FHIGX vs. FBND

Last updated Jun 5, 2026

FHIGX (Fidelity Municipal Income Fund) and FBND (Fidelity Total Bond ETF) are both funds - FHIGX is a Municipal Bonds fund managed by Fidelity, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 10 years, FHIGX returned 2.29%/yr vs 2.57%/yr for FBND. At a 0.45 correlation, their price movements are largely independent. FHIGX charges 0.45%/yr vs 0.36%/yr for FBND.

Performance

FHIGX vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Municipal Income Fund (FHIGX) and Fidelity Total Bond ETF (FBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHIGX achieves a 1.46% return, which is significantly higher than FBND's 0.61% return. Over the past 10 years, FHIGX has underperformed FBND with an annualized return of 2.29%, while FBND has yielded a comparatively higher 2.57% annualized return.

FHIGX

• 1D: 0.00%
• 1M: 0.67%
• YTD: 1.46%
• 6M: 1.82%
• 1Y: 7.43%
• 3Y*: 4.33%
• 5Y*: 0.88%
• 10Y*: 2.29%

FBND

• 1D: 0.11%
• 1M: 0.25%
• YTD: 0.61%
• 6M: 0.60%
• 1Y: 5.08%
• 3Y*: 4.80%
• 5Y*: 0.86%
• 10Y*: 2.57%

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

FHIGX vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHIGX Fidelity Municipal Income Fund	1.46%	5.37%	1.68%	7.14%	-10.98%	2.43%	4.42%	8.51%	0.81%	6.69%
FBND Fidelity Total Bond ETF	0.61%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between FHIGX and FBND is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 10, 2014	0.45

The correlation between FHIGX and FBND shifts across timeframes, from 0.45 (all time) to 0.57 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FHIGX vs. FBND — Risk / Return Rank

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

FHIGX

FHIGX Risk / Return Rank: 67
FHIGX Sharpe Ratio Rank: 83
FHIGX Sortino Ratio Rank: 86
FHIGX Omega Ratio Rank: 90
FHIGX Calmar Ratio Rank: 39
FHIGX Martin Ratio Rank: 36

FBND

FBND Risk / Return Rank: 38
FBND Sharpe Ratio Rank: 39
FBND Sortino Ratio Rank: 39
FBND Omega Ratio Rank: 36
FBND Calmar Ratio Rank: 39
FBND Martin Ratio Rank: 38

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.

FHIGX vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Income Fund (FHIGX) and Fidelity Total Bond ETF (FBND). 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.

	FHIGX	FBND	Difference
Sharpe ratio: Return per unit of total volatility	2.71	1.34	+1.37
Sortino ratio: Return per unit of downside risk	4.14	1.97	+2.16
Omega ratio: Gain probability vs. loss probability	1.66	1.23	+0.43
Calmar ratio: Return relative to maximum drawdown	2.34	1.91	+0.43
Martin ratio: Return relative to average drawdown	8.02	5.77	+2.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHIGX vs. FBND - Sharpe Ratio Comparison

The current FHIGX Sharpe Ratio is 2.71, which is higher than the FBND Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of FHIGX and FBND, 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

	FHIGX	FBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	1.34	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.15	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.42	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.45	+0.43

Drawdowns

FHIGX vs. FBND - Drawdown Comparison

The maximum FHIGX drawdown since its inception was -32.80%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FHIGX and FBND.

Drawdown Indicators

	FHIGX	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-32.80%	-17.25%	-15.55%
Max Drawdown (1Y) Largest decline over 1 year	-3.27%	-2.66%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-6.05%	-5.94%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	-17.25%	+1.07%
Max Drawdown (10Y) Largest decline over 10 years	-16.18%	-17.25%	+1.07%
Current Drawdown Current decline from peak	-0.80%	-1.32%	+0.52%
Average Drawdown Average peak-to-trough decline	-4.54%	-3.35%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.88%	+0.07%

Volatility

FHIGX vs. FBND - Volatility Comparison

The current volatility for Fidelity Municipal Income Fund (FHIGX) is 1.12%, while Fidelity Total Bond ETF (FBND) has a volatility of 1.26%. This indicates that FHIGX experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHIGX	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.26%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	2.16%	2.73%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	3.86%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.16%	5.92%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	6.09%	-1.84%

FHIGX vs. FBND - Expense Ratio Comparison

FHIGX has a 0.45% expense ratio, which is higher than FBND's 0.36% expense ratio.

Dividends

FHIGX vs. FBND - Dividend Comparison

FHIGX's dividend yield for the trailing twelve months is around 3.08%, less than FBND's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.70%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
FHIGX Fidelity Municipal Income Fund	3.08%	4.00%	2.98%	2.83%	1.81%	2.64%	2.79%	3.16%	3.66%	4.45%	4.88%	3.65%

Frequently Asked Questions

Can I hold both FHIGX and FBND in my portfolio?

FHIGX and FBND have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHIGX or FBND?

FBND has higher volatility (1.26%) compared to FHIGX (1.12%). In terms of maximum drawdown, FHIGX dropped -32.80% vs FBND's -17.25%.

Which has better risk-adjusted returns?

FHIGX currently has the higher Sharpe Ratio (2.71 vs 1.34), 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.