FHUGX vs. BMQSX

Last updated Jun 23, 2026

FHUGX (Fidelity Advisor Municipal Income Fund Class A) and BMQSX (Baird Municipal Bond Fund) are both Municipal Bonds funds. Over the past 5 years, FHUGX returned 0.52%/yr vs 1.57%/yr for BMQSX. Their correlation of 0.88 suggests significant overlap in exposure. FHUGX charges 0.78%/yr vs 0.55%/yr for BMQSX.

Performance

FHUGX vs. BMQSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Municipal Income Fund Class A (FHUGX) and Baird Municipal Bond Fund (BMQSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FHUGX having a 1.49% return and BMQSX slightly higher at 1.55%.

FHUGX

• 1D: 0.08%
• 1M: 1.72%
• YTD: 1.49%
• 6M: 1.89%
• 1Y: 6.90%
• 3Y*: 3.86%
• 5Y*: 0.52%
• 10Y*: —

BMQSX

• 1D: 0.00%
• 1M: 1.42%
• YTD: 1.55%
• 6M: 1.77%
• 1Y: 6.57%
• 3Y*: 4.22%
• 5Y*: 1.57%
• 10Y*: —

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

FHUGX vs. BMQSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FHUGX Fidelity Advisor Municipal Income Fund Class A	1.49%	4.91%	1.33%	6.52%	-11.00%	2.16%	4.28%	0.83%
BMQSX Baird Municipal Bond Fund	1.55%	4.44%	2.68%	6.67%	-7.78%	3.12%	9.58%	1.16%

Correlation

The correlation between FHUGX and BMQSX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 15, 2019	0.88

The correlation between FHUGX and BMQSX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

FHUGX vs. BMQSX — Risk / Return Rank

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

FHUGX

FHUGX Risk / Return Rank: 67
FHUGX Sharpe Ratio Rank: 85
FHUGX Sortino Ratio Rank: 87
FHUGX Omega Ratio Rank: 91
FHUGX Calmar Ratio Rank: 36
FHUGX Martin Ratio Rank: 33

BMQSX

BMQSX Risk / Return Rank: 73
BMQSX Sharpe Ratio Rank: 94
BMQSX Sortino Ratio Rank: 92
BMQSX Omega Ratio Rank: 96
BMQSX Calmar Ratio Rank: 43
BMQSX Martin Ratio Rank: 42

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.

FHUGX vs. BMQSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Municipal Income Fund Class A (FHUGX) and Baird Municipal Bond Fund (BMQSX). 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.

	FHUGX	BMQSX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.98	-0.42
Sortino ratio: Return per unit of downside risk	3.85	4.33	-0.48
Omega ratio: Gain probability vs. loss probability	1.64	1.77	-0.14
Calmar ratio: Return relative to maximum drawdown	2.17	2.39	-0.22
Martin ratio: Return relative to average drawdown	7.11	8.53	-1.42

FHUGX vs. BMQSX - Sharpe Ratio Comparison

The current FHUGX Sharpe Ratio is 2.55, which is comparable to the BMQSX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of FHUGX and BMQSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FHUGX vs. BMQSX - Drawdown Comparison

The maximum FHUGX drawdown since its inception was -16.44%, which is greater than BMQSX's maximum drawdown of -12.76%. Use the drawdown chart below to compare losses from any high point for FHUGX and BMQSX.

Drawdown Indicators

	FHUGX	BMQSX	Difference
Max Drawdown Largest peak-to-trough decline	-16.44%	-12.76%	-3.68%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-2.76%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-6.14%	-5.08%	-1.06%
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	-12.76%	-3.68%
Current Drawdown Current decline from peak	-0.72%	-0.40%	-0.32%
Average Drawdown Average peak-to-trough decline	-3.94%	-2.58%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.77%	+0.20%

Volatility

FHUGX vs. BMQSX - Volatility Comparison

Fidelity Advisor Municipal Income Fund Class A (FHUGX) has a higher volatility of 0.77% compared to Baird Municipal Bond Fund (BMQSX) at 0.52%. This indicates that FHUGX's price experiences larger fluctuations and is considered to be riskier than BMQSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHUGX	BMQSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.52%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	1.76%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	2.22%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	3.57%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.48%	4.44%	+0.04%

FHUGX vs. BMQSX - Expense Ratio Comparison

FHUGX has a 0.78% expense ratio, which is higher than BMQSX's 0.55% expense ratio.

Dividends

FHUGX vs. BMQSX - Dividend Comparison

FHUGX's dividend yield for the trailing twelve months is around 2.76%, less than BMQSX's 3.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BMQSX Baird Municipal Bond Fund	3.19%	3.18%	3.47%	3.22%	2.31%	2.33%	3.74%	0.16%	0.00%
FHUGX Fidelity Advisor Municipal Income Fund Class A	2.76%	3.58%	2.63%	2.29%	1.79%	2.37%	2.67%	2.82%	2.29%

Frequently Asked Questions

Can I hold both FHUGX and BMQSX in my portfolio?

FHUGX and BMQSX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHUGX or BMQSX?

FHUGX has higher volatility (0.77%) compared to BMQSX (0.52%). In terms of maximum drawdown, FHUGX dropped -16.44% vs BMQSX's -12.76%.

Which has better risk-adjusted returns?

BMQSX currently has the higher Sharpe Ratio (2.98 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.