FMNDX vs. FMBIX

Last updated Jun 3, 2026

FMNDX (Fidelity Conservative Income Municipal Bond Fund Institutional Class) and FMBIX (Fidelity Municipal Bond Index Fund) are both Municipal Bonds funds from Fidelity. At a 0.42 correlation, their price movements are largely independent. FMNDX charges 0.25%/yr vs 0.07%/yr for FMBIX.

Performance

FMNDX vs. FMBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) and Fidelity Municipal Bond Index Fund (FMBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FMNDX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 1.01%
• 6M: 1.38%
• 1Y: 2.96%
• 3Y*: 3.19%
• 5Y*: 2.11%
• 10Y*: 1.61%

FMBIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMNDX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class	1.01%	3.31%	3.04%	3.37%	-0.09%	0.03%	0.86%	0.73%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	3.10%	1.48%

Correlation

The correlation between FMNDX and FMBIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019	0.42

Return for Risk

FMNDX vs. FMBIX — Risk / Return Rank

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

FMNDX

FMNDX Risk / Return Rank: 98
FMNDX Sharpe Ratio Rank: 93
FMNDX Sortino Ratio Rank: 99
FMNDX Omega Ratio Rank: 99
FMNDX Calmar Ratio Rank: 99
FMNDX Martin Ratio Rank: 99

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.

FMNDX vs. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) and Fidelity Municipal Bond Index Fund (FMBIX). 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.

	FMNDX	FMBIX	Difference
Sharpe ratio Return per unit of total volatility	3.17	—	—
Sortino ratio Return per unit of downside risk	8.51	—	—
Omega ratio Gain probability vs. loss probability	3.45	—	—
Calmar ratio Return relative to maximum drawdown	10.81	—	—
Martin ratio Return relative to average drawdown	45.05	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FMNDX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.99	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	—	—

Drawdowns

Drawdown Indicators

	FMNDX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-1.69%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-0.10%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	—	—

Volatility

Volatility by Period

	FMNDX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.94%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.06%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.91%	—	—

FMNDX vs. FMBIX - Expense Ratio Comparison

FMNDX has a 0.25% expense ratio, which is higher than FMBIX's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FMNDX vs. FMBIX - Dividend Comparison

FMNDX's dividend yield for the trailing twelve months is around 2.82%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%	0.00%	0.00%	0.00%	0.00%
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class	2.82%	2.95%	2.99%	2.60%	0.61%	0.23%	0.85%	1.58%	1.46%	1.00%	0.75%	0.38%

Frequently Asked Questions

Can I hold both FMNDX and FMBIX in my portfolio?

FMNDX and FMBIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.