FMNDX vs. FSAJX
Compare and contrast key facts about Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) and Fidelity SAI Tax-Free Bond Fund (FSAJX).
FMNDX is managed by Fidelity. It was launched on Oct 15, 2013. FSAJX is managed by Fidelity. It was launched on Oct 2, 2018.
Performance
FMNDX vs. FSAJX - Performance Comparison
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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 | 0.30% | 3.31% | 3.04% | 3.37% | -0.09% | 0.03% | 0.86% | 2.00% | 0.64% |
FSAJX Fidelity SAI Tax-Free Bond Fund | -0.38% | 5.25% | 1.80% | 7.67% | -9.82% | 1.98% | 3.91% | 8.45% | 1.95% |
Returns By Period
In the year-to-date period, FMNDX achieves a 0.30% return, which is significantly higher than FSAJX's -0.38% return.
FMNDX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.30%
- 6M
- 1.06%
- 1Y
- 2.67%
- 3Y*
- 3.04%
- 5Y*
- 1.98%
- 10Y*
- 1.55%
FSAJX
- 1D
- 0.30%
- 1M
- -2.25%
- YTD
- -0.38%
- 6M
- 1.07%
- 1Y
- 3.98%
- 3Y*
- 3.70%
- 5Y*
- 1.17%
- 10Y*
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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%.
Return for Risk
FMNDX vs. FSAJX — Risk / Return Rank
FMNDX
FSAJX
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 ratioReturn per unit of total volatility | 2.85 | 0.93 | +1.92 |
Sortino ratioReturn per unit of downside risk | 6.52 | 1.24 | +5.28 |
Omega ratioGain probability vs. loss probability | 2.73 | 1.25 | +1.48 |
Calmar ratioReturn relative to maximum drawdown | 7.66 | 1.15 | +6.51 |
Martin ratioReturn relative to average drawdown | 29.05 | 3.89 | +25.16 |
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
| FMNDX | FSAJX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.85 | 0.93 | +1.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.90 | 0.29 | +1.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.74 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.66 | 0.57 | +1.09 |
Correlation
The correlation between FMNDX and FSAJX is 0.45, 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
FMNDX vs. FSAJX - Dividend Comparison
FMNDX's dividend yield for the trailing twelve months is around 2.64%, less than FSAJX's 3.28% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class | 2.64% | 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 | 3.28% | 4.25% | 3.08% | 2.75% | 1.72% | 1.50% | 2.03% | 2.79% | 0.44% | 0.00% | 0.00% | 0.00% |
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.
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Drawdown Indicators
| FMNDX | FSAJX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.69% | -15.16% | +13.47% |
Max Drawdown (1Y)Largest decline over 1 year | -0.40% | -4.78% | +4.38% |
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 DrawdownCurrent decline from peak | -0.30% | -2.53% | +2.23% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -3.37% | +3.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 1.41% | -1.31% |
Volatility
FMNDX vs. FSAJX - Volatility Comparison
The current volatility for Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) is 0.16%, while Fidelity SAI Tax-Free Bond Fund (FSAJX) has a volatility of 1.18%. 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.
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Volatility by Period
| FMNDX | FSAJX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.16% | 1.18% | -1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.62% | 1.78% | -1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.01% | 4.83% | -3.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.05% | 4.08% | -3.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.90% | 4.65% | -3.75% |