FPXTX vs. ALAI

Last updated Jun 4, 2026

FPXTX (Fidelity Pennsylvania Municipal Income Fund) and ALAI (Alger AI Enablers & Adopters ETF) are both funds - FPXTX is a Municipal Bonds fund managed by Fidelity, while ALAI is a Technology Equities fund actively managed by Alger. Over the past year, FPXTX returned 6.86% vs 63.92% for ALAI. At a 0.06 correlation, their price movements are largely independent. FPXTX charges 0.48%/yr vs 0.55%/yr for ALAI.

Performance

FPXTX vs. ALAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Pennsylvania Municipal Income Fund (FPXTX) and Alger AI Enablers & Adopters ETF (ALAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPXTX achieves a 1.20% return, which is significantly lower than ALAI's 27.17% return.

FPXTX

• 1D: 0.19%
• 1M: 0.73%
• YTD: 1.20%
• 6M: 1.67%
• 1Y: 6.86%
• 3Y*: 4.19%
• 5Y*: 0.80%
• 10Y*: 2.06%

ALAI

• 1D: -1.25%
• 1M: 13.53%
• YTD: 27.17%
• 6M: 26.74%
• 1Y: 63.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPXTX vs. ALAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FPXTX Fidelity Pennsylvania Municipal Income Fund	1.20%	4.73%	2.84%
ALAI Alger AI Enablers & Adopters ETF	27.17%	39.81%	31.43%

Correlation

The correlation between FPXTX and ALAI is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.06

Return for Risk

FPXTX vs. ALAI — Risk / Return Rank

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

FPXTX

FPXTX Risk / Return Rank: 67
FPXTX Sharpe Ratio Rank: 81
FPXTX Sortino Ratio Rank: 86
FPXTX Omega Ratio Rank: 91
FPXTX Calmar Ratio Rank: 41
FPXTX Martin Ratio Rank: 38

ALAI

ALAI Risk / Return Rank: 70
ALAI Sharpe Ratio Rank: 81
ALAI Sortino Ratio Rank: 71
ALAI Omega Ratio Rank: 70
ALAI Calmar Ratio Rank: 66
ALAI Martin Ratio Rank: 60

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.

FPXTX vs. ALAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Pennsylvania Municipal Income Fund (FPXTX) and Alger AI Enablers & Adopters ETF (ALAI). 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.

	FPXTX	ALAI	Difference
Sharpe ratio Return per unit of total volatility	2.65	2.67	-0.02
Sortino ratio Return per unit of downside risk	4.12	3.27	+0.85
Omega ratio Gain probability vs. loss probability	1.66	1.42	+0.24
Calmar ratio Return relative to maximum drawdown	2.42	3.30	-0.88
Martin ratio Return relative to average drawdown	8.21	10.58	-2.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPXTX vs. ALAI - Sharpe Ratio Comparison

The current FPXTX Sharpe Ratio is 2.65, which is comparable to the ALAI Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of FPXTX and ALAI, 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

	FPXTX	ALAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	2.67	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	1.71	-0.59

Drawdowns

FPXTX vs. ALAI - Drawdown Comparison

The maximum FPXTX drawdown since its inception was -25.49%, smaller than the maximum ALAI drawdown of -29.36%. Use the drawdown chart below to compare losses from any high point for FPXTX and ALAI.

Drawdown Indicators

	FPXTX	ALAI	Difference
Max Drawdown Largest peak-to-trough decline	-25.49%	-29.36%	+3.87%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-19.48%	+16.68%
Max Drawdown (3Y) Largest decline over 3 years	-5.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.12%	—	—
Current Drawdown Current decline from peak	-0.56%	-1.69%	+1.13%
Average Drawdown Average peak-to-trough decline	-2.41%	-5.14%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	6.06%	-5.24%

Volatility

FPXTX vs. ALAI - Volatility Comparison

The current volatility for Fidelity Pennsylvania Municipal Income Fund (FPXTX) is 1.02%, while Alger AI Enablers & Adopters ETF (ALAI) has a volatility of 6.97%. This indicates that FPXTX experiences smaller price fluctuations and is considered to be less risky than ALAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPXTX	ALAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	6.97%	-5.95%
Volatility (6M) Calculated over the trailing 6-month period	1.97%	18.57%	-16.60%
Volatility (1Y) Calculated over the trailing 1-year period	2.57%	24.06%	-21.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	28.41%	-24.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.83%	28.41%	-24.58%

FPXTX vs. ALAI - Expense Ratio Comparison

FPXTX has a 0.48% expense ratio, which is lower than ALAI's 0.55% expense ratio.

Dividends

FPXTX vs. ALAI - Dividend Comparison

FPXTX's dividend yield for the trailing twelve months is around 2.94%, more than ALAI's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALAI Alger AI Enablers & Adopters ETF	1.18%	1.50%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FPXTX Fidelity Pennsylvania Municipal Income Fund	2.94%	3.60%	3.11%	2.64%	1.87%	2.09%	2.28%	3.19%	3.20%	3.09%	3.78%	3.29%

Frequently Asked Questions

Can I hold both FPXTX and ALAI in my portfolio?

FPXTX and ALAI have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPXTX or ALAI?

ALAI has higher volatility (6.97%) compared to FPXTX (1.02%). In terms of maximum drawdown, FPXTX dropped -25.49% vs ALAI's -29.36%.

Which has better risk-adjusted returns?

ALAI currently has the higher Sharpe Ratio (2.67 vs 2.65), 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.