FLXSX vs. FUENX
FLXSX (Fidelity Flex Small Cap Index Fund) and FUENX (Fidelity Flex Municipal Income Fund) are both mutual funds - FLXSX is a Small Cap Blend Equities fund managed by Fidelity, while FUENX is a Municipal Bonds fund managed by Fidelity. Over the past 5 years, FLXSX returned 6.27%/yr vs 1.31%/yr for FUENX. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.00% expense ratio.
Performance
FLXSX vs. FUENX - Performance Comparison
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Returns By Period
In the year-to-date period, FLXSX achieves a 17.21% return, which is significantly higher than FUENX's 1.79% return.
FLXSX
- 1D
- 0.33%
- 1M
- 3.96%
- YTD
- 17.21%
- 6M
- 16.56%
- 1Y
- 38.39%
- 3Y*
- 17.93%
- 5Y*
- 6.27%
- 10Y*
- —
FUENX
- 1D
- 0.20%
- 1M
- 0.79%
- YTD
- 1.79%
- 6M
- 2.19%
- 1Y
- 7.67%
- 3Y*
- 4.49%
- 5Y*
- 1.31%
- 10Y*
- —
FLXSX vs. FUENX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLXSX Fidelity Flex Small Cap Index Fund | 17.21% | 12.02% | 11.67% | 17.11% | -20.29% | 14.84% | 20.06% | 25.69% | -11.13% | 2.13% |
FUENX Fidelity Flex Municipal Income Fund | 1.79% | 4.63% | 2.32% | 7.27% | -9.29% | 1.99% | 3.07% | 8.27% | 0.72% | 1.02% |
Correlation
The correlation between FLXSX and FUENX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2017 | 0.03 |
The correlation between FLXSX and FUENX shifts across timeframes, from 0.03 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FLXSX vs. FUENX — Risk / Return Rank
FLXSX
FUENX
FLXSX vs. FUENX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Small Cap Index Fund (FLXSX) and Fidelity Flex Municipal Income Fund (FUENX). 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.
| FLXSX | FUENX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.78 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | 2.79 | +0.56 |
| Martin ratioReturn relative to average drawdown | 11.73 | 10.03 | +1.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FLXSX | FUENX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 2.99 | -0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.35 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.58 | -0.16 |
Drawdowns
FLXSX vs. FUENX - Drawdown Comparison
The maximum FLXSX drawdown since its inception was -41.72%, which is greater than FUENX's maximum drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for FLXSX and FUENX.
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Drawdown Indicators
| FLXSX | FUENX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.72% | -14.32% | -27.40% |
Max Drawdown (1Y)Largest decline over 1 year | -12.25% | -2.77% | -9.48% |
Max Drawdown (3Y)Largest decline over 3 years | -27.48% | -5.34% | -22.14% |
Max Drawdown (5Y)Largest decline over 5 years | -31.88% | -14.32% | -17.56% |
Current DrawdownCurrent decline from peak | -0.19% | -0.34% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -10.44% | -2.92% | -7.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.48% | 0.77% | +2.71% |
Volatility
FLXSX vs. FUENX - Volatility Comparison
Fidelity Flex Small Cap Index Fund (FLXSX) has a higher volatility of 5.03% compared to Fidelity Flex Municipal Income Fund (FUENX) at 1.01%. This indicates that FLXSX's price experiences larger fluctuations and is considered to be riskier than FUENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLXSX | FUENX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.03% | 1.01% | +4.02% |
Volatility (6M)Calculated over the trailing 6-month period | 14.19% | 2.02% | +12.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.72% | 2.59% | +17.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.66% | 3.78% | +18.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.00% | 4.20% | +19.80% |
FLXSX vs. FUENX - Expense Ratio Comparison
FLXSX has a 0.00% expense ratio, which is lower than FUENX's 0.00% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FLXSX vs. FUENX - Dividend Comparison
FLXSX has not paid dividends to shareholders, while FUENX's dividend yield for the trailing twelve months is around 3.25%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLXSX Fidelity Flex Small Cap Index Fund | 0.00% | 0.00% | 1.36% | 1.49% | 1.26% | 2.74% | 1.06% | 2.86% | 2.31% | 0.77% |
FUENX Fidelity Flex Municipal Income Fund | 3.25% | 3.14% | 2.90% | 2.58% | 1.38% | 1.40% | 1.54% | 2.95% | 2.61% | 0.41% |
Frequently Asked Questions
FLXSX and FUENX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLXSX has higher volatility (5.03%) compared to FUENX (1.01%). In terms of maximum drawdown, FLXSX dropped -41.72% vs FUENX's -14.32%.
FUENX currently has the higher Sharpe Ratio (2.99 vs 2.08), 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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