FMNDX vs. MUB
Compare and contrast key facts about Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) and iShares National AMT-Free Muni Bond ETF (MUB).
FMNDX is managed by Fidelity. It was launched on Oct 15, 2013. MUB is a passively managed fund by iShares that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Sep 7, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: FMNDX or MUB.
Key characteristics
| FMNDX | MUB | |
|---|---|---|
| YTD Return | 2.78% | 2.03% |
| 1Y Return | 4.13% | 6.59% |
| 3Y Return (Ann) | 2.13% | -0.07% |
| 5Y Return (Ann) | 1.59% | 1.42% |
| 10Y Return (Ann) | 1.28% | 2.32% |
| Sharpe Ratio | 3.69 | 1.51 |
| Daily Std Dev | 1.11% | 4.21% |
| Max Drawdown | -1.69% | -13.68% |
| Current Drawdown | 0.00% | -0.76% |
Correlation
The correlation between FMNDX and MUB is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
FMNDX vs. MUB - Performance Comparison
In the year-to-date period, FMNDX achieves a 2.78% return, which is significantly higher than MUB's 2.03% return. Over the past 10 years, FMNDX has underperformed MUB with an annualized return of 1.28%, while MUB has yielded a comparatively higher 2.32% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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FMNDX vs. MUB - Expense Ratio Comparison
FMNDX has a 0.25% expense ratio, which is higher than MUB'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%.
Risk-Adjusted Performance
FMNDX vs. MUB - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) and iShares National AMT-Free Muni Bond ETF (MUB). 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.
Dividends
FMNDX vs. MUB - Dividend Comparison
FMNDX's dividend yield for the trailing twelve months is around 3.23%, more than MUB's 2.88% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class | 3.23% | 2.88% | 1.06% | 0.25% | 0.87% | 1.58% | 1.45% | 0.99% | 0.71% | 0.42% | 0.26% | 0.02% |
MUB iShares National AMT-Free Muni Bond ETF | 2.88% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% | 2.73% | 3.02% |
Drawdowns
FMNDX vs. MUB - Drawdown Comparison
The maximum FMNDX drawdown since its inception was -1.69%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for FMNDX and MUB. For additional features, visit the drawdowns tool.
Volatility
FMNDX vs. MUB - Volatility Comparison
The current volatility for Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) is 0.29%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.63%. This indicates that FMNDX experiences smaller price fluctuations and is considered to be less risky than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.