FMUB vs. FXAIX
FMUB (Fidelity Municipal Bond Opportunities ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - FMUB is a Municipal Bonds fund actively managed by Fidelity, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. FMUB is actively managed, while FXAIX is passively managed. Over the past year, FMUB returned 6.70% vs 25.51% for FXAIX. At a 0.23 correlation, their price movements are largely independent. FMUB charges 0.30%/yr vs 0.02%/yr for FXAIX.
Performance
FMUB vs. FXAIX - Performance Comparison
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Returns By Period
In the year-to-date period, FMUB achieves a 2.04% return, which is significantly lower than FXAIX's 9.79% return.
FMUB
- 1D
- -0.03%
- 1M
- 1.37%
- YTD
- 2.04%
- 6M
- 2.13%
- 1Y
- 6.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXAIX
- 1D
- -0.37%
- 1M
- 0.10%
- YTD
- 9.79%
- 6M
- 8.79%
- 1Y
- 25.51%
- 3Y*
- 21.39%
- 5Y*
- 13.60%
- 10Y*
- 15.80%
FMUB vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMUB Fidelity Municipal Bond Opportunities ETF | 2.04% | 4.69% |
FXAIX Fidelity 500 Index Fund | 9.79% | 36.14% |
Correlation
The correlation between FMUB and FXAIX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.23 |
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Return for Risk
FMUB vs. FXAIX — Risk / Return Rank
FMUB
FXAIX
FMUB vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and Fidelity 500 Index Fund (FXAIX). 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 | FXAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.39 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 3.02 | -0.32 |
| Martin ratioReturn relative to average drawdown | 10.73 | 13.62 | -2.89 |
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Drawdowns
FMUB vs. FXAIX - Drawdown Comparison
The maximum FMUB drawdown since its inception was -2.74%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FMUB and FXAIX.
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Drawdown Indicators
| FMUB | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.74% | -33.79% | +31.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -8.89% | +6.40% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.79% | — |
Current DrawdownCurrent decline from peak | -0.16% | -1.72% | +1.56% |
Average DrawdownAverage peak-to-trough decline | -0.47% | -3.79% | +3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 1.97% | -1.34% |
Volatility
FMUB vs. FXAIX - Volatility Comparison
The current volatility for Fidelity Municipal Bond Opportunities ETF (FMUB) is 0.76%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.68%. This indicates that FMUB experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMUB | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 4.68% | -3.92% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 9.84% | -7.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 12.50% | -9.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.63% | 17.00% | -13.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.63% | 18.12% | -14.49% |
FMUB vs. FXAIX - Expense Ratio Comparison
FMUB has a 0.30% expense ratio, which is higher than FXAIX's 0.02% expense ratio.
Dividends
FMUB vs. FXAIX - Dividend Comparison
FMUB's dividend yield for the trailing twelve months is around 3.42%, more than FXAIX's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FXAIX Fidelity 500 Index Fund | 1.04% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
Frequently Asked Questions
FMUB and FXAIX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXAIX has higher volatility (4.68%) compared to FMUB (0.76%). In terms of maximum drawdown, FMUB dropped -2.74% vs FXAIX's -33.79%.
FMUB currently has the higher Sharpe Ratio (2.54 vs 2.15), 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.
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