FMHTX vs. SCHZ
Compare and contrast key facts about Fidelity Michigan Municipal Income Fund (FMHTX) and Schwab U.S. Aggregate Bond ETF (SCHZ).
FMHTX is managed by Fidelity. It was launched on Nov 12, 1985. SCHZ is a passively managed fund by Charles Schwab that tracks the performance of the Bloomberg US Aggregate Bond Index. It was launched on Jul 14, 2011.
Performance
FMHTX vs. SCHZ - Performance Comparison
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FMHTX vs. SCHZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMHTX Fidelity Michigan Municipal Income Fund | -0.58% | 5.34% | 1.98% | 6.00% | -9.88% | 1.19% | 4.91% | 7.16% | 0.90% | 5.58% |
SCHZ Schwab U.S. Aggregate Bond ETF | 0.13% | 7.24% | 1.26% | 5.60% | -13.17% | -1.72% | 7.46% | 8.65% | -0.26% | 3.50% |
Returns By Period
In the year-to-date period, FMHTX achieves a -0.58% return, which is significantly lower than SCHZ's 0.13% return. Over the past 10 years, FMHTX has outperformed SCHZ with an annualized return of 1.96%, while SCHZ has yielded a comparatively lower 1.62% annualized return.
FMHTX
- 1D
- 0.26%
- 1M
- -2.04%
- YTD
- -0.58%
- 6M
- 1.12%
- 1Y
- 4.13%
- 3Y*
- 3.47%
- 5Y*
- 0.74%
- 10Y*
- 1.96%
SCHZ
- 1D
- 0.08%
- 1M
- -1.32%
- YTD
- 0.13%
- 6M
- 0.79%
- 1Y
- 4.07%
- 3Y*
- 3.59%
- 5Y*
- 0.21%
- 10Y*
- 1.62%
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FMHTX vs. SCHZ - Expense Ratio Comparison
FMHTX has a 0.48% expense ratio, which is higher than SCHZ's 0.03% expense ratio.
Return for Risk
FMHTX vs. SCHZ — Risk / Return Rank
FMHTX
SCHZ
FMHTX vs. SCHZ - 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. Aggregate Bond ETF (SCHZ). 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.
| FMHTX | SCHZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.04 | 0.96 | +0.08 |
Sortino ratioReturn per unit of downside risk | 1.41 | 1.36 | +0.05 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.17 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.24 | 1.79 | -0.55 |
Martin ratioReturn relative to average drawdown | 4.50 | 5.11 | -0.61 |
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
| FMHTX | SCHZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.04 | 0.96 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.04 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.30 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | 0.44 | +0.68 |
Correlation
The correlation between FMHTX and SCHZ is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
FMHTX vs. SCHZ - Dividend Comparison
FMHTX's dividend yield for the trailing twelve months is around 2.89%, less than SCHZ's 4.10% yield.
| 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% |
SCHZ Schwab U.S. Aggregate Bond ETF | 4.10% | 4.05% | 3.96% | 3.28% | 2.63% | 2.16% | 2.43% | 2.79% | 2.56% | 2.40% | 2.24% | 2.11% |
Drawdowns
FMHTX vs. SCHZ - Drawdown Comparison
The maximum FMHTX drawdown since its inception was -22.17%, which is greater than SCHZ's maximum drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for FMHTX and SCHZ.
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Drawdown Indicators
| FMHTX | SCHZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.17% | -18.74% | -3.43% |
Max Drawdown (1Y)Largest decline over 1 year | -4.17% | -2.51% | -1.66% |
Max Drawdown (5Y)Largest decline over 5 years | -14.36% | -18.01% | +3.65% |
Max Drawdown (10Y)Largest decline over 10 years | -14.36% | -18.74% | +4.38% |
Current DrawdownCurrent decline from peak | -2.29% | -2.63% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -3.70% | +1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 0.88% | +0.27% |
Volatility
FMHTX vs. SCHZ - Volatility Comparison
The current volatility for Fidelity Michigan Municipal Income Fund (FMHTX) is 1.10%, while Schwab U.S. Aggregate Bond ETF (SCHZ) has a volatility of 1.66%. This indicates that FMHTX experiences smaller price fluctuations and is considered to be less risky than SCHZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMHTX | SCHZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.66% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 1.61% | 2.50% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 4.29% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.68% | 6.06% | -2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.79% | 5.40% | -1.61% |