FLTMX vs. VWIUX

Last updated Jun 4, 2026

FLTMX (Fidelity Intermediate Municipal Income Fund) and VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Over the past 10 years, FLTMX returned 2.18%/yr vs 2.48%/yr for VWIUX. Their correlation of 0.87 suggests significant overlap in exposure. FLTMX charges 0.32%/yr vs 0.09%/yr for VWIUX.

Performance

FLTMX vs. VWIUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Intermediate Municipal Income Fund (FLTMX) and Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLTMX achieves a 0.90% return, which is significantly lower than VWIUX's 1.33% return. Over the past 10 years, FLTMX has underperformed VWIUX with an annualized return of 2.18%, while VWIUX has yielded a comparatively higher 2.48% annualized return.

FLTMX

• 1D: 0.10%
• 1M: 0.65%
• YTD: 0.90%
• 6M: 1.26%
• 1Y: 6.15%
• 3Y*: 3.97%
• 5Y*: 1.30%
• 10Y*: 2.18%

VWIUX

• 1D: 0.15%
• 1M: 0.65%
• YTD: 1.33%
• 6M: 1.76%
• 1Y: 6.98%
• 3Y*: 4.56%
• 5Y*: 1.72%
• 10Y*: 2.48%

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

FLTMX vs. VWIUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLTMX Fidelity Intermediate Municipal Income Fund	0.90%	6.02%	1.19%	5.52%	-6.92%	0.83%	4.36%	6.34%	1.89%	4.50%
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	1.33%	5.99%	2.34%	5.90%	-6.83%	0.81%	5.23%	7.10%	1.34%	4.65%

Correlation

The correlation between FLTMX and VWIUX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 13, 2001	0.87

The correlation between FLTMX and VWIUX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

FLTMX vs. VWIUX — Risk / Return Rank

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

FLTMX

FLTMX Risk / Return Rank: 65
FLTMX Sharpe Ratio Rank: 84
FLTMX Sortino Ratio Rank: 87
FLTMX Omega Ratio Rank: 94
FLTMX Calmar Ratio Rank: 31
FLTMX Martin Ratio Rank: 27

VWIUX

VWIUX Risk / Return Rank: 70
VWIUX Sharpe Ratio Rank: 90
VWIUX Sortino Ratio Rank: 94
VWIUX Omega Ratio Rank: 96
VWIUX Calmar Ratio Rank: 38
VWIUX Martin Ratio Rank: 35

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.

FLTMX vs. VWIUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Intermediate Municipal Income Fund (FLTMX) and Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX). 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.

	FLTMX	VWIUX	Difference
Sharpe ratio: Return per unit of total volatility	2.71	2.99	-0.28
Sortino ratio: Return per unit of downside risk	4.16	4.79	-0.63
Omega ratio: Gain probability vs. loss probability	1.72	1.81	-0.09
Calmar ratio: Return relative to maximum drawdown	2.08	2.34	-0.26
Martin ratio: Return relative to average drawdown	6.59	7.81	-1.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLTMX vs. VWIUX - Sharpe Ratio Comparison

The current FLTMX Sharpe Ratio is 2.71, which is comparable to the VWIUX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of FLTMX and VWIUX, 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

	FLTMX	VWIUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	2.99	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.53	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.72	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	1.13	+0.23

Drawdowns

FLTMX vs. VWIUX - Drawdown Comparison

The maximum FLTMX drawdown since its inception was -16.13%, which is greater than VWIUX's maximum drawdown of -11.38%. Use the drawdown chart below to compare losses from any high point for FLTMX and VWIUX.

Drawdown Indicators

	FLTMX	VWIUX	Difference
Max Drawdown Largest peak-to-trough decline	-16.13%	-11.38%	-4.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-2.99%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-3.88%	-4.40%	+0.52%
Max Drawdown (5Y) Largest decline over 5 years	-10.91%	-11.38%	+0.47%
Max Drawdown (10Y) Largest decline over 10 years	-10.91%	-11.38%	+0.47%
Current Drawdown Current decline from peak	-1.09%	-0.87%	-0.22%
Average Drawdown Average peak-to-trough decline	-1.64%	-1.44%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.90%	+0.04%

Volatility

FLTMX vs. VWIUX - Volatility Comparison

Fidelity Intermediate Municipal Income Fund (FLTMX) and Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) have volatilities of 0.89% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLTMX	VWIUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	0.88%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	1.87%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	2.28%	2.35%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.05%	3.27%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	3.43%	-0.19%

FLTMX vs. VWIUX - Expense Ratio Comparison

FLTMX has a 0.32% expense ratio, which is higher than VWIUX's 0.09% expense ratio.

Dividends

FLTMX vs. VWIUX - Dividend Comparison

FLTMX's dividend yield for the trailing twelve months is around 2.88%, less than VWIUX's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLTMX Fidelity Intermediate Municipal Income Fund	2.88%	3.70%	2.47%	2.42%	1.36%	1.67%	2.00%	2.39%	3.31%	2.64%	3.20%	2.36%
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	3.33%	4.06%	3.63%	2.78%	2.51%	1.89%	2.40%	2.88%	2.89%	2.82%	2.91%	2.96%

Frequently Asked Questions

Can I hold both FLTMX and VWIUX in my portfolio?

FLTMX and VWIUX have a correlation of 0.89, 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 VWIUX?

FLTMX has higher volatility (0.89%) compared to VWIUX (0.88%). In terms of maximum drawdown, FLTMX dropped -16.13% vs VWIUX's -11.38%.

Which has better risk-adjusted returns?

VWIUX currently has the higher Sharpe Ratio (2.99 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.