FMHTX vs. SGOV
FMHTX (Fidelity Michigan Municipal Income Fund) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both funds - FMHTX is a Municipal Bonds fund managed by Fidelity, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Over the past 5 years, FMHTX returned 0.91%/yr vs 3.58%/yr for SGOV. At a 0.04 correlation, their price movements are largely independent. FMHTX charges 0.48%/yr vs 0.09%/yr for SGOV.
Performance
FMHTX vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, FMHTX achieves a 1.47% return, which is significantly lower than SGOV's 1.71% return.
FMHTX
- 1D
- 0.00%
- 1M
- 1.64%
- YTD
- 1.47%
- 6M
- 1.89%
- 1Y
- 6.62%
- 3Y*
- 4.19%
- 5Y*
- 0.91%
- 10Y*
- 1.95%
SGOV
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.71%
- 6M
- 1.80%
- 1Y
- 3.92%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
FMHTX vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FMHTX Fidelity Michigan Municipal Income Fund | 1.47% | 5.34% | 1.98% | 6.00% | -9.88% | 1.19% | 3.45% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.71% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between FMHTX and SGOV is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.04 |
The correlation between FMHTX and SGOV shifts across timeframes, from -0.09 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FMHTX vs. SGOV — Risk / Return Rank
FMHTX
SGOV
FMHTX vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Michigan Municipal Income Fund (FMHTX) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.71 | ||
| Sortino ratioReturn per unit of downside risk | -269.47 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 194.05 | -192.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 395.07 | -392.58 |
| Martin ratioReturn relative to average drawdown | 8.58 | 4,426.92 | -4,418.35 |
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Drawdowns
FMHTX vs. SGOV - Drawdown Comparison
The maximum FMHTX drawdown since its inception was -22.17%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for FMHTX and SGOV.
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Drawdown Indicators
| FMHTX | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.17% | -0.03% | -22.14% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -0.01% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -5.72% | -0.01% | -5.71% |
Max Drawdown (5Y)Largest decline over 5 years | -14.36% | -0.03% | -14.33% |
Max Drawdown (10Y)Largest decline over 10 years | -14.36% | — | — |
Current DrawdownCurrent decline from peak | -0.28% | 0.00% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -0.00% | -2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.00% | +0.78% |
Volatility
FMHTX vs. SGOV - Volatility Comparison
Fidelity Michigan Municipal Income Fund (FMHTX) has a higher volatility of 0.81% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that FMHTX's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMHTX | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.06% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 0.13% | +1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.59% | 0.19% | +2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.73% | 0.24% | +3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.81% | 0.24% | +3.57% |
FMHTX vs. SGOV - Expense Ratio Comparison
FMHTX has a 0.48% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
FMHTX vs. SGOV - Dividend Comparison
FMHTX's dividend yield for the trailing twelve months is around 2.89%, less than SGOV's 3.85% 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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMHTX and SGOV have a correlation of -0.09, 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 SGOV (0.06%). In terms of maximum drawdown, FMHTX dropped -22.17% vs SGOV's -0.03%.
SGOV currently has the higher Sharpe Ratio (20.32 vs 2.61), 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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