FMUB vs. FLTMX

Last updated Jun 24, 2026

FMUB (Fidelity Municipal Bond Opportunities ETF) and FLTMX (Fidelity Intermediate Municipal Income Fund) are both Municipal Bonds funds from Fidelity. Over the past year, FMUB returned 6.70% vs 5.62% for FLTMX. A 0.59 correlation means they provide meaningful diversification when combined. FMUB charges 0.30%/yr vs 0.32%/yr for FLTMX.

Performance

FMUB vs. FLTMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Municipal Bond Opportunities ETF (FMUB) and Fidelity Intermediate Municipal Income Fund (FLTMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMUB achieves a 2.04% return, which is significantly higher than FLTMX's 0.90% return.

FMUB

• 1D: -0.03%
• 1M: 1.37%
• YTD: 2.04%
• 6M: 2.13%
• 1Y: 6.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLTMX

• 1D: 0.00%
• 1M: 1.24%
• YTD: 0.90%
• 6M: 1.35%
• 1Y: 5.62%
• 3Y*: 3.87%
• 5Y*: 1.29%
• 10Y*: 2.07%

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

FMUB vs. FLTMX - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	2.04%	4.69%
FLTMX Fidelity Intermediate Municipal Income Fund	0.90%	4.17%

Correlation

The correlation between FMUB and FLTMX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.59

The correlation between FMUB and FLTMX has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.

Return for Risk

FMUB vs. FLTMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FMUB

FMUB Risk / Return Rank: 77
FMUB Sharpe Ratio Rank: 84
FMUB Sortino Ratio Rank: 87
FMUB Omega Ratio Rank: 90
FMUB Calmar Ratio Rank: 58
FMUB Martin Ratio Rank: 63

FLTMX

FLTMX Risk / Return Rank: 64
FLTMX Sharpe Ratio Rank: 84
FLTMX Sortino Ratio Rank: 87
FLTMX Omega Ratio Rank: 93
FLTMX Calmar Ratio Rank: 30
FLTMX Martin Ratio Rank: 27

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.

FMUB vs. FLTMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and Fidelity Intermediate Municipal Income Fund (FLTMX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FMUB	FLTMX	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.54	0.00
Sortino ratio: Return per unit of downside risk	3.70	3.90	-0.20
Omega ratio: Gain probability vs. loss probability	1.54	1.67	-0.14
Calmar ratio: Return relative to maximum drawdown	2.70	1.93	+0.77
Martin ratio: Return relative to average drawdown	10.73	5.91	+4.82

FMUB vs. FLTMX - Sharpe Ratio Comparison

The current FMUB Sharpe Ratio is 2.54, which is comparable to the FLTMX Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of FMUB and FLTMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FMUB vs. FLTMX - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.74%, smaller than the maximum FLTMX drawdown of -16.13%. Use the drawdown chart below to compare losses from any high point for FMUB and FLTMX.

Drawdown Indicators

	FMUB	FLTMX	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-16.13%	+13.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-2.97%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-10.91%	—
Current Drawdown Current decline from peak	-0.16%	-1.09%	+0.93%
Average Drawdown Average peak-to-trough decline	-0.47%	-1.64%	+1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.97%	-0.34%

Volatility

FMUB vs. FLTMX - Volatility Comparison

Fidelity Municipal Bond Opportunities ETF (FMUB) has a higher volatility of 0.76% compared to Fidelity Intermediate Municipal Income Fund (FLTMX) at 0.65%. This indicates that FMUB's price experiences larger fluctuations and is considered to be riskier than FLTMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUB	FLTMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.65%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	1.81%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	2.27%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.63%	3.05%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.63%	3.24%	+0.39%

FMUB vs. FLTMX - Expense Ratio Comparison

FMUB has a 0.30% expense ratio, which is lower than FLTMX's 0.32% expense ratio.

Dividends

FMUB vs. FLTMX - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.42%, more than FLTMX's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLTMX Fidelity Intermediate Municipal Income Fund	2.88%	3.70%	2.47%	2.42%	1.36%	1.67%	2.00%	2.39%	3.31%	2.64%	3.20%	2.36%
FMUB Fidelity Municipal Bond Opportunities ETF	3.42%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMUB and FLTMX in my portfolio?

FMUB and FLTMX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMUB or FLTMX?

FMUB has higher volatility (0.76%) compared to FLTMX (0.65%). In terms of maximum drawdown, FMUB dropped -2.74% vs FLTMX's -16.13%.

Which has better risk-adjusted returns?

FMUB currently has the higher Sharpe Ratio (2.54 vs 2.54), 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.