FMBIX vs. TFCYX

Last updated Jun 5, 2026

FMBIX (Fidelity Municipal Bond Index Fund) and TFCYX (SEI Institutional Managed Trust Tax-Free Conservative Income Fund) are both Municipal Bonds funds. At a 0.16 correlation, their price movements are largely independent. FMBIX charges 0.07%/yr vs 0.13%/yr for TFCYX.

Performance

FMBIX vs. TFCYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Municipal Bond Index Fund (FMBIX) and SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FMBIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TFCYX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.92%
• 6M: 1.15%
• 1Y: 2.45%
• 3Y*: 2.86%
• 5Y*: 2.07%
• 10Y*: —

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

FMBIX vs. TFCYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	3.10%	1.48%
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	0.92%	2.71%	3.24%	2.77%	0.72%	0.10%	0.46%	0.65%

Correlation

The correlation between FMBIX and TFCYX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019	0.16

Return for Risk

FMBIX vs. TFCYX — Risk / Return Rank

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

TFCYX

TFCYX Risk / Return Rank: 99
TFCYX Sharpe Ratio Rank: 94
TFCYX Sortino Ratio Rank: 99
TFCYX Omega Ratio Rank: 100
TFCYX Calmar Ratio Rank: 100
TFCYX Martin Ratio Rank: 100

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.

FMBIX vs. TFCYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Index Fund (FMBIX) and SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FMBIX	TFCYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.28	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.66	—

Drawdowns

Drawdown Indicators

	FMBIX	TFCYX	Difference
Max Drawdown Largest peak-to-trough decline	—	-1.10%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.10%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.02%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.03%	—

Volatility

Volatility by Period

	FMBIX	TFCYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.75%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.22%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.91%	—

FMBIX vs. TFCYX - Expense Ratio Comparison

FMBIX has a 0.07% expense ratio, which is lower than TFCYX's 0.13% 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

FMBIX vs. TFCYX - Dividend Comparison

FMBIX has not paid dividends to shareholders, while TFCYX's dividend yield for the trailing twelve months is around 2.42%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%	0.00%	0.00%
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	2.42%	2.68%	3.19%	2.63%	0.72%	0.00%	0.46%	1.39%	1.24%	0.68%

Frequently Asked Questions

Can I hold both FMBIX and TFCYX in my portfolio?

FMBIX and TFCYX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.