FIJBX vs. FXNAX
FIJBX (Fidelity Advisor California Municipal Income Fund Class Z) and FXNAX (Fidelity U.S. Bond Index Fund) are both mutual funds - FIJBX is a Municipal Bonds fund managed by Fidelity, while FXNAX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Over the past 5 years, FIJBX returned 0.60%/yr vs -0.49%/yr for FXNAX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. FIJBX charges 0.42%/yr vs 0.03%/yr for FXNAX.
Performance
FIJBX vs. FXNAX - Performance Comparison
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Returns By Period
In the year-to-date period, FIJBX achieves a -0.27% return, which is significantly higher than FXNAX's -0.63% 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%
FXNAX
- 1D
- 0.10%
- 1M
- -1.25%
- 6M
- -0.85%
- YTD
- -0.63%
- 1Y
- 1.77%
- 3Y*
- 3.69%
- 5Y*
- -0.49%
- 10Y*
- 1.25%
- ALL TIME*
- 1.96%
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. FXNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FIJBX Fidelity Advisor California Municipal Income Fund Class Z | -0.27% | 5.78% | 2.00% | 6.18% | -9.60% | 1.42% | 4.53% | 7.63% | 2.55% |
FXNAX Fidelity U.S. Bond Index Fund | -0.63% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 7.63% | 8.50% | 2.45% |
Correlation
The correlation between FIJBX and FXNAX is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018 | 0.54 |
The correlation between FIJBX and FXNAX shifts across timeframes, from 0.54 (all time) to 0.66 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FIJBX vs. FXNAX — Risk / Return Rank
FIJBX
FXNAX
FIJBX vs. FXNAX - 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 Fidelity U.S. Bond Index Fund (FXNAX). 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 | FXNAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.09 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.14 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.01 | +0.62 |
| Martin ratioReturn relative to average drawdown | 4.97 | 2.55 | +2.41 |
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Drawdowns
FIJBX vs. FXNAX - Drawdown Comparison
The maximum FIJBX drawdown since its inception was -14.03%, smaller than the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for FIJBX and FXNAX.
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Drawdown Indicators
| FIJBX | FXNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.03% | -19.51% | +5.48% |
Max Drawdown (1Y)Largest decline over 1 year | -3.49% | -2.94% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -5.26% | -5.11% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -14.03% | -18.54% | +4.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.51% | — |
Current DrawdownCurrent decline from peak | -2.48% | -3.89% | +1.41% |
Average DrawdownAverage peak-to-trough decline | -3.25% | -3.86% | +0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.17% | -0.03% |
Volatility
FIJBX vs. FXNAX - Volatility Comparison
Fidelity Advisor California Municipal Income Fund Class Z (FIJBX) has a higher volatility of 1.04% compared to Fidelity U.S. Bond Index Fund (FXNAX) at 0.99%. This indicates that FIJBX's price experiences larger fluctuations and is considered to be riskier than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIJBX | FXNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 0.99% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 3.02% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.05% | 3.85% | -0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.01% | 6.07% | -2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.44% | 5.01% | -0.57% |
FIJBX vs. FXNAX - Expense Ratio Comparison
FIJBX has a 0.42% expense ratio, which is higher than FXNAX's 0.03% expense ratio.
Dividends
FIJBX vs. FXNAX - Dividend Comparison
FIJBX's dividend yield for the trailing twelve months is around 2.87%, less than FXNAX's 3.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
FXNAX Fidelity U.S. Bond Index Fund | 3.46% | 3.58% | 3.40% | 3.15% | 1.81% | 1.74% | 2.92% | 2.68% | 2.74% | 2.57% | 2.76% | 2.52% |
Frequently Asked Questions
FIJBX and FXNAX have a correlation of 0.62, 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 FXNAX (0.99%). In terms of maximum drawdown, FIJBX dropped -14.03% vs FXNAX's -19.51%.
FIJBX currently has the higher Sharpe Ratio (1.87 vs 0.78), 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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