FMNDX vs. FSTFX

Last updated Jun 4, 2026

FMNDX (Fidelity Conservative Income Municipal Bond Fund Institutional Class) and FSTFX (Fidelity Limited Term Municipal Income Fund) are both Municipal Bonds funds from Fidelity. Over the past 10 years, FMNDX returned 1.61%/yr vs 1.69%/yr for FSTFX. At a 0.47 correlation, their price movements are largely independent. FMNDX charges 0.25%/yr vs 0.37%/yr for FSTFX.

Performance

FMNDX vs. FSTFX - 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 Limited Term Municipal Income Fund (FSTFX). 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 higher than FSTFX's 0.85% return. Both investments have delivered pretty close results over the past 10 years, with FMNDX having a 1.61% annualized return and FSTFX not far ahead at 1.69%.

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%

FSTFX

• 1D: 0.09%
• 1M: 0.40%
• YTD: 0.85%
• 6M: 1.26%
• 1Y: 4.04%
• 3Y*: 3.87%
• 5Y*: 1.44%
• 10Y*: 1.69%

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

FMNDX vs. FSTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	1.58%	1.10%
FSTFX Fidelity Limited Term Municipal Income Fund	0.85%	5.36%	2.36%	3.85%	-4.90%	0.15%	3.23%	4.19%	1.28%	2.35%

Correlation

The correlation between FMNDX and FSTFX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.47

The correlation between FMNDX and FSTFX has been stable across timeframes, ranging from 0.46 to 0.53 - a consistent structural relationship.

Return for Risk

FMNDX vs. FSTFX — 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

FSTFX

FSTFX Risk / Return Rank: 75
FSTFX Sharpe Ratio Rank: 90
FSTFX Sortino Ratio Rank: 95
FSTFX Omega Ratio Rank: 97
FSTFX Calmar Ratio Rank: 51
FSTFX Martin Ratio Rank: 40

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. FSTFX - 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 Limited Term Municipal Income Fund (FSTFX). 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	FSTFX	Difference
Sharpe ratio: Return per unit of total volatility	3.17	3.01	+0.16
Sortino ratio: Return per unit of downside risk	8.51	5.05	+3.46
Omega ratio: Gain probability vs. loss probability	3.45	2.00	+1.45
Calmar ratio: Return relative to maximum drawdown	9.99	2.72	+7.28
Martin ratio: Return relative to average drawdown	41.56	8.55	+33.01
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. FSTFX - Sharpe Ratio Comparison

The current FMNDX Sharpe Ratio is 3.17, which is comparable to the FSTFX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of FMNDX and FSTFX, 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	FSTFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	3.01	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.99	0.75	+1.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.78	0.83	+0.95
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	1.58	+0.12

Drawdowns

FMNDX vs. FSTFX - Drawdown Comparison

The maximum FMNDX drawdown since its inception was -1.69%, smaller than the maximum FSTFX drawdown of -9.50%. Use the drawdown chart below to compare losses from any high point for FMNDX and FSTFX.

Drawdown Indicators

	FMNDX	FSTFX	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-9.50%	+7.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-1.49%	+1.19%
Max Drawdown (3Y) Largest decline over 3 years	-1.09%	-2.00%	+0.91%
Max Drawdown (5Y) Largest decline over 5 years	-1.09%	-7.65%	+6.56%
Max Drawdown (10Y) Largest decline over 10 years	-1.69%	-7.65%	+5.96%
Current Drawdown Current decline from peak	0.00%	-0.48%	+0.48%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.98%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.47%	-0.40%

Volatility

FMNDX vs. FSTFX - Volatility Comparison

The current volatility for Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) is 0.27%, while Fidelity Limited Term Municipal Income Fund (FSTFX) has a volatility of 0.45%. This indicates that FMNDX experiences smaller price fluctuations and is considered to be less risky than FSTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMNDX	FSTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	0.45%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	0.63%	1.06%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	0.94%	1.35%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.06%	1.93%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.91%	2.05%	-1.14%

FMNDX vs. FSTFX - Expense Ratio Comparison

FMNDX has a 0.25% expense ratio, which is lower than FSTFX's 0.37% expense ratio.

Dividends

FMNDX vs. FSTFX - Dividend Comparison

FMNDX's dividend yield for the trailing twelve months is around 2.82%, more than FSTFX's 2.43% 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%
FSTFX Fidelity Limited Term Municipal Income Fund	2.43%	2.99%	2.03%	1.70%	0.92%	1.08%	1.58%	1.92%	1.65%	1.56%	1.60%	1.62%

Frequently Asked Questions

Can I hold both FMNDX and FSTFX in my portfolio?

FMNDX and FSTFX have a correlation of 0.46, 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 FSTFX?

FSTFX has higher volatility (0.45%) compared to FMNDX (0.27%). In terms of maximum drawdown, FMNDX dropped -1.69% vs FSTFX's -9.50%.

Which has better risk-adjusted returns?

FMNDX currently has the higher Sharpe Ratio (3.17 vs 3.01), 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.