FMUN vs. FFHCX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Systematic Municipal Bond Index ETF (FMUN) and Fidelity Series Floating Rate High Income Fund (FFHCX).

FMUN is an actively managed fund by Fidelity. It was launched on Jul 11, 2019. FFHCX is managed by Fidelity. It was launched on Oct 20, 2011.

Performance

FMUN vs. FFHCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Systematic Municipal Bond Index ETF (FMUN) and Fidelity Series Floating Rate High Income Fund (FFHCX). The values are adjusted to include any dividend payments, if applicable.

FMUN vs. FFHCX - Yearly Performance Comparison

	2026 (YTD)	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.40%	4.25%
FFHCX Fidelity Series Floating Rate High Income Fund	-0.54%	8.68%

Returns By Period

In the year-to-date period, FMUN achieves a -0.40% return, which is significantly higher than FFHCX's -0.54% return.

FMUN

• 1D: 0.22%
• 1M: -2.71%
• YTD: -0.40%
• 6M: 1.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FFHCX

• 1D: -0.12%
• 1M: 0.12%
• YTD: -0.54%
• 6M: 0.95%
• 1Y: 5.16%
• 3Y*: 7.87%
• 5Y*: 5.83%
• 10Y*: 5.78%

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

FMUN vs. FFHCX - Expense Ratio Comparison

FMUN has a 0.05% expense ratio, which is higher than FFHCX's 0.00% 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%.

FMUN

Fidelity Systematic Municipal Bond Index ETF

FFHCX

Fidelity Series Floating Rate High Income Fund

Return for Risk

FMUN vs. FFHCX — Risk / Return Rank

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

FFHCX

FFHCX Risk / Return Rank: 89
FFHCX Sharpe Ratio Rank: 86
FFHCX Sortino Ratio Rank: 89
FFHCX Omega Ratio Rank: 96
FFHCX Calmar Ratio Rank: 84
FFHCX Martin Ratio Rank: 90

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.

FMUN vs. FFHCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and Fidelity Series Floating Rate High Income Fund (FFHCX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FMUN	FFHCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.65	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.92	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.36	-0.41

Correlation

The correlation between FMUN and FFHCX is 0.05, 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

FMUN vs. FFHCX - Dividend Comparison

FMUN's dividend yield for the trailing twelve months is around 3.25%, less than FFHCX's 7.31% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUN Fidelity Systematic Municipal Bond Index ETF	3.25%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FFHCX Fidelity Series Floating Rate High Income Fund	7.31%	8.11%	8.46%	9.47%	3.83%	3.64%	4.61%	5.92%	6.68%	4.80%	5.16%	4.37%

Drawdowns

FMUN vs. FFHCX - Drawdown Comparison

The maximum FMUN drawdown since its inception was -3.21%, smaller than the maximum FFHCX drawdown of -21.45%. Use the drawdown chart below to compare losses from any high point for FMUN and FFHCX.

Drawdown Indicators

	FMUN	FFHCX	Difference
Max Drawdown Largest peak-to-trough decline	-3.21%	-21.45%	+18.24%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-5.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.45%	—
Current Drawdown Current decline from peak	-2.71%	-0.73%	-1.98%
Average Drawdown Average peak-to-trough decline	-0.67%	-0.94%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.55%	—

Volatility

Volatility by Period

	FMUN	FFHCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.85%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	3.45%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.16%	3.06%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.16%	4.15%	+0.01%