FMHTX vs. FMITX
FMHTX (Fidelity Michigan Municipal Income Fund) and FMITX (Nuveen Michigan Municipal Bond Fund) are both Municipal Bonds funds. Over the past 10 years, FMHTX returned 2.00%/yr vs 1.44%/yr for FMITX. A 0.75 correlation means they provide meaningful diversification when combined. FMHTX charges 0.48%/yr vs 0.78%/yr for FMITX.
Performance
FMHTX vs. FMITX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FMHTX having a 1.47% return and FMITX slightly lower at 1.40%. Over the past 10 years, FMHTX has outperformed FMITX with an annualized return of 2.00%, while FMITX has yielded a comparatively lower 1.44% annualized return.
FMHTX
- 1D
- 0.00%
- 1M
- 1.64%
- YTD
- 1.47%
- 6M
- 1.89%
- 1Y
- 6.72%
- 3Y*
- 4.28%
- 5Y*
- 0.88%
- 10Y*
- 2.00%
FMITX
- 1D
- 0.09%
- 1M
- 1.92%
- YTD
- 1.40%
- 6M
- 1.68%
- 1Y
- 6.93%
- 3Y*
- 2.88%
- 5Y*
- -0.09%
- 10Y*
- 1.44%
FMHTX vs. FMITX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMHTX Fidelity Michigan Municipal Income Fund | 1.47% | 5.34% | 1.98% | 6.00% | -9.88% | 1.19% | 4.91% | 7.16% | 0.90% | 5.58% |
FMITX Nuveen Michigan Municipal Bond Fund | 1.40% | 2.98% | 0.98% | 5.35% | -10.59% | 1.30% | 5.10% | 7.07% | 0.58% | 5.00% |
Correlation
The correlation between FMHTX and FMITX is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 1985 | 0.75 |
The correlation between FMHTX and FMITX shifts across timeframes, from 0.75 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FMHTX vs. FMITX — Risk / Return Rank
FMHTX
FMITX
FMHTX vs. FMITX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Michigan Municipal Income Fund (FMHTX) and Nuveen Michigan Municipal Bond Fund (FMITX). 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.
| FMHTX | FMITX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.57 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 2.52 | -0.03 |
| Martin ratioReturn relative to average drawdown | 8.58 | 7.62 | +0.96 |
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Drawdowns
FMHTX vs. FMITX - Drawdown Comparison
The maximum FMHTX drawdown since its inception was -22.17%, which is greater than FMITX's maximum drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for FMHTX and FMITX.
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Drawdown Indicators
| FMHTX | FMITX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.17% | -18.15% | -4.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -2.82% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -5.72% | -6.40% | +0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -14.36% | -15.48% | +1.12% |
Max Drawdown (10Y)Largest decline over 10 years | -14.36% | -15.48% | +1.12% |
Current DrawdownCurrent decline from peak | -0.28% | -1.25% | +0.97% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -2.36% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.93% | -0.15% |
Volatility
FMHTX vs. FMITX - Volatility Comparison
Fidelity Michigan Municipal Income Fund (FMHTX) and Nuveen Michigan Municipal Bond Fund (FMITX) have volatilities of 0.81% and 0.78%, 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.
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Volatility by Period
| FMHTX | FMITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.78% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 2.10% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 2.86% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.73% | 4.13% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.81% | 4.10% | -0.29% |
FMHTX vs. FMITX - Expense Ratio Comparison
FMHTX has a 0.48% expense ratio, which is lower than FMITX's 0.78% expense ratio.
Dividends
FMHTX vs. FMITX - Dividend Comparison
FMHTX's dividend yield for the trailing twelve months is around 2.89%, less than FMITX's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMHTX Fidelity Michigan Municipal Income Fund | 2.89% | 3.74% | 2.74% | 2.41% | 1.66% | 2.22% | 2.39% | 2.80% | 2.95% | 3.09% | 3.86% | 2.86% |
FMITX Nuveen Michigan Municipal Bond Fund | 2.99% | 3.17% | 2.96% | 2.60% | 2.29% | 2.05% | 2.34% | 2.65% | 2.67% | 2.93% | 3.34% | 3.84% |
Frequently Asked Questions
FMHTX and FMITX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMHTX has higher volatility (0.81%) compared to FMITX (0.78%). In terms of maximum drawdown, FMHTX dropped -22.17% vs FMITX's -18.15%.
FMHTX currently has the higher Sharpe Ratio (2.61 vs 2.48), 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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