FIMIX vs. FDMMX
FIMIX (Fidelity Minnesota Municipal Income Fund) and FDMMX (Fidelity Massachusetts Municipal Income Fund) are both Municipal Bonds funds from Fidelity. Over the past 10 years, FIMIX returned 1.59%/yr vs 1.45%/yr for FDMMX. Their correlation of 0.90 means they have usually moved in the same direction. FIMIX charges 0.49%/yr vs 0.45%/yr for FDMMX.
Performance
FIMIX vs. FDMMX - Performance Comparison
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Returns By Period
In the year-to-date period, FIMIX achieves a -0.67% return, which is significantly lower than FDMMX's -0.05% return. Over the past 10 years, FIMIX has outperformed FDMMX with an annualized return of 1.59%, while FDMMX has yielded a comparatively lower 1.45% 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%
FDMMX
- 1D
- -0.26%
- 1M
- -2.16%
- 6M
- -0.70%
- YTD
- -0.05%
- 1Y
- 4.48%
- 3Y*
- 3.24%
- 5Y*
- 0.28%
- 10Y*
- 1.45%
- ALL TIME*
- 4.22%
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 |
FIMIX vs. FDMMX - 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% |
FDMMX Fidelity Massachusetts Municipal Income Fund | -0.05% | 5.24% | 1.27% | 5.76% | -9.67% | 1.11% | 4.27% | 7.09% | -0.13% | 5.48% |
Correlation
The correlation between FIMIX and FDMMX is 0.87, 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. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.90 |
The correlation between FIMIX and FDMMX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
FIMIX vs. FDMMX — Risk / Return Rank
FIMIX
FDMMX
FIMIX vs. FDMMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Minnesota Municipal Income Fund (FIMIX) and Fidelity Massachusetts Municipal Income Fund (FDMMX). 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 | FDMMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.47 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.83 | -0.46 |
| Martin ratioReturn relative to average drawdown | 4.03 | 5.79 | -1.76 |
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Drawdowns
FIMIX vs. FDMMX - Drawdown Comparison
The maximum FIMIX drawdown since its inception was -12.52%, smaller than the maximum FDMMX drawdown of -18.98%. Use the drawdown chart below to compare losses from any high point for FIMIX and FDMMX.
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Drawdown Indicators
| FIMIX | FDMMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.52% | -18.98% | +6.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.33% | -2.91% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -4.68% | -4.37% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -12.52% | -13.70% | +1.18% |
Max Drawdown (10Y)Largest decline over 10 years | -12.52% | -13.70% | +1.18% |
Current DrawdownCurrent decline from peak | -2.63% | -2.16% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -2.35% | +0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 0.92% | +0.21% |
Volatility
FIMIX vs. FDMMX - Volatility Comparison
Fidelity Minnesota Municipal Income Fund (FIMIX) has a higher volatility of 0.95% compared to Fidelity Massachusetts Municipal Income Fund (FDMMX) at 0.90%. This indicates that FIMIX's price experiences larger fluctuations and is considered to be riskier than FDMMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIMIX | FDMMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 0.90% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 2.25% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.75% | 2.68% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.58% | 3.69% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.65% | 3.85% | -0.20% |
FIMIX vs. FDMMX - Expense Ratio Comparison
FIMIX has a 0.49% expense ratio, which is higher than FDMMX's 0.45% expense ratio.
Dividends
FIMIX vs. FDMMX - Dividend Comparison
FIMIX's dividend yield for the trailing twelve months is around 2.50%, less than FDMMX's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDMMX Fidelity Massachusetts Municipal Income Fund | 2.54% | 3.54% | 2.67% | 2.43% | 1.46% | 2.31% | 2.23% | 2.63% | 2.76% | 2.99% | 4.56% | 3.20% |
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
FIMIX and FDMMX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIMIX has higher volatility (0.95%) compared to FDMMX (0.90%). In terms of maximum drawdown, FIMIX dropped -12.52% vs FDMMX's -18.98%.
FDMMX currently has the higher Sharpe Ratio (1.98 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.
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