FKISX vs. NPV

Last updated Jun 6, 2026

FKISX (Fidelity Advisor Municipal Income Fund Class C) and NPV (Nuveen Virginia Quality Municipal Income Fund) are both Municipal Bonds funds. Over the past 5 years, FKISX returned -0.23%/yr vs -1.46%/yr for NPV. At a 0.35 correlation, their price movements are largely independent. FKISX charges 1.52%/yr vs 1.51%/yr for NPV.

Performance

FKISX vs. NPV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Municipal Income Fund Class C (FKISX) and Nuveen Virginia Quality Municipal Income Fund (NPV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FKISX achieves a 1.09% return, which is significantly lower than NPV's 7.07% return.

FKISX

• 1D: 0.08%
• 1M: 0.42%
• YTD: 1.09%
• 6M: 1.43%
• 1Y: 6.47%
• 3Y*: 3.01%
• 5Y*: -0.23%
• 10Y*: —

NPV

• 1D: 0.17%
• 1M: 0.83%
• YTD: 7.07%
• 6M: 5.59%
• 1Y: 10.96%
• 3Y*: 8.26%
• 5Y*: -1.46%
• 10Y*: 2.29%

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

FKISX vs. NPV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FKISX Fidelity Advisor Municipal Income Fund Class C	1.09%	3.79%	0.52%	5.83%	-11.49%	1.52%	3.51%	7.26%	2.12%
NPV Nuveen Virginia Quality Municipal Income Fund	7.07%	-5.91%	24.61%	0.42%	-31.53%	10.93%	13.15%	29.60%	-0.75%

Correlation

The correlation between FKISX and NPV is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018	0.35

Return for Risk

FKISX vs. NPV — Risk / Return Rank

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

FKISX

FKISX Risk / Return Rank: 58
FKISX Sharpe Ratio Rank: 71
FKISX Sortino Ratio Rank: 75
FKISX Omega Ratio Rank: 87
FKISX Calmar Ratio Rank: 30
FKISX Martin Ratio Rank: 29

NPV

NPV Risk / Return Rank: 35
NPV Sharpe Ratio Rank: 33
NPV Sortino Ratio Rank: 35
NPV Omega Ratio Rank: 33
NPV Calmar Ratio Rank: 47
NPV Martin Ratio Rank: 28

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.

FKISX vs. NPV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Municipal Income Fund Class C (FKISX) and Nuveen Virginia Quality Municipal Income Fund (NPV). 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.

	FKISX	NPV	Difference
Sharpe ratio: Return per unit of total volatility	2.38	1.57	+0.81
Sortino ratio: Return per unit of downside risk	3.54	2.34	+1.20
Omega ratio: Gain probability vs. loss probability	1.59	1.29	+0.30
Calmar ratio: Return relative to maximum drawdown	1.98	2.53	-0.55
Martin ratio: Return relative to average drawdown	6.41	6.38	+0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FKISX vs. NPV - Sharpe Ratio Comparison

The current FKISX Sharpe Ratio is 2.38, which is higher than the NPV Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of FKISX and NPV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FKISX	NPV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	1.57	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	-0.11	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.29	+0.07

Drawdowns

FKISX vs. NPV - Drawdown Comparison

The maximum FKISX drawdown since its inception was -17.04%, smaller than the maximum NPV drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for FKISX and NPV.

Drawdown Indicators

	FKISX	NPV	Difference
Max Drawdown Largest peak-to-trough decline	-17.04%	-44.25%	+27.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-4.31%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-6.31%	-18.29%	+11.98%
Max Drawdown (5Y) Largest decline over 5 years	-17.04%	-44.25%	+27.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.25%	—
Current Drawdown Current decline from peak	-2.11%	-15.57%	+13.46%
Average Drawdown Average peak-to-trough decline	-4.85%	-10.18%	+5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.71%	-0.73%

Volatility

FKISX vs. NPV - Volatility Comparison

The current volatility for Fidelity Advisor Municipal Income Fund Class C (FKISX) is 1.06%, while Nuveen Virginia Quality Municipal Income Fund (NPV) has a volatility of 1.83%. This indicates that FKISX experiences smaller price fluctuations and is considered to be less risky than NPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKISX	NPV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	1.83%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	2.07%	5.04%	-2.97%
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	6.93%	-4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.09%	13.48%	-9.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	13.19%	-8.74%

FKISX vs. NPV - Expense Ratio Comparison

FKISX has a 1.52% expense ratio, which is higher than NPV's 1.51% expense ratio.

Dividends

FKISX vs. NPV - Dividend Comparison

FKISX's dividend yield for the trailing twelve months is around 2.03%, less than NPV's 6.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKISX Fidelity Advisor Municipal Income Fund Class C	2.03%	2.61%	1.75%	1.65%	1.22%	1.74%	1.94%	2.09%	1.70%	0.00%	0.00%	0.00%
NPV Nuveen Virginia Quality Municipal Income Fund	6.95%	7.55%	5.63%	3.89%	5.08%	3.42%	3.49%	3.58%	4.62%	4.40%	4.87%	5.25%

Frequently Asked Questions

Can I hold both FKISX and NPV in my portfolio?

FKISX and NPV have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FKISX or NPV?

NPV has higher volatility (1.83%) compared to FKISX (1.06%). In terms of maximum drawdown, FKISX dropped -17.04% vs NPV's -44.25%.

Which has better risk-adjusted returns?

FKISX currently has the higher Sharpe Ratio (2.38 vs 1.57), 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.