FIWEX vs. FSMUX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Advisor Municipal Income Fund Class Z (FIWEX) and Strategic Advisers Municipal Bond Fund (FSMUX).

FIWEX is managed by Fidelity. It was launched on Oct 2, 2018. FSMUX is managed by Fidelity. It was launched on Jun 24, 2021.

Performance

FIWEX vs. FSMUX - Performance Comparison

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

FIWEX vs. FSMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FIWEX Fidelity Advisor Municipal Income Fund Class Z	-0.82%	5.33%	1.79%	6.89%	-10.82%	0.58%
FSMUX Strategic Advisers Municipal Bond Fund	-1.13%	3.14%	2.99%	6.78%	-11.25%	0.39%

Returns By Period

In the year-to-date period, FIWEX achieves a -0.82% return, which is significantly higher than FSMUX's -1.13% return.

FIWEX

• 1D: 0.16%
• 1M: -3.03%
• YTD: -0.82%
• 6M: 0.80%
• 1Y: 4.21%
• 3Y*: 3.31%
• 5Y*: 0.83%
• 10Y*: —

FSMUX

• 1D: 0.11%
• 1M: -2.56%
• YTD: -1.13%
• 6M: 0.12%
• 1Y: 2.39%
• 3Y*: 2.93%
• 5Y*: —
• 10Y*: —

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

FIWEX vs. FSMUX - Expense Ratio Comparison

FIWEX has a 0.42% expense ratio, which is higher than FSMUX's 0.06% expense ratio.

FIWEX

Fidelity Advisor Municipal Income Fund Class Z

FSMUX

Strategic Advisers Municipal Bond Fund

Return for Risk

FIWEX vs. FSMUX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FIWEX

FIWEX Risk / Return Rank: 51
FIWEX Sharpe Ratio Rank: 55
FIWEX Sortino Ratio Rank: 48
FIWEX Omega Ratio Rank: 75
FIWEX Calmar Ratio Rank: 43
FIWEX Martin Ratio Rank: 35

FSMUX

FSMUX Risk / Return Rank: 22
FSMUX Sharpe Ratio Rank: 24
FSMUX Sortino Ratio Rank: 20
FSMUX Omega Ratio Rank: 44
FSMUX Calmar Ratio Rank: 11
FSMUX Martin Ratio Rank: 11

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. FSMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Municipal Income Fund Class Z (FIWEX) 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.

	FIWEX	FSMUX	Difference
Sharpe ratio Return per unit of total volatility	1.02	0.63	+0.39
Sortino ratio Return per unit of downside risk	1.38	0.87	+0.51
Omega ratio Gain probability vs. loss probability	1.28	1.19	+0.09
Calmar ratio Return relative to maximum drawdown	1.09	0.28	+0.82
Martin ratio Return relative to average drawdown	3.76	0.78	+2.98
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. FSMUX - Sharpe Ratio Comparison

The current FIWEX Sharpe Ratio is 1.02, which is higher than the FSMUX Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of FIWEX and FSMUX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FIWEX	FSMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	0.63	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	-0.00	+0.56

Correlation

The correlation between FIWEX and FSMUX is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FIWEX vs. FSMUX - Dividend Comparison

FIWEX's dividend yield for the trailing twelve months is around 3.12%, more than FSMUX's 2.35% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIWEX Fidelity Advisor Municipal Income Fund Class Z	3.12%	4.05%	3.00%	2.63%	2.07%	2.69%	3.03%	3.19%	0.81%
FSMUX Strategic Advisers Municipal Bond Fund	2.35%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%

Drawdowns

FIWEX vs. FSMUX - Drawdown Comparison

The maximum FIWEX drawdown since its inception was -16.14%, roughly equal to the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for FIWEX and FSMUX.

Drawdown Indicators

	FIWEX	FSMUX	Difference
Max Drawdown Largest peak-to-trough decline	-16.14%	-16.27%	+0.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.84%	-5.30%	+0.46%
Max Drawdown (5Y) Largest decline over 5 years	-16.14%	—	—
Current Drawdown Current decline from peak	-3.03%	-2.56%	-0.47%
Average Drawdown Average peak-to-trough decline	-3.90%	-5.61%	+1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	1.96%	-0.55%

Volatility

FIWEX vs. FSMUX - Volatility Comparison

Fidelity Advisor Municipal Income Fund Class Z (FIWEX) has a higher volatility of 1.11% compared to Strategic Advisers Municipal Bond Fund (FSMUX) at 0.99%. This indicates that FIWEX'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.

Volatility by Period

	FIWEX	FSMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	0.99%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	2.12%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	4.94%	6.65%	-1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	4.67%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.70%	4.67%	+0.03%