FMHTX vs. SCHD
FMHTX (Fidelity Michigan Municipal Income Fund) and SCHD (Schwab U.S. Dividend Equity ETF) are both funds - FMHTX is a Municipal Bonds fund managed by Fidelity, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Over the past 10 years, FMHTX returned 1.79%/yr vs 12.76%/yr for SCHD. Their -0.07 correlation means they have often moved in opposite directions in the past. FMHTX charges 0.48%/yr vs 0.06%/yr for SCHD.
Performance
FMHTX vs. SCHD - Performance Comparison
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Returns By Period
In the year-to-date period, FMHTX achieves a -0.02% return, which is significantly lower than SCHD's 24.03% return. Over the past 10 years, FMHTX has underperformed SCHD with an annualized return of 1.79%, while SCHD has yielded a comparatively higher 12.76% annualized return.
FMHTX
- 1D
- -0.26%
- 1M
- -1.96%
- 6M
- -0.52%
- YTD
- -0.02%
- 1Y
- 4.73%
- 3Y*
- 3.56%
- 5Y*
- 0.45%
- 10Y*
- 1.79%
- ALL TIME*
- 4.35%
SCHD
- 1D
- 0.18%
- 1M
- 3.33%
- 6M
- 14.09%
- YTD
- 24.03%
- 1Y
- 31.54%
- 3Y*
- 14.19%
- 5Y*
- 9.54%
- 10Y*
- 12.76%
- ALL TIME*
- 13.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $786.88M | $715.86M | $685.58M |
FMHTX vs. SCHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMHTX Fidelity Michigan Municipal Income Fund | -0.02% | 5.34% | 1.98% | 6.00% | -9.88% | 1.19% | 4.91% | 7.16% | 0.90% | 5.58% |
SCHD Schwab U.S. Dividend Equity ETF | 24.03% | 4.34% | 11.66% | 4.54% | -3.26% | 29.87% | 15.03% | 27.29% | -5.56% | 20.85% |
Correlation
The correlation between FMHTX and SCHD is 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | -0.07 |
The correlation between FMHTX and SCHD shifts across timeframes, from -0.07 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FMHTX vs. SCHD — Risk / Return Rank
FMHTX
SCHD
FMHTX vs. SCHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Michigan Municipal Income Fund (FMHTX) and Schwab U.S. Dividend Equity ETF (SCHD). 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 | SCHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.51 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 6.74 | -4.71 |
| Martin ratioReturn relative to average drawdown | 6.58 | 17.01 | -10.43 |
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Drawdowns
FMHTX vs. SCHD - Drawdown Comparison
The maximum FMHTX drawdown since its inception was -22.17%, smaller than the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for FMHTX and SCHD.
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Drawdown Indicators
| FMHTX | SCHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.17% | -33.37% | +11.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -4.61% | +1.90% |
Max Drawdown (3Y)Largest decline over 3 years | -4.83% | -16.13% | +11.30% |
Max Drawdown (5Y)Largest decline over 5 years | -14.36% | -16.85% | +2.49% |
Max Drawdown (10Y)Largest decline over 10 years | -14.36% | -33.37% | +19.01% |
Current DrawdownCurrent decline from peak | -1.96% | -1.24% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -3.30% | +1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 1.82% | -0.99% |
Volatility
FMHTX vs. SCHD - Volatility Comparison
The current volatility for Fidelity Michigan Municipal Income Fund (FMHTX) is 0.90%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 4.11%. This indicates that FMHTX experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMHTX | SCHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 4.11% | -3.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.21% | 8.11% | -5.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 11.13% | -8.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.75% | 14.39% | -10.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.81% | 16.72% | -12.91% |
FMHTX vs. SCHD - Expense Ratio Comparison
FMHTX has a 0.48% expense ratio, which is higher than SCHD's 0.06% expense ratio.
Dividends
FMHTX vs. SCHD - Dividend Comparison
FMHTX's dividend yield for the trailing twelve months is around 2.71%, less than SCHD's 3.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMHTX Fidelity Michigan Municipal Income Fund | 2.71% | 3.74% | 2.74% | 2.41% | 1.66% | 2.22% | 2.39% | 2.80% | 2.95% | 3.09% | 3.86% | 2.86% |
SCHD Schwab U.S. Dividend Equity ETF | 3.13% | 3.82% | 3.64% | 3.49% | 3.39% | 2.78% | 3.16% | 2.98% | 3.06% | 2.63% | 2.89% | 2.97% |
Frequently Asked Questions
FMHTX and SCHD have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCHD has higher volatility (4.11%) compared to FMHTX (0.90%). In terms of maximum drawdown, FMHTX dropped -22.17% vs SCHD's -33.37%.
SCHD currently has the higher Sharpe Ratio (2.81 vs 2.02), 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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