FIJBX vs. FSMUX
FIJBX (Fidelity Advisor California Municipal Income Fund Class Z) and FSMUX (Strategic Advisers Municipal Bond Fund) are both Municipal Bonds funds from Fidelity. Over the past 5 years, FIJBX returned 0.60%/yr vs 0.14%/yr for FSMUX. Their correlation of 0.88 means they have usually moved in the same direction. FIJBX charges 0.42%/yr vs 0.06%/yr for FSMUX.
Performance
FIJBX vs. FSMUX - Performance Comparison
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Returns By Period
In the year-to-date period, FIJBX achieves a -0.27% return, which is significantly lower than FSMUX's 0.31% return.
FIJBX
- 1D
- -0.25%
- 1M
- -2.17%
- 6M
- -1.16%
- YTD
- -0.27%
- 1Y
- 4.76%
- 3Y*
- 3.56%
- 5Y*
- 0.60%
- 10Y*
- —
- ALL TIME*
- 2.46%
FSMUX
- 1D
- -0.23%
- 1M
- -1.91%
- 6M
- -0.02%
- YTD
- 0.31%
- 1Y
- 5.26%
- 3Y*
- 3.18%
- 5Y*
- 0.14%
- 10Y*
- —
- ALL TIME*
- 0.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FIJBX vs. FSMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FIJBX Fidelity Advisor California Municipal Income Fund Class Z | -0.27% | 5.78% | 2.00% | 6.18% | -9.60% | 0.41% |
FSMUX Strategic Advisers Municipal Bond Fund | 0.31% | 3.14% | 2.99% | 6.78% | -11.25% | 0.39% |
Correlation
The correlation between FIJBX and FSMUX is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2021 | 0.88 |
The correlation between FIJBX and FSMUX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.
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Return for Risk
FIJBX vs. FSMUX — Risk / Return Rank
FIJBX
FSMUX
FIJBX vs. FSMUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor California Municipal Income Fund Class Z (FIJBX) 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.
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.
| FIJBX | FSMUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.53 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 2.53 | -0.91 |
| Martin ratioReturn relative to average drawdown | 4.97 | 8.83 | -3.86 |
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Drawdowns
FIJBX vs. FSMUX - Drawdown Comparison
The maximum FIJBX drawdown since its inception was -14.03%, smaller than the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for FIJBX and FSMUX.
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Drawdown Indicators
| FIJBX | FSMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.03% | -16.27% | +2.24% |
Max Drawdown (1Y)Largest decline over 1 year | -3.49% | -2.68% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -5.26% | -5.89% | +0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -14.03% | -16.23% | +2.20% |
Current DrawdownCurrent decline from peak | -2.48% | -1.91% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -3.25% | -5.30% | +2.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.75% | +0.39% |
Volatility
FIJBX vs. FSMUX - Volatility Comparison
Fidelity Advisor California Municipal Income Fund Class Z (FIJBX) has a higher volatility of 1.04% compared to Strategic Advisers Municipal Bond Fund (FSMUX) at 0.94%. This indicates that FIJBX's price experiences larger fluctuations and is considered to be riskier than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIJBX | FSMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 0.94% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 2.27% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.05% | 3.17% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.01% | 4.65% | -0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.44% | 4.59% | -0.15% |
FIJBX vs. FSMUX - Expense Ratio Comparison
FIJBX has a 0.42% expense ratio, which is higher than FSMUX's 0.06% expense ratio.
Dividends
FIJBX vs. FSMUX - Dividend Comparison
FIJBX's dividend yield for the trailing twelve months is around 2.87%, more than FSMUX's 2.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FIJBX Fidelity Advisor California Municipal Income Fund Class Z | 2.87% | 3.90% | 2.88% | 2.46% | 1.69% | 2.31% | 2.82% | 2.85% | 0.76% |
FSMUX Strategic Advisers Municipal Bond Fund | 2.71% | 3.26% | 3.74% | 3.18% | 2.14% | 0.99% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FIJBX and FSMUX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIJBX has higher volatility (1.04%) compared to FSMUX (0.94%). In terms of maximum drawdown, FIJBX dropped -14.03% vs FSMUX's -16.27%.
FSMUX currently has the higher Sharpe Ratio (2.14 vs 1.87), 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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