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FIWEX vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FIWEX vs. BATVX

Last updated Jun 4, 2026

FIWEX (Fidelity Advisor Municipal Income Fund Class Z) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, FIWEX returned 0.92%/yr vs 1.51%/yr for BATVX. At a 0.19 correlation, their price movements are largely independent. FIWEX charges 0.42%/yr vs 0.00%/yr for BATVX.

Performance

FIWEX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Municipal Income Fund Class Z (FIWEX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, FIWEX achieves a 1.55% return, which is significantly higher than BATVX's 0.97% return.

FIWEX

1D
0.24%
1M
0.76%
YTD
1.55%
6M
1.92%
1Y
7.74%
3Y*
4.27%
5Y*
0.92%
10Y*
—

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FIWEX vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FIWEX
Fidelity Advisor Municipal Income Fund Class Z		1.55%5.33%1.79%6.89%-10.82%1.31%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between FIWEX and BATVX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.19

Correlation (All Time)
Calculated using the full available price history since May 26, 2021

0.19

The correlation between FIWEX and BATVX shifts across timeframes, from 0.19 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

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Fidelity Advisor Municipal Income Fund Class Z

BlackRock Allocation Target Shares

Often compared with FIWEX:
FIWEX vs. VTEBFIWEX vs. NPVFIWEX vs. FBGRXFIWEX vs. DFABXFIWEX vs. FSPGXFIWEX vs. FNILXFIWEX vs. ATOIX
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. FOHFXBATVX vs. VPALXBATVX vs. NMTRXBATVX vs. PTEAX

Return for Risk

FIWEX vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FIWEX
FIWEX Risk / Return Rank: 6868
Overall Rank
FIWEX Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
FIWEX Sortino Ratio Rank: 8888
Sortino Ratio Rank
FIWEX Omega Ratio Rank: 9191
Omega Ratio Rank
FIWEX Calmar Ratio Rank: 4141
Calmar Ratio Rank
FIWEX Martin Ratio Rank: 3838
Martin Ratio Rank
BATVX
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.

FIWEX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Municipal Income Fund Class Z (FIWEX) and BlackRock Allocation Target Shares (BATVX). 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.

FIWEXBATVXDifference
Sharpe ratioReturn per unit of total volatility
2.71
3.57

-0.86

Sortino ratioReturn per unit of downside risk
4.23

—

—

Omega ratioGain probability vs. loss probability

1.68

—

—

Calmar ratioReturn relative to maximum drawdown

2.41

—

—

Martin ratioReturn relative to average drawdown

8.26

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIWEX vs. BATVX - Sharpe Ratio Comparison

The current FIWEX Sharpe Ratio is 2.71, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of FIWEX and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FIWEXBATVXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.71

3.57

-0.86

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.22

2.39

-2.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.61

2.38

-1.77

Drawdowns

FIWEX vs. BATVX - Drawdown Comparison

The maximum FIWEX drawdown since its inception was -16.14%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for FIWEX and BATVX.

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Drawdown Indicators

FIWEXBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-16.14%

-0.20%

-15.94%

Max Drawdown (1Y)

Largest decline over 1 year

-3.19%

0.00%

-3.19%

Max Drawdown (3Y)

Largest decline over 3 years

-5.97%

-0.10%

-5.87%

Max Drawdown (5Y)

Largest decline over 5 years

-16.14%

-0.20%

-15.94%

Current Drawdown

Current decline from peak

-0.72%

0.00%

-0.72%

Average Drawdown

Average peak-to-trough decline

-3.85%

-0.03%

-3.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.93%

0.00%

+0.93%

Volatility

FIWEX vs. BATVX - Volatility Comparison

Fidelity Advisor Municipal Income Fund Class Z (FIWEX) has a higher volatility of 1.18% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that FIWEX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FIWEXBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.18%

0.20%

+0.98%

Volatility (6M)

Calculated over the trailing 6-month period

2.20%

0.49%

+1.71%

Volatility (1Y)

Calculated over the trailing 1-year period

2.84%

0.73%

+2.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.19%

0.64%

+3.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.68%

0.63%

+4.05%

FIWEX vs. BATVX - Expense Ratio Comparison

FIWEX has a 0.42% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

FIWEX vs. BATVX - Dividend Comparison

FIWEX's dividend yield for the trailing twelve months is around 3.11%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021202020192018
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%
FIWEX
Fidelity Advisor Municipal Income Fund Class Z		3.11%4.05%3.00%2.63%2.07%2.69%3.03%3.19%0.81%

Frequently Asked Questions

FIWEX and BATVX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FIWEX has higher volatility (1.18%) compared to BATVX (0.20%). In terms of maximum drawdown, FIWEX dropped -16.14% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 2.71), 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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