FNJHX vs. VNJUX

Last updated Jun 4, 2026

FNJHX (Fidelity New Jersey Municipal Income Fund) and VNJUX (Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Over the past 10 years, FNJHX returned 2.67%/yr vs 3.12%/yr for VNJUX. Their correlation of 0.89 suggests significant overlap in exposure. FNJHX charges 0.47%/yr vs 0.09%/yr for VNJUX.

Performance

FNJHX vs. VNJUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity New Jersey Municipal Income Fund (FNJHX) and Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares (VNJUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNJHX achieves a 1.41% return, which is significantly lower than VNJUX's 1.96% return. Over the past 10 years, FNJHX has underperformed VNJUX with an annualized return of 2.67%, while VNJUX has yielded a comparatively higher 3.12% annualized return.

FNJHX

• 1D: 0.17%
• 1M: 0.60%
• YTD: 1.41%
• 6M: 1.84%
• 1Y: 7.54%
• 3Y*: 4.40%
• 5Y*: 1.28%
• 10Y*: 2.67%

VNJUX

• 1D: 0.18%
• 1M: 0.74%
• YTD: 1.96%
• 6M: 2.37%
• 1Y: 8.80%
• 3Y*: 4.72%
• 5Y*: 1.46%
• 10Y*: 3.12%

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

FNJHX vs. VNJUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNJHX Fidelity New Jersey Municipal Income Fund	1.41%	5.61%	1.23%	8.08%	-9.75%	2.04%	5.13%	8.67%	1.46%	6.91%
VNJUX Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares	1.96%	4.96%	2.79%	7.76%	-10.24%	2.69%	6.11%	9.37%	1.61%	8.48%

Correlation

The correlation between FNJHX and VNJUX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 15, 2001	0.89

The correlation between FNJHX and VNJUX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

FNJHX vs. VNJUX — Risk / Return Rank

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

FNJHX

FNJHX Risk / Return Rank: 70
FNJHX Sharpe Ratio Rank: 88
FNJHX Sortino Ratio Rank: 90
FNJHX Omega Ratio Rank: 94
FNJHX Calmar Ratio Rank: 40
FNJHX Martin Ratio Rank: 39

VNJUX

VNJUX Risk / Return Rank: 76
VNJUX Sharpe Ratio Rank: 87
VNJUX Sortino Ratio Rank: 91
VNJUX Omega Ratio Rank: 93
VNJUX Calmar Ratio Rank: 59
VNJUX Martin Ratio Rank: 52

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.

FNJHX vs. VNJUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Jersey Municipal Income Fund (FNJHX) and Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares (VNJUX). 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.

	FNJHX	VNJUX	Difference
Sharpe ratio: Return per unit of total volatility	2.88	2.83	+0.05
Sortino ratio: Return per unit of downside risk	4.34	4.50	-0.16
Omega ratio: Gain probability vs. loss probability	1.73	1.69	+0.03
Calmar ratio: Return relative to maximum drawdown	2.41	2.94	-0.53
Martin ratio: Return relative to average drawdown	8.42	10.59	-2.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNJHX vs. VNJUX - Sharpe Ratio Comparison

The current FNJHX Sharpe Ratio is 2.88, which is comparable to the VNJUX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of FNJHX and VNJUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNJHX	VNJUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	2.83	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.32	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.69	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	1.04	+0.26

Drawdowns

FNJHX vs. VNJUX - Drawdown Comparison

The maximum FNJHX drawdown since its inception was -14.74%, smaller than the maximum VNJUX drawdown of -15.62%. Use the drawdown chart below to compare losses from any high point for FNJHX and VNJUX.

Drawdown Indicators

	FNJHX	VNJUX	Difference
Max Drawdown Largest peak-to-trough decline	-14.74%	-15.62%	+0.88%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-2.94%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-5.42%	-6.87%	+1.45%
Max Drawdown (5Y) Largest decline over 5 years	-14.74%	-15.62%	+0.88%
Max Drawdown (10Y) Largest decline over 10 years	-14.74%	-15.62%	+0.88%
Current Drawdown Current decline from peak	-0.75%	-0.22%	-0.53%
Average Drawdown Average peak-to-trough decline	-1.77%	-2.05%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.81%	+0.08%

Volatility

FNJHX vs. VNJUX - Volatility Comparison

The current volatility for Fidelity New Jersey Municipal Income Fund (FNJHX) is 1.09%, while Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares (VNJUX) has a volatility of 1.15%. This indicates that FNJHX experiences smaller price fluctuations and is considered to be less risky than VNJUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNJHX	VNJUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.15%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	2.26%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	2.60%	3.05%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.94%	4.55%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.09%	4.57%	-0.48%

FNJHX vs. VNJUX - Expense Ratio Comparison

FNJHX has a 0.47% expense ratio, which is higher than VNJUX's 0.09% expense ratio.

Dividends

FNJHX vs. VNJUX - Dividend Comparison

FNJHX's dividend yield for the trailing twelve months is around 2.98%, less than VNJUX's 3.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNJHX Fidelity New Jersey Municipal Income Fund	2.98%	3.66%	2.69%	2.67%	1.78%	2.11%	2.60%	3.45%	2.96%	3.47%	4.18%	3.19%
VNJUX Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares	3.63%	4.49%	4.07%	3.03%	3.22%	2.91%	3.79%	4.15%	4.01%	4.13%	4.62%	3.78%

Frequently Asked Questions

Can I hold both FNJHX and VNJUX in my portfolio?

FNJHX and VNJUX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNJHX or VNJUX?

VNJUX has higher volatility (1.15%) compared to FNJHX (1.09%). In terms of maximum drawdown, FNJHX dropped -14.74% vs VNJUX's -15.62%.

Which has better risk-adjusted returns?

FNJHX currently has the higher Sharpe Ratio (2.88 vs 2.83), 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.