSX Omega Ratio Rank: 99
FGNSX Calmar Ratio Rank: 96
FGNSX Martin Ratio Rank: 98

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.

FGNSX vs. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX) and Fidelity Municipal Bond Index Fund (FMBIX). 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.

	FGNSX	FMBIX	Difference
Sharpe ratio: Return per unit of total volatility	3.10	—	—
Sortino ratio: Return per unit of downside risk	7.76	—	—
Omega ratio: Gain probability vs. loss probability	2.91	—	—
Calmar ratio: Return relative to maximum drawdown	6.42	—	—
Martin ratio: Return relative to average drawdown	28.84	—	—
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

	FGNSX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.10	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	—	—

Drawdowns

Drawdown Indicators

	FGNSX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-2.35%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-2.35%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-0.25%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	—	—

Volatility

Volatility by Period

	FGNSX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.03%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.06%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.65%	—	—

FGNSX vs. FMBIX - Expense Ratio Comparison

Both FGNSX and FMBIX have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FGNSX vs. FMBIX - Dividend Comparison

FGNSX's dividend yield for the trailing twelve months is around 2.34%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	2.34%	2.63%	3.31%	2.57%	0.84%	0.34%	0.83%	1.79%	1.36%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%	0.00%

Frequently Asked Questions

Can I hold both FGNSX and FMBIX in my portfolio?

FGNSX and FMBIX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.