FHIGX vs. VWITX
FHIGX (Fidelity Municipal Income Fund) and VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, FHIGX returned 2.15%/yr vs 2.27%/yr for VWITX. A 0.74 correlation means they provide meaningful diversification when combined. FHIGX charges 0.45%/yr vs 0.17%/yr for VWITX.
Performance
FHIGX vs. VWITX - Performance Comparison
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Returns By Period
In the year-to-date period, FHIGX achieves a 1.54% return, which is significantly higher than VWITX's 1.23% return. Over the past 10 years, FHIGX has underperformed VWITX with an annualized return of 2.15%, while VWITX has yielded a comparatively higher 2.27% annualized return.
FHIGX
- 1D
- -0.08%
- 1M
- 1.66%
- YTD
- 1.54%
- 6M
- 1.97%
- 1Y
- 7.07%
- 3Y*
- 4.21%
- 5Y*
- 0.88%
- 10Y*
- 2.15%
VWITX
- 1D
- -0.07%
- 1M
- 1.23%
- YTD
- 1.23%
- 6M
- 1.65%
- 1Y
- 6.26%
- 3Y*
- 4.33%
- 5Y*
- 1.63%
- 10Y*
- 2.27%
FHIGX vs. VWITX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FHIGX Fidelity Municipal Income Fund | 1.54% | 5.37% | 1.68% | 7.14% | -10.98% | 2.43% | 4.42% | 8.51% | 0.81% | 6.69% |
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 1.23% | 5.89% | 2.23% | 5.82% | -6.90% | 0.74% | 5.14% | 7.01% | 1.26% | 4.54% |
Correlation
The correlation between FHIGX and VWITX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1980 | 0.74 |
The correlation between FHIGX and VWITX shifts across timeframes, from 0.74 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FHIGX vs. VWITX — Risk / Return Rank
FHIGX
VWITX
FHIGX vs. VWITX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Income Fund (FHIGX) and Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX). 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.
| FHIGX | VWITX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.73 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 2.15 | +0.05 |
| Martin ratioReturn relative to average drawdown | 7.41 | 6.95 | +0.46 |
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Drawdowns
FHIGX vs. VWITX - Drawdown Comparison
The maximum FHIGX drawdown since its inception was -32.80%, which is greater than VWITX's maximum drawdown of -29.13%. Use the drawdown chart below to compare losses from any high point for FHIGX and VWITX.
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Drawdown Indicators
| FHIGX | VWITX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.80% | -29.13% | -3.67% |
Max Drawdown (1Y)Largest decline over 1 year | -3.27% | -2.99% | -0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -4.42% | -1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -16.18% | -11.46% | -4.72% |
Max Drawdown (10Y)Largest decline over 10 years | -16.18% | -11.46% | -4.72% |
Current DrawdownCurrent decline from peak | -0.72% | -0.97% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -4.53% | -3.57% | -0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.93% | +0.04% |
Volatility
FHIGX vs. VWITX - Volatility Comparison
Fidelity Municipal Income Fund (FHIGX) has a higher volatility of 0.78% compared to Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) at 0.63%. This indicates that FHIGX's price experiences larger fluctuations and is considered to be riskier than VWITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FHIGX | VWITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.63% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 1.86% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 2.33% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 3.26% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.25% | 3.42% | +0.83% |
FHIGX vs. VWITX - Expense Ratio Comparison
FHIGX has a 0.45% expense ratio, which is higher than VWITX's 0.17% expense ratio.
Dividends
FHIGX vs. VWITX - Dividend Comparison
FHIGX's dividend yield for the trailing twelve months is around 3.08%, less than VWITX's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 3.25% | 3.96% | 3.53% | 2.70% | 2.43% | 1.83% | 2.32% | 2.80% | 2.80% | 2.72% | 2.80% | 2.88% |
Frequently Asked Questions
FHIGX and VWITX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FHIGX has higher volatility (0.78%) compared to VWITX (0.63%). In terms of maximum drawdown, FHIGX dropped -32.80% vs VWITX's -29.13%.
VWITX currently has the higher Sharpe Ratio (2.77 vs 2.55), 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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