FMNDX vs. FSAJX

Last updated Jun 4, 2026

FMNDX (Fidelity Conservative Income Municipal Bond Fund Institutional Class) and FSAJX (Fidelity SAI Tax-Free Bond Fund) are both Municipal Bonds funds from Fidelity. Over the past 5 years, FMNDX returned 2.11%/yr vs 1.27%/yr for FSAJX. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

FMNDX vs. FSAJX - 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 SAI Tax-Free Bond Fund (FSAJX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMNDX achieves a 1.01% return, which is significantly lower than FSAJX's 1.68% return.

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%

FSAJX

• 1D: 0.20%
• 1M: 0.78%
• YTD: 1.68%
• 6M: 2.08%
• 1Y: 7.53%
• 3Y*: 4.57%
• 5Y*: 1.27%
• 10Y*: —

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

FMNDX vs. FSAJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class	1.01%	3.31%	3.04%	3.37%	-0.09%	0.03%	0.86%	2.00%	0.64%
FSAJX Fidelity SAI Tax-Free Bond Fund	1.68%	5.25%	1.80%	7.67%	-9.82%	1.98%	3.91%	8.45%	1.95%

Correlation

The correlation between FMNDX and FSAJX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Oct 4, 2018	0.45

The correlation between FMNDX and FSAJX has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.

Return for Risk

FMNDX vs. FSAJX — 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

FSAJX

FSAJX Risk / Return Rank: 70
FSAJX Sharpe Ratio Rank: 84
FSAJX Sortino Ratio Rank: 89
FSAJX Omega Ratio Rank: 91
FSAJX Calmar Ratio Rank: 44
FSAJX Martin Ratio Rank: 41

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. FSAJX - 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 SAI Tax-Free Bond Fund (FSAJX). 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	FSAJX	Difference
Sharpe ratio: Return per unit of total volatility	3.17	2.72	+0.45
Sortino ratio: Return per unit of downside risk	8.51	4.28	+4.23
Omega ratio: Gain probability vs. loss probability	3.45	1.67	+1.78
Calmar ratio: Return relative to maximum drawdown	9.99	2.52	+7.48
Martin ratio: Return relative to average drawdown	41.56	8.87	+32.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMNDX vs. FSAJX - Sharpe Ratio Comparison

The current FMNDX Sharpe Ratio is 3.17, which is comparable to the FSAJX Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of FMNDX and FSAJX, 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

	FMNDX	FSAJX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	2.72	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.99	0.31	+1.68
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	0.62	+1.08

Drawdowns

FMNDX vs. FSAJX - Drawdown Comparison

The maximum FMNDX drawdown since its inception was -1.69%, smaller than the maximum FSAJX drawdown of -15.16%. Use the drawdown chart below to compare losses from any high point for FMNDX and FSAJX.

Drawdown Indicators

	FMNDX	FSAJX	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-15.16%	+13.47%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-3.02%	+2.72%
Max Drawdown (3Y) Largest decline over 3 years	-1.09%	-5.86%	+4.77%
Max Drawdown (5Y) Largest decline over 5 years	-1.09%	-15.16%	+14.07%
Max Drawdown (10Y) Largest decline over 10 years	-1.69%	—	—
Current Drawdown Current decline from peak	0.00%	-0.52%	+0.52%
Average Drawdown Average peak-to-trough decline	-0.10%	-3.32%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.85%	-0.78%

Volatility

FMNDX vs. FSAJX - Volatility Comparison

The current volatility for Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) is 0.27%, while Fidelity SAI Tax-Free Bond Fund (FSAJX) has a volatility of 1.10%. This indicates that FMNDX experiences smaller price fluctuations and is considered to be less risky than FSAJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMNDX	FSAJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	1.10%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	0.63%	2.15%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	0.94%	2.80%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.06%	4.12%	-3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.91%	4.62%	-3.71%

FMNDX vs. FSAJX - Expense Ratio Comparison

Both FMNDX and FSAJX have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FMNDX vs. FSAJX - Dividend Comparison

FMNDX's dividend yield for the trailing twelve months is around 2.82%, less than FSAJX's 3.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FSAJX Fidelity SAI Tax-Free Bond Fund	3.30%	4.25%	3.08%	2.75%	1.72%	1.50%	2.03%	2.79%	0.44%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMNDX and FSAJX in my portfolio?

FMNDX and FSAJX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMNDX or FSAJX?

FSAJX has higher volatility (1.10%) compared to FMNDX (0.27%). In terms of maximum drawdown, FMNDX dropped -1.69% vs FSAJX's -15.16%.

Which has better risk-adjusted returns?

FMNDX currently has the higher Sharpe Ratio (3.17 vs 2.72), 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.