FHMIX vs. FMBIX

Last updated Jun 5, 2026

FHMIX (Federated Hermes Conservative Municipal Microshort Fund) and FMBIX (Fidelity Municipal Bond Index Fund) are both Municipal Bonds funds. At a 0.10 correlation, their price movements are largely independent. FHMIX charges 0.05%/yr vs 0.07%/yr for FMBIX.

Performance

FHMIX vs. FMBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Conservative Municipal Microshort Fund (FHMIX) and Fidelity Municipal Bond Index Fund (FMBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FHMIX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 1.11%
• 6M: 1.37%
• 1Y: 2.85%
• 3Y*: 1.86%
• 5Y*: 1.14%
• 10Y*: —

FMBIX

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

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

FHMIX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FHMIX Federated Hermes Conservative Municipal Microshort Fund	1.11%	3.09%	1.19%	0.32%	0.00%	0.02%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	0.82%

Correlation

The correlation between FHMIX and FMBIX is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.10

Return for Risk

FHMIX vs. FMBIX — Risk / Return Rank

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

FHMIX

FHMIX Risk / Return Rank: 98
FHMIX Sharpe Ratio Rank: 93
FHMIX Sortino Ratio Rank: 100
FHMIX Omega Ratio Rank: 100
FHMIX Calmar Ratio Rank: 100
FHMIX Martin Ratio Rank: 100

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.

FHMIX vs. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Conservative Municipal Microshort Fund (FHMIX) 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.

	FHMIX	FMBIX	Difference
Sharpe ratio: Return per unit of total volatility	3.19	—	—
Sortino ratio: Return per unit of downside risk	11.49	—	—
Omega ratio: Gain probability vs. loss probability	5.69	—	—
Calmar ratio: Return relative to maximum drawdown	28.50	—	—
Martin ratio: Return relative to average drawdown	77.58	—	—
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

	FHMIX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	—	—

Drawdowns

Drawdown Indicators

	FHMIX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-0.50%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.50%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-0.06%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	—	—

Volatility

Volatility by Period

	FHMIX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.89%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.79%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.79%	—	—

FHMIX vs. FMBIX - Expense Ratio Comparison

FHMIX has a 0.05% expense ratio, which is lower than FMBIX's 0.07% 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%.

Dividends

FHMIX vs. FMBIX - Dividend Comparison

FHMIX's dividend yield for the trailing twelve months is around 2.80%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FHMIX Federated Hermes Conservative Municipal Microshort Fund	2.80%	3.04%	1.18%	0.32%	0.00%	0.02%	0.00%	0.00%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%

Frequently Asked Questions

Can I hold both FHMIX and FMBIX in my portfolio?

FHMIX and FMBIX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.