FIMIX vs. DMREX

Last updated Aug 1, 2026

FIMIX (Fidelity Minnesota Municipal Income Fund) and DMREX (DFA Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 10 years, FIMIX returned 1.59%/yr vs 2.81%/yr for DMREX. Their 0.28 correlation means their historical movements had little consistent relationship. FIMIX charges 0.49%/yr vs 0.24%/yr for DMREX.

Performance

FIMIX vs. DMREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Minnesota Municipal Income Fund (FIMIX) and DFA Municipal Real Return Portfolio (DMREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIMIX achieves a -0.67% return, which is significantly lower than DMREX's 2.07% return. Over the past 10 years, FIMIX has underperformed DMREX with an annualized return of 1.59%, while DMREX has yielded a comparatively higher 2.81% annualized return.

FIMIX

• 1D: -0.27%
• 1M: -2.05%
• 6M: -1.41%
• YTD: -0.67%
• 1Y: 3.72%
• 3Y*: 3.12%
• 5Y*: 0.42%
• 10Y*: 1.59%
• ALL TIME*: 3.29%

DMREX

• 1D: 0.02%
• 1M: 0.02%
• 6M: 1.56%
• YTD: 2.07%
• 1Y: 2.54%
• 3Y*: 3.08%
• 5Y*: 2.23%
• 10Y*: 2.81%
• ALL TIME*: 2.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DMREX DFA Municipal Real Return Portfolio	$0.00	$0.00	$0.00
FIMIX Fidelity Minnesota Municipal Income Fund	$0.00	$0.00	$0.00

FIMIX vs. DMREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIMIX Fidelity Minnesota Municipal Income Fund	-0.67%	5.80%	1.22%	5.02%	-8.12%	0.40%	4.49%	7.13%	0.65%	4.55%
DMREX DFA Municipal Real Return Portfolio	2.07%	2.77%	3.10%	2.56%	-1.42%	6.75%	4.11%	6.64%	-0.51%	2.57%

Correlation

The correlation between FIMIX and DMREX is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.25
Correlation (10Y) Provides a long-term view across more market conditions.	0.29
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.28

The correlation between FIMIX and DMREX shifts across timeframes, from 0.09 (1 year) to 0.29 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FIMIX vs. DMREX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FIMIX

FIMIX Risk / Return Rank: 57
FIMIX Sharpe Ratio Rank: 71
FIMIX Sortino Ratio Rank: 70
FIMIX Omega Ratio Rank: 82
FIMIX Calmar Ratio Rank: 31
FIMIX Martin Ratio Rank: 28

DMREX

DMREX Risk / Return Rank: 94
DMREX Sharpe Ratio Rank: 95
DMREX Sortino Ratio Rank: 96
DMREX Omega Ratio Rank: 97
DMREX Calmar Ratio Rank: 97
DMREX Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FIMIX vs. DMREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Minnesota Municipal Income Fund (FIMIX) and DFA Municipal Real Return Portfolio (DMREX). 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.

	FIMIX	DMREX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.57	-0.91
Sortino ratio: Return per unit of downside risk	2.37	4.13	-1.77
Omega ratio: Gain probability vs. loss probability	1.38	1.71	-0.33
Calmar ratio: Return relative to maximum drawdown	1.37	5.01	-3.64
Martin ratio: Return relative to average drawdown	4.03	10.76	-6.73

FIMIX vs. DMREX - Sharpe Ratio Comparison

The current FIMIX Sharpe Ratio is 1.66, which is lower than the DMREX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of FIMIX and DMREX, 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

FIMIX vs. DMREX - Drawdown Comparison

The maximum FIMIX drawdown since its inception was -12.52%, smaller than the maximum DMREX drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for FIMIX and DMREX.

Drawdown Indicators

	FIMIX	DMREX	Difference
Max Drawdown Largest peak-to-trough decline	-12.52%	-13.22%	+0.70%
Max Drawdown (1Y) Largest decline over 1 year	-3.33%	-0.51%	-2.82%
Max Drawdown (3Y) Largest decline over 3 years	-4.68%	-2.48%	-2.20%
Max Drawdown (5Y) Largest decline over 5 years	-12.52%	-5.33%	-7.19%
Max Drawdown (10Y) Largest decline over 10 years	-12.52%	-13.22%	+0.70%
Current Drawdown Current decline from peak	-2.63%	-0.25%	-2.38%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.87%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.24%	+0.89%

Volatility

FIMIX vs. DMREX - Volatility Comparison

Fidelity Minnesota Municipal Income Fund (FIMIX) has a higher volatility of 0.95% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.30%. This indicates that FIMIX's price experiences larger fluctuations and is considered to be riskier than DMREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIMIX	DMREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.30%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	0.80%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	2.75%	1.00%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.58%	2.43%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.65%	3.13%	+0.52%

FIMIX vs. DMREX - Expense Ratio Comparison

FIMIX has a 0.49% expense ratio, which is higher than DMREX's 0.24% expense ratio.

Dividends

FIMIX vs. DMREX - Dividend Comparison

FIMIX's dividend yield for the trailing twelve months is around 2.50%, less than DMREX's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMREX DFA Municipal Real Return Portfolio	3.25%	2.95%	3.55%	1.96%	1.16%	0.98%	1.44%	2.26%	1.54%	1.32%	1.15%	1.09%
FIMIX Fidelity Minnesota Municipal Income Fund	2.50%	3.57%	2.66%	2.29%	1.44%	1.81%	2.12%	2.56%	2.63%	2.53%	3.25%	2.90%

Frequently Asked Questions

Can I hold both FIMIX and DMREX in my portfolio?

FIMIX and DMREX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIMIX or DMREX?

FIMIX has higher volatility (0.95%) compared to DMREX (0.30%). In terms of maximum drawdown, FIMIX dropped -12.52% vs DMREX's -13.22%.

Which has better risk-adjusted returns?

DMREX currently has the higher Sharpe Ratio (2.57 vs 1.66), 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.