FHUGX vs. FSMUX

Last updated Jun 6, 2026

FHUGX (Fidelity Advisor Municipal Income Fund Class A) and FSMUX (Strategic Advisers Municipal Bond Fund) are both Municipal Bonds funds from Fidelity. Over the past 3 years, FHUGX returned 3.89%/yr vs 3.82%/yr for FSMUX. Their correlation of 0.88 suggests significant overlap in exposure. FHUGX charges 0.78%/yr vs 0.06%/yr for FSMUX.

Performance

FHUGX vs. FSMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Municipal Income Fund Class A (FHUGX) and Strategic Advisers Municipal Bond Fund (FSMUX). 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 1.40% return and FSMUX slightly higher at 1.47%.

FHUGX

• 1D: 0.08%
• 1M: 0.48%
• YTD: 1.40%
• 6M: 1.81%
• 1Y: 7.09%
• 3Y*: 3.89%
• 5Y*: 0.54%
• 10Y*: —

FSMUX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 1.47%
• 6M: 1.83%
• 1Y: 6.82%
• 3Y*: 3.82%
• 5Y*: —
• 10Y*: —

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

FHUGX vs. FSMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FHUGX Fidelity Advisor Municipal Income Fund Class A	1.40%	4.91%	1.33%	6.52%	-11.00%	0.28%
FSMUX Strategic Advisers Municipal Bond Fund	1.47%	3.14%	2.99%	6.78%	-11.25%	0.39%

Correlation

The correlation between FHUGX and FSMUX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 18, 2021	0.88

The correlation between FHUGX and FSMUX shifts across timeframes, from 0.75 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FHUGX vs. FSMUX — Risk / Return Rank

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

FHUGX

FHUGX Risk / Return Rank: 66
FHUGX Sharpe Ratio Rank: 83
FHUGX Sortino Ratio Rank: 85
FHUGX Omega Ratio Rank: 91
FHUGX Calmar Ratio Rank: 38
FHUGX Martin Ratio Rank: 34

FSMUX

FSMUX Risk / Return Rank: 78
FSMUX Sharpe Ratio Rank: 81
FSMUX Sortino Ratio Rank: 91
FSMUX Omega Ratio Rank: 92
FSMUX Calmar Ratio Rank: 67
FSMUX Martin Ratio Rank: 58

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. FSMUX - Risk-Adjusted Trends Comparison

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

	FHUGX	FSMUX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.60	+0.02
Sortino ratio: Return per unit of downside risk	3.95	4.48	-0.53
Omega ratio: Gain probability vs. loss probability	1.66	1.69	-0.03
Calmar ratio: Return relative to maximum drawdown	2.23	3.03	-0.80
Martin ratio: Return relative to average drawdown	7.43	11.08	-3.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHUGX vs. FSMUX - Sharpe Ratio Comparison

The current FHUGX Sharpe Ratio is 2.62, which is comparable to the FSMUX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of FHUGX and FSMUX, 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

	FHUGX	FSMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.60	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.11	+0.41

Drawdowns

FHUGX vs. FSMUX - Drawdown Comparison

The maximum FHUGX drawdown since its inception was -16.44%, roughly equal to the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for FHUGX and FSMUX.

Drawdown Indicators

	FHUGX	FSMUX	Difference
Max Drawdown Largest peak-to-trough decline	-16.44%	-16.27%	-0.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-2.68%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-6.14%	-5.95%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	—	—
Current Drawdown Current decline from peak	-0.80%	0.00%	-0.80%
Average Drawdown Average peak-to-trough decline	-3.96%	-5.45%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.21%	-0.25%

Volatility

FHUGX vs. FSMUX - Volatility Comparison

Fidelity Advisor Municipal Income Fund Class A (FHUGX) and Strategic Advisers Municipal Bond Fund (FSMUX) have volatilities of 1.12% and 1.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHUGX	FSMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.17%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.13%	2.09%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	2.73%	3.13%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	4.64%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	4.64%	-0.14%

FHUGX vs. FSMUX - Expense Ratio Comparison

FHUGX has a 0.78% expense ratio, which is higher than FSMUX's 0.06% expense ratio.

Dividends

FHUGX vs. FSMUX - Dividend Comparison

FHUGX's dividend yield for the trailing twelve months is around 2.76%, less than FSMUX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
FSMUX Strategic Advisers Municipal Bond Fund	2.99%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FHUGX and FSMUX in my portfolio?

FHUGX and FSMUX have a correlation of 0.75, 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 FSMUX?

FSMUX has higher volatility (1.17%) compared to FHUGX (1.12%). In terms of maximum drawdown, FHUGX dropped -16.44% vs FSMUX's -16.27%.

Which has better risk-adjusted returns?

FHUGX currently has the higher Sharpe Ratio (2.62 vs 2.60), 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.