FMHTX vs. NMTRX
FMHTX (Fidelity Michigan Municipal Income Fund) and NMTRX (Nuveen Municipal Total Return Managed Accounts) are both Municipal Bonds funds. Over the past 10 years, FMHTX returned 1.78%/yr vs 2.09%/yr for NMTRX. Their correlation of 0.82 means they have usually moved in the same direction. FMHTX charges 0.48%/yr vs 0.05%/yr for NMTRX.
Performance
FMHTX vs. NMTRX - Performance Comparison
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Returns By Period
In the year-to-date period, FMHTX achieves a -0.20% return, which is significantly lower than NMTRX's 1.25% return. Over the past 10 years, FMHTX has underperformed NMTRX with an annualized return of 1.78%, while NMTRX has yielded a comparatively higher 2.09% annualized return.
FMHTX
- 1D
- -0.17%
- 1M
- -2.13%
- 6M
- -0.78%
- YTD
- -0.20%
- 1Y
- 4.55%
- 3Y*
- 3.57%
- 5Y*
- 0.41%
- 10Y*
- 1.78%
- ALL TIME*
- 4.35%
NMTRX
- 1D
- -0.10%
- 1M
- -2.16%
- 6M
- 0.55%
- YTD
- 1.25%
- 1Y
- 6.51%
- 3Y*
- 3.53%
- 5Y*
- 0.03%
- 10Y*
- 2.09%
- ALL TIME*
- 3.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FMHTX vs. NMTRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMHTX Fidelity Michigan Municipal Income Fund | -0.20% | 5.34% | 1.98% | 6.00% | -9.88% | 1.19% | 4.91% | 7.16% | 0.90% | 5.58% |
NMTRX Nuveen Municipal Total Return Managed Accounts | 1.25% | 3.90% | 1.99% | 6.21% | -11.98% | 2.69% | 5.25% | 9.26% | 1.06% | 7.41% |
Correlation
The correlation between FMHTX and NMTRX is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | 0.82 |
The correlation between FMHTX and NMTRX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.
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Return for Risk
FMHTX vs. NMTRX — Risk / Return Rank
FMHTX
NMTRX
FMHTX vs. NMTRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Michigan Municipal Income Fund (FMHTX) and Nuveen Municipal Total Return Managed Accounts (NMTRX). 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 | NMTRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.55 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | 2.60 | -0.81 |
| Martin ratioReturn relative to average drawdown | 5.74 | 9.17 | -3.43 |
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Drawdowns
FMHTX vs. NMTRX - Drawdown Comparison
The maximum FMHTX drawdown since its inception was -22.17%, which is greater than NMTRX's maximum drawdown of -16.36%. Use the drawdown chart below to compare losses from any high point for FMHTX and NMTRX.
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Drawdown Indicators
| FMHTX | NMTRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.17% | -16.36% | -5.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -2.65% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -4.83% | -5.77% | +0.94% |
Max Drawdown (5Y)Largest decline over 5 years | -14.30% | -16.36% | +2.06% |
Max Drawdown (10Y)Largest decline over 10 years | -14.36% | -16.36% | +2.00% |
Current DrawdownCurrent decline from peak | -2.13% | -2.16% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -2.89% | +0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.75% | +0.09% |
Volatility
FMHTX vs. NMTRX - Volatility Comparison
Fidelity Michigan Municipal Income Fund (FMHTX) and Nuveen Municipal Total Return Managed Accounts (NMTRX) have volatilities of 0.90% and 0.92%, 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 | NMTRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.92% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.21% | 2.42% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 3.03% | -0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.75% | 4.04% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.81% | 4.40% | -0.59% |
FMHTX vs. NMTRX - Expense Ratio Comparison
FMHTX has a 0.48% expense ratio, which is higher than NMTRX's 0.05% expense ratio.
Dividends
FMHTX vs. NMTRX - Dividend Comparison
FMHTX's dividend yield for the trailing twelve months is around 2.72%, less than NMTRX's 4.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMHTX Fidelity Michigan Municipal Income Fund | 2.72% | 3.74% | 2.74% | 2.41% | 1.66% | 2.22% | 2.39% | 2.80% | 2.95% | 3.09% | 3.86% | 2.86% |
NMTRX Nuveen Municipal Total Return Managed Accounts | 4.31% | 4.46% | 3.55% | 3.67% | 3.28% | 2.73% | 2.92% | 3.20% | 3.47% | 3.28% | 3.71% | 3.91% |
Frequently Asked Questions
FMHTX and NMTRX 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.
NMTRX has higher volatility (0.92%) compared to FMHTX (0.90%). In terms of maximum drawdown, FMHTX dropped -22.17% vs NMTRX's -16.36%.
NMTRX currently has the higher Sharpe Ratio (2.30 vs 1.80), 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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