FLTMX vs. BND

Last updated Aug 1, 2026

FLTMX (Fidelity Intermediate Municipal Income Fund) and BND (Vanguard Total Bond Market ETF) are both funds - FLTMX is a Municipal Bonds fund managed by Fidelity, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, FLTMX returned 1.90%/yr vs 1.36%/yr for BND. Their 0.45 correlation means their historical movements had little consistent relationship. FLTMX charges 0.32%/yr vs 0.03%/yr for BND.

Performance

FLTMX vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Intermediate Municipal Income Fund (FLTMX) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLTMX achieves a -0.43% return, which is significantly higher than BND's -0.54% return. Over the past 10 years, FLTMX has outperformed BND with an annualized return of 1.90%, while BND has yielded a comparatively lower 1.36% annualized return.

FLTMX

• 1D: -0.20%
• 1M: -1.66%
• 6M: -1.33%
• YTD: -0.43%
• 1Y: 3.31%
• 3Y*: 3.27%
• 5Y*: 0.87%
• 10Y*: 1.90%
• ALL TIME*: 4.11%

BND

• 1D: -0.26%
• 1M: -1.20%
• 6M: -0.75%
• YTD: -0.54%
• 1Y: 1.75%
• 3Y*: 3.92%
• 5Y*: -0.42%
• 10Y*: 1.36%
• ALL TIME*: 2.99%

*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)
BND Vanguard Total Bond Market ETF	$451.00M	$507.49M	$592.68M
FLTMX Fidelity Intermediate Municipal Income Fund	$0.00	$0.00	$0.00

FLTMX vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLTMX Fidelity Intermediate Municipal Income Fund	-0.43%	6.02%	1.19%	5.52%	-6.92%	0.83%	4.36%	6.34%	1.89%	4.50%
BND Vanguard Total Bond Market ETF	-0.54%	7.08%	1.38%	5.65%	-13.11%	-1.86%	7.71%	8.84%	-0.12%	3.57%

Correlation

The correlation between FLTMX and BND is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007	0.45

The correlation between FLTMX and BND has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

Return for Risk

FLTMX vs. BND — Risk / Return Rank

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

FLTMX

FLTMX Risk / Return Rank: 57
FLTMX Sharpe Ratio Rank: 73
FLTMX Sortino Ratio Rank: 73
FLTMX Omega Ratio Rank: 83
FLTMX Calmar Ratio Rank: 31
FLTMX Martin Ratio Rank: 27

BND

BND Risk / Return Rank: 29
BND Sharpe Ratio Rank: 30
BND Sortino Ratio Rank: 28
BND Omega Ratio Rank: 26
BND Calmar Ratio Rank: 30
BND Martin Ratio Rank: 29

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.

FLTMX vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Intermediate Municipal Income Fund (FLTMX) and Vanguard Total Bond Market ETF (BND). 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.

	FLTMX	BND	Difference
Sharpe ratio: Return per unit of total volatility	1.67	0.72	+0.95
Sortino ratio: Return per unit of downside risk	2.43	1.06	+1.37
Omega ratio: Gain probability vs. loss probability	1.39	1.12	+0.27
Calmar ratio: Return relative to maximum drawdown	1.34	0.99	+0.36
Martin ratio: Return relative to average drawdown	3.67	2.48	+1.19

FLTMX vs. BND - Sharpe Ratio Comparison

The current FLTMX Sharpe Ratio is 1.67, which is higher than the BND Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of FLTMX and BND, 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

FLTMX vs. BND - Drawdown Comparison

The maximum FLTMX drawdown since its inception was -16.13%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for FLTMX and BND.

Drawdown Indicators

	FLTMX	BND	Difference
Max Drawdown Largest peak-to-trough decline	-16.13%	-18.58%	+2.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-2.68%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-3.67%	-4.81%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-10.91%	-17.91%	+7.00%
Max Drawdown (10Y) Largest decline over 10 years	-10.91%	-18.58%	+7.67%
Current Drawdown Current decline from peak	-2.39%	-3.15%	+0.76%
Average Drawdown Average peak-to-trough decline	-1.64%	-3.06%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	1.07%	+0.02%

Volatility

FLTMX vs. BND - Volatility Comparison

The current volatility for Fidelity Intermediate Municipal Income Fund (FLTMX) is 0.79%, while Vanguard Total Bond Market ETF (BND) has a volatility of 0.98%. This indicates that FLTMX experiences smaller price fluctuations and is considered to be less risky than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLTMX	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.98%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	2.90%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	2.40%	3.70%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.08%	6.03%	-2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	5.53%	-2.29%

FLTMX vs. BND - Expense Ratio Comparison

FLTMX has a 0.32% expense ratio, which is higher than BND's 0.03% expense ratio.

Dividends

FLTMX vs. BND - Dividend Comparison

FLTMX's dividend yield for the trailing twelve months is around 2.70%, less than BND's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND Vanguard Total Bond Market ETF	3.69%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%
FLTMX Fidelity Intermediate Municipal Income Fund	2.70%	3.70%	2.47%	2.42%	1.36%	1.67%	2.00%	2.39%	3.31%	2.64%	3.20%	2.36%

Frequently Asked Questions

Can I hold both FLTMX and BND in my portfolio?

FLTMX and BND have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLTMX or BND?

BND has higher volatility (0.98%) compared to FLTMX (0.79%). In terms of maximum drawdown, FLTMX dropped -16.13% vs BND's -18.58%.

Which has better risk-adjusted returns?

FLTMX currently has the higher Sharpe Ratio (1.67 vs 0.72), 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.