FLTMX vs. FBND

Last updated Aug 1, 2026

FLTMX (Fidelity Intermediate Municipal Income Fund) and FBND (Fidelity Total Bond ETF) are both funds - FLTMX is a Municipal Bonds fund managed by Fidelity, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 10 years, FLTMX returned 1.90%/yr vs 2.27%/yr for FBND. Their 0.44 correlation means their historical movements had little consistent relationship. FLTMX charges 0.32%/yr vs 0.36%/yr for FBND.

Performance

FLTMX vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Intermediate Municipal Income Fund (FLTMX) and Fidelity Total Bond ETF (FBND). 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 lower than FBND's -0.33% return. Over the past 10 years, FLTMX has underperformed FBND with an annualized return of 1.90%, while FBND has yielded a comparatively higher 2.27% 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%

FBND

• 1D: -0.27%
• 1M: -1.26%
• 6M: -0.60%
• YTD: -0.33%
• 1Y: 2.08%
• 3Y*: 4.55%
• 5Y*: 0.31%
• 10Y*: 2.27%
• ALL TIME*: 2.47%

*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)
FBND Fidelity Total Bond ETF	$133.84M	$127.41M	$124.15M
FLTMX Fidelity Intermediate Municipal Income Fund	$0.00	$0.00	$0.00

FLTMX vs. FBND - 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%
FBND Fidelity Total Bond ETF	-0.33%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between FLTMX and FBND is 0.51, 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.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.44

The correlation between FLTMX and FBND shifts across timeframes, from 0.44 (all time) to 0.55 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FLTMX vs. FBND — 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

FBND

FBND Risk / Return Rank: 30
FBND Sharpe Ratio Rank: 32
FBND Sortino Ratio Rank: 30
FBND Omega Ratio Rank: 28
FBND Calmar Ratio Rank: 32
FBND Martin Ratio Rank: 31

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. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Intermediate Municipal Income Fund (FLTMX) and Fidelity Total Bond ETF (FBND). 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	FBND	Difference
Sharpe ratio: Return per unit of total volatility	1.67	0.77	+0.90
Sortino ratio: Return per unit of downside risk	2.43	1.14	+1.29
Omega ratio: Gain probability vs. loss probability	1.39	1.13	+0.26
Calmar ratio: Return relative to maximum drawdown	1.34	1.09	+0.25
Martin ratio: Return relative to average drawdown	3.67	2.77	+0.90

FLTMX vs. FBND - Sharpe Ratio Comparison

The current FLTMX Sharpe Ratio is 1.67, which is higher than the FBND Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of FLTMX and FBND, 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. FBND - Drawdown Comparison

The maximum FLTMX drawdown since its inception was -16.13%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FLTMX and FBND.

Drawdown Indicators

	FLTMX	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-16.13%	-17.25%	+1.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-2.66%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-3.67%	-4.95%	+1.28%
Max Drawdown (5Y) Largest decline over 5 years	-10.91%	-17.25%	+6.34%
Max Drawdown (10Y) Largest decline over 10 years	-10.91%	-17.25%	+6.34%
Current Drawdown Current decline from peak	-2.39%	-2.24%	-0.15%
Average Drawdown Average peak-to-trough decline	-1.64%	-3.32%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	1.05%	+0.04%

Volatility

FLTMX vs. FBND - Volatility Comparison

The current volatility for Fidelity Intermediate Municipal Income Fund (FLTMX) is 0.79%, while Fidelity Total Bond ETF (FBND) has a volatility of 0.95%. This indicates that FLTMX experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLTMX	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.95%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	2.94%	-0.98%
Volatility (1Y) Calculated over the trailing 1-year period	2.40%	3.77%	-1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.08%	5.93%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	6.10%	-2.86%

FLTMX vs. FBND - Expense Ratio Comparison

FLTMX has a 0.32% expense ratio, which is lower than FBND's 0.36% expense ratio.

Dividends

FLTMX vs. FBND - Dividend Comparison

FLTMX's dividend yield for the trailing twelve months is around 2.70%, less than FBND's 4.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.77%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
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 FBND in my portfolio?

FLTMX and FBND have a correlation of 0.51, 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 FBND?

FBND has higher volatility (0.95%) compared to FLTMX (0.79%). In terms of maximum drawdown, FLTMX dropped -16.13% vs FBND's -17.25%.

Which has better risk-adjusted returns?

FLTMX currently has the higher Sharpe Ratio (1.67 vs 0.77), 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.