FMNDX vs. VTEB
Compare and contrast key facts about Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) and Vanguard Tax-Exempt Bond ETF (VTEB).
FMNDX is managed by Fidelity. It was launched on Oct 15, 2013. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
FMNDX vs. VTEB - Performance Comparison
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FMNDX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 1.58% | 1.10% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.27% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Returns By Period
In the year-to-date period, FMNDX achieves a 0.30% return, which is significantly higher than VTEB's 0.27% return. Over the past 10 years, FMNDX has underperformed VTEB with an annualized return of 1.55%, while VTEB has yielded a comparatively higher 2.11% annualized return.
FMNDX
- 1D
- 0.00%
- 1M
- -0.20%
- YTD
- 0.30%
- 6M
- 1.06%
- 1Y
- 2.67%
- 3Y*
- 3.04%
- 5Y*
- 1.98%
- 10Y*
- 1.55%
VTEB
- 1D
- 0.18%
- 1M
- -0.90%
- YTD
- 0.27%
- 6M
- 1.73%
- 1Y
- 4.40%
- 3Y*
- 2.82%
- 5Y*
- 0.92%
- 10Y*
- 2.11%
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FMNDX vs. VTEB - Expense Ratio Comparison
FMNDX has a 0.25% expense ratio, which is higher than VTEB's 0.05% 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%.
Return for Risk
FMNDX vs. VTEB — Risk / Return Rank
FMNDX
VTEB
FMNDX vs. VTEB - 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 Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.76 | 1.11 | +1.65 |
Sortino ratioReturn per unit of downside risk | 6.28 | 1.40 | +4.89 |
Omega ratioGain probability vs. loss probability | 2.66 | 1.26 | +1.41 |
Calmar ratioReturn relative to maximum drawdown | 6.98 | 1.19 | +5.79 |
Martin ratioReturn relative to average drawdown | 26.07 | 3.48 | +22.59 |
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 | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.76 | 1.11 | +1.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.90 | 0.24 | +1.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.73 | 0.40 | +1.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.66 | 0.46 | +1.20 |
Correlation
The correlation between FMNDX and VTEB is 0.25, 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.
Dividends
FMNDX vs. VTEB - Dividend Comparison
FMNDX's dividend yield for the trailing twelve months is around 2.64%, less than VTEB's 3.36% 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Drawdowns
FMNDX vs. VTEB - Drawdown Comparison
The maximum FMNDX drawdown since its inception was -1.69%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for FMNDX and VTEB.
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Drawdown Indicators
| FMNDX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.69% | -17.00% | +15.31% |
Max Drawdown (1Y)Largest decline over 1 year | -0.40% | -3.45% | +3.05% |
Max Drawdown (5Y)Largest decline over 5 years | -1.09% | -12.64% | +11.55% |
Max Drawdown (10Y)Largest decline over 10 years | -1.69% | -17.00% | +15.31% |
Current DrawdownCurrent decline from peak | -0.30% | -1.68% | +1.38% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -2.34% | +2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 1.18% | -1.07% |
Volatility
FMNDX vs. VTEB - Volatility Comparison
The current volatility for Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) is 0.14%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.39%. This indicates that FMNDX experiences smaller price fluctuations and is considered to be less risky than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMNDX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.14% | 1.39% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.57% | 1.88% | -1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.98% | 3.99% | -3.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.05% | 3.88% | -2.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.90% | 5.25% | -4.35% |