FMUN vs. FAPGX
FMUN (Fidelity Systematic Municipal Bond Index ETF) and FAPGX (Fidelity Sustainable Low Duration Bond) are both funds - FMUN is a Municipal Bonds fund actively managed by Fidelity, while FAPGX is a Ultrashort Bond fund managed by Fidelity. Over the past year, FMUN returned 7.10% vs 4.01% for FAPGX. At a 0.33 correlation, their price movements are largely independent. FMUN charges 0.05%/yr vs 0.25%/yr for FAPGX.
Performance
FMUN vs. FAPGX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FMUN having a 1.44% return and FAPGX slightly lower at 1.39%.
FMUN
- 1D
- -0.01%
- 1M
- 1.29%
- YTD
- 1.44%
- 6M
- 1.49%
- 1Y
- 7.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FAPGX
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.39%
- 6M
- 1.70%
- 1Y
- 4.01%
- 3Y*
- 4.87%
- 5Y*
- —
- 10Y*
- —
FMUN vs. FAPGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 1.44% | 3.28% |
FAPGX Fidelity Sustainable Low Duration Bond | 1.39% | 3.30% |
Correlation
The correlation between FMUN and FAPGX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.33 |
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Return for Risk
FMUN vs. FAPGX — Risk / Return Rank
FMUN
FAPGX
FMUN vs. FAPGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and Fidelity Sustainable Low Duration Bond (FAPGX). 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.
| FMUN | FAPGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -5.90 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 3.07 | -1.57 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 13.70 | -11.48 |
| Martin ratioReturn relative to average drawdown | 7.21 | 62.35 | -55.14 |
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Drawdowns
FMUN vs. FAPGX - Drawdown Comparison
The maximum FMUN drawdown since its inception was -3.83%, which is greater than FAPGX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for FMUN and FAPGX.
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Drawdown Indicators
| FMUN | FAPGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.83% | -0.49% | -3.34% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -0.29% | -2.92% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.39% | — |
Current DrawdownCurrent decline from peak | -0.91% | -0.10% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -1.13% | -0.06% | -1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 0.06% | +0.93% |
Volatility
FMUN vs. FAPGX - Volatility Comparison
Fidelity Systematic Municipal Bond Index ETF (FMUN) has a higher volatility of 0.99% compared to Fidelity Sustainable Low Duration Bond (FAPGX) at 0.29%. This indicates that FMUN's price experiences larger fluctuations and is considered to be riskier than FAPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMUN | FAPGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 0.29% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 2.38% | 0.84% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 1.12% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.13% | 1.07% | +3.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.13% | 1.07% | +3.06% |
FMUN vs. FAPGX - Expense Ratio Comparison
FMUN has a 0.05% expense ratio, which is lower than FAPGX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FMUN vs. FAPGX - Dividend Comparison
FMUN's dividend yield for the trailing twelve months is around 3.30%, less than FAPGX's 4.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FAPGX Fidelity Sustainable Low Duration Bond | 4.63% | 4.40% | 4.81% | 3.44% | 0.77% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.30% | 2.41% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMUN and FAPGX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMUN has higher volatility (0.99%) compared to FAPGX (0.29%). In terms of maximum drawdown, FMUN dropped -3.83% vs FAPGX's -0.49%.
FAPGX currently has the higher Sharpe Ratio (3.58 vs 2.30), 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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