FOHFX vs. MEAR
FOHFX (Fidelity Ohio Municipal Income Fund) and MEAR (iShares Short Maturity Municipal Bond ETF) are both Municipal Bonds funds. Over the past 10 years, FOHFX returned 1.84%/yr vs 1.77%/yr for MEAR. At a 0.15 correlation, their price movements are largely independent. FOHFX charges 0.48%/yr vs 0.25%/yr for MEAR.
Performance
FOHFX vs. MEAR - Performance Comparison
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Returns By Period
In the year-to-date period, FOHFX achieves a 1.51% return, which is significantly higher than MEAR's 1.16% return. Both investments have delivered pretty close results over the past 10 years, with FOHFX having a 1.84% annualized return and MEAR not far behind at 1.77%.
FOHFX
- 1D
- -0.09%
- 1M
- 1.56%
- YTD
- 1.51%
- 6M
- 1.93%
- 1Y
- 6.85%
- 3Y*
- 4.19%
- 5Y*
- 0.99%
- 10Y*
- 1.84%
MEAR
- 1D
- -0.02%
- 1M
- 0.37%
- YTD
- 1.16%
- 6M
- 1.24%
- 1Y
- 3.11%
- 3Y*
- 3.46%
- 5Y*
- 2.45%
- 10Y*
- 1.77%
FOHFX vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FOHFX Fidelity Ohio Municipal Income Fund | 1.51% | 5.55% | 2.00% | 5.43% | -9.28% | 1.18% | 4.10% | 7.08% | 0.40% | 6.03% |
MEAR iShares Short Maturity Municipal Bond ETF | 1.16% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
Correlation
The correlation between FOHFX and MEAR is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2015 | 0.15 |
The correlation between FOHFX and MEAR shifts across timeframes, from 0.15 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FOHFX vs. MEAR — Risk / Return Rank
FOHFX
MEAR
FOHFX vs. MEAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Ohio Municipal Income Fund (FOHFX) and iShares Short Maturity Municipal Bond ETF (MEAR). 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.
| FOHFX | MEAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.84 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 6.69 | -4.35 |
| Martin ratioReturn relative to average drawdown | 8.04 | 27.40 | -19.36 |
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Drawdowns
FOHFX vs. MEAR - Drawdown Comparison
The maximum FOHFX drawdown since its inception was -22.25%, which is greater than MEAR's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for FOHFX and MEAR.
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Drawdown Indicators
| FOHFX | MEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.25% | -2.68% | -19.57% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -0.47% | -2.51% |
Max Drawdown (3Y)Largest decline over 3 years | -5.40% | -0.86% | -4.54% |
Max Drawdown (5Y)Largest decline over 5 years | -13.87% | -1.12% | -12.75% |
Max Drawdown (10Y)Largest decline over 10 years | -13.87% | -2.68% | -11.19% |
Current DrawdownCurrent decline from peak | -0.55% | -0.02% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -0.19% | -2.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.11% | +0.76% |
Volatility
FOHFX vs. MEAR - Volatility Comparison
Fidelity Ohio Municipal Income Fund (FOHFX) has a higher volatility of 0.80% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.21%. This indicates that FOHFX's price experiences larger fluctuations and is considered to be riskier than MEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FOHFX | MEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.21% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 0.61% | +1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 0.86% | +1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.68% | 0.99% | +2.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.79% | 1.51% | +2.28% |
FOHFX vs. MEAR - Expense Ratio Comparison
FOHFX has a 0.48% expense ratio, which is higher than MEAR's 0.25% expense ratio.
Dividends
FOHFX vs. MEAR - Dividend Comparison
FOHFX's dividend yield for the trailing twelve months is around 2.81%, less than MEAR's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FOHFX Fidelity Ohio Municipal Income Fund | 2.81% | 3.66% | 2.77% | 2.48% | 1.49% | 1.74% | 2.79% | 2.77% | 2.96% | 3.42% | 3.70% | 3.66% |
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
Frequently Asked Questions
FOHFX and MEAR have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FOHFX has higher volatility (0.80%) compared to MEAR (0.21%). In terms of maximum drawdown, FOHFX dropped -22.25% vs MEAR's -2.68%.
MEAR currently has the higher Sharpe Ratio (3.64 vs 2.71), 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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