FMHTX vs. VTSAX

Last updated Jun 3, 2026

FMHTX (Fidelity Michigan Municipal Income Fund) and VTSAX (Vanguard Total Stock Market Index Fund Admiral Shares) are both mutual funds - FMHTX is a Municipal Bonds fund managed by Fidelity, while VTSAX is a Large Cap Blend Equities fund managed by Vanguard. Over the past 10 years, FMHTX returned 2.04%/yr vs 15.09%/yr for VTSAX. At a correlation of -0.11, they often move in opposite directions. FMHTX charges 0.48%/yr vs 0.04%/yr for VTSAX.

Performance

FMHTX vs. VTSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Michigan Municipal Income Fund (FMHTX) and Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMHTX achieves a 1.12% return, which is significantly lower than VTSAX's 11.71% return. Over the past 10 years, FMHTX has underperformed VTSAX with an annualized return of 2.04%, while VTSAX has yielded a comparatively higher 15.09% annualized return.

FMHTX

• 1D: -0.09%
• 1M: 0.51%
• YTD: 1.12%
• 6M: 1.64%
• 1Y: 6.82%
• 3Y*: 4.22%
• 5Y*: 0.84%
• 10Y*: 2.04%

VTSAX

• 1D: 0.25%
• 1M: 5.10%
• YTD: 11.71%
• 6M: 12.07%
• 1Y: 29.65%
• 3Y*: 22.24%
• 5Y*: 12.88%
• 10Y*: 15.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FMHTX vs. VTSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMHTX Fidelity Michigan Municipal Income Fund	1.12%	5.34%	1.98%	6.00%	-9.88%	1.19%	4.91%	7.16%	0.90%	5.58%
VTSAX Vanguard Total Stock Market Index Fund Admiral Shares	11.71%	17.12%	23.23%	26.51%	-19.52%	25.72%	20.98%	30.79%	-5.18%	21.16%

Correlation

The correlation between FMHTX and VTSAX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Nov 14, 2000	-0.11

The correlation between FMHTX and VTSAX shifts across timeframes, from -0.11 (all time) to 0.14 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FMHTX vs. VTSAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FMHTX

FMHTX Risk / Return Rank: 66
FMHTX Sharpe Ratio Rank: 76
FMHTX Sortino Ratio Rank: 83
FMHTX Omega Ratio Rank: 89
FMHTX Calmar Ratio Rank: 41
FMHTX Martin Ratio Rank: 39

VTSAX

VTSAX Risk / Return Rank: 72
VTSAX Sharpe Ratio Rank: 73
VTSAX Sortino Ratio Rank: 65
VTSAX Omega Ratio Rank: 64
VTSAX Calmar Ratio Rank: 74
VTSAX Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FMHTX vs. VTSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Michigan Municipal Income Fund (FMHTX) and Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX). 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	VTSAX	Difference
Sharpe ratio Return per unit of total volatility	2.53	2.49	+0.04
Sortino ratio Return per unit of downside risk	3.95	3.38	+0.57
Omega ratio Gain probability vs. loss probability	1.63	1.45	+0.19
Calmar ratio Return relative to maximum drawdown	2.48	3.38	-0.90
Martin ratio Return relative to average drawdown	8.60	15.63	-7.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMHTX vs. VTSAX - Sharpe Ratio Comparison

The current FMHTX Sharpe Ratio is 2.53, which is comparable to the VTSAX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FMHTX and VTSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMHTX	VTSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.49	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.75	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.82	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.47	+0.66

Drawdowns

FMHTX vs. VTSAX - Drawdown Comparison

The maximum FMHTX drawdown since its inception was -22.17%, smaller than the maximum VTSAX drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for FMHTX and VTSAX.

Drawdown Indicators

	FMHTX	VTSAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.17%	-55.33%	+33.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	-8.92%	+6.21%
Max Drawdown (3Y) Largest decline over 3 years	-5.72%	-19.36%	+13.64%
Max Drawdown (5Y) Largest decline over 5 years	-14.36%	-25.36%	+11.00%
Max Drawdown (10Y) Largest decline over 10 years	-14.36%	-34.97%	+20.61%
Current Drawdown Current decline from peak	-0.62%	0.00%	-0.62%
Average Drawdown Average peak-to-trough decline	-2.29%	-9.01%	+6.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	1.93%	-1.15%

Volatility

FMHTX vs. VTSAX - Volatility Comparison

The current volatility for Fidelity Michigan Municipal Income Fund (FMHTX) is 1.09%, while Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX) has a volatility of 2.95%. This indicates that FMHTX experiences smaller price fluctuations and is considered to be less risky than VTSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMHTX	VTSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	2.95%	-1.86%
Volatility (6M) Calculated over the trailing 6-month period	2.01%	9.20%	-7.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.60%	12.21%	-9.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	17.36%	-13.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.81%	18.41%	-14.60%

FMHTX vs. VTSAX - Expense Ratio Comparison

FMHTX has a 0.48% expense ratio, which is higher than VTSAX's 0.04% expense ratio.

Dividends

FMHTX vs. VTSAX - Dividend Comparison

FMHTX's dividend yield for the trailing twelve months is around 2.90%, more than VTSAX's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMHTX Fidelity Michigan Municipal Income Fund	2.90%	3.74%	2.74%	2.41%	1.66%	2.22%	2.39%	2.80%	2.95%	3.09%	3.86%	2.86%
VTSAX Vanguard Total Stock Market Index Fund Admiral Shares	1.00%	1.11%	1.26%	1.42%	1.65%	1.20%	1.41%	1.76%	2.03%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both FMHTX and VTSAX in my portfolio?

FMHTX and VTSAX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMHTX or VTSAX?

VTSAX has higher volatility (2.95%) compared to FMHTX (1.09%). In terms of maximum drawdown, FMHTX dropped -22.17% vs VTSAX's -55.33%.

Which has better risk-adjusted returns?

FMHTX currently has the higher Sharpe Ratio (2.53 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.