FLUVX vs. MUC
FLUVX (Fidelity Advisor Municipal Income Fund Class M) and MUC (BlackRock MuniHoldings California Quality Fund) are both Municipal Bonds funds. Over the past 5 years, FLUVX returned 0.03%/yr vs -3.19%/yr for MUC. Their 0.43 correlation means their historical movements had little consistent relationship. FLUVX charges 0.76%/yr vs 2.14%/yr for MUC.
Performance
FLUVX vs. MUC - Performance Comparison
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Returns By Period
In the year-to-date period, FLUVX achieves a -0.17% return, which is significantly lower than MUC's 3.33% return.
FLUVX
- 1D
- -0.25%
- 1M
- -2.10%
- 6M
- -0.96%
- YTD
- -0.17%
- 1Y
- 4.48%
- 3Y*
- 3.08%
- 5Y*
- 0.03%
- 10Y*
- —
- ALL TIME*
- 2.12%
MUC
- 1D
- -0.19%
- 1M
- -3.70%
- 6M
- -1.10%
- YTD
- 3.33%
- 1Y
- 10.54%
- 3Y*
- 4.86%
- 5Y*
- -3.19%
- 10Y*
- 0.53%
- ALL TIME*
- 3.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $4.02M | $3.71M | $3.50M |
FLUVX vs. MUC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLUVX Fidelity Advisor Municipal Income Fund Class M | -0.17% | 4.83% | 1.45% | 6.55% | -10.99% | 2.11% | 4.38% | 8.09% | 2.75% |
MUC BlackRock MuniHoldings California Quality Fund | 3.33% | 5.96% | 0.76% | 7.86% | -26.81% | 7.38% | 11.85% | 18.12% | -3.47% |
Correlation
The correlation between FLUVX and MUC 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. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2018 | 0.43 |
The correlation between FLUVX and MUC has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.
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Return for Risk
FLUVX vs. MUC — Risk / Return Rank
FLUVX
MUC
FLUVX vs. MUC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Municipal Income Fund Class M (FLUVX) and BlackRock MuniHoldings California Quality Fund (MUC). 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.
| FLUVX | MUC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.27 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.79 | -0.13 |
| Martin ratioReturn relative to average drawdown | 5.07 | 7.36 | -2.29 |
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Drawdowns
FLUVX vs. MUC - Drawdown Comparison
The maximum FLUVX drawdown since its inception was -16.48%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for FLUVX and MUC.
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Drawdown Indicators
| FLUVX | MUC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.48% | -48.97% | +32.49% |
Max Drawdown (1Y)Largest decline over 1 year | -3.19% | -6.53% | +3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -5.30% | -12.20% | +6.90% |
Max Drawdown (5Y)Largest decline over 5 years | -16.48% | -38.29% | +21.81% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.29% | — |
Current DrawdownCurrent decline from peak | -2.34% | -17.08% | +14.74% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -9.93% | +6.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 1.59% | -0.55% |
Volatility
FLUVX vs. MUC - Volatility Comparison
The current volatility for Fidelity Advisor Municipal Income Fund Class M (FLUVX) is 0.98%, while BlackRock MuniHoldings California Quality Fund (MUC) has a volatility of 1.58%. This indicates that FLUVX experiences smaller price fluctuations and is considered to be less risky than MUC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLUVX | MUC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.58% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 6.06% | -3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 8.19% | -5.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 11.47% | -7.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 11.88% | -7.40% |
FLUVX vs. MUC - Expense Ratio Comparison
FLUVX has a 0.76% expense ratio, which is lower than MUC's 2.14% expense ratio.
Dividends
FLUVX vs. MUC - Dividend Comparison
FLUVX's dividend yield for the trailing twelve months is around 2.59%, less than MUC's 6.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLUVX Fidelity Advisor Municipal Income Fund Class M | 2.59% | 3.59% | 2.67% | 2.32% | 1.79% | 2.39% | 2.68% | 2.86% | 2.31% | 0.00% | 0.00% | 0.00% |
MUC BlackRock MuniHoldings California Quality Fund | 6.07% | 6.06% | 5.62% | 3.84% | 5.79% | 4.27% | 3.96% | 3.90% | 4.99% | 5.14% | 5.45% | 5.46% |
Frequently Asked Questions
FLUVX and MUC 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.
MUC has higher volatility (1.58%) compared to FLUVX (0.98%). In terms of maximum drawdown, FLUVX dropped -16.48% vs MUC's -48.97%.
FLUVX currently has the higher Sharpe Ratio (1.86 vs 1.43), 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.
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