FPXTX vs. VPAIX

Last updated Jun 4, 2026

FPXTX (Fidelity Pennsylvania Municipal Income Fund) and VPAIX (Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, FPXTX returned 2.06%/yr vs 2.73%/yr for VPAIX. Their correlation of 0.82 suggests significant overlap in exposure. FPXTX charges 0.48%/yr vs 0.17%/yr for VPAIX.

Performance

FPXTX vs. VPAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Pennsylvania Municipal Income Fund (FPXTX) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX). 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 VPAIX's 1.74% return. Over the past 10 years, FPXTX has underperformed VPAIX with an annualized return of 2.06%, while VPAIX has yielded a comparatively higher 2.73% annualized 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%

VPAIX

• 1D: 0.28%
• 1M: 0.87%
• YTD: 1.74%
• 6M: 2.24%
• 1Y: 8.59%
• 3Y*: 4.78%
• 5Y*: 1.30%
• 10Y*: 2.73%

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

FPXTX vs. VPAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPXTX Fidelity Pennsylvania Municipal Income Fund	1.20%	4.73%	2.09%	6.39%	-10.20%	2.11%	4.14%	7.71%	0.86%	5.14%
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares	1.74%	5.27%	2.59%	7.25%	-10.20%	1.97%	5.86%	9.05%	1.11%	6.61%

Correlation

The correlation between FPXTX and VPAIX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 7, 1986	0.82

The correlation between FPXTX and VPAIX shifts across timeframes, from 0.82 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FPXTX vs. VPAIX — 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

VPAIX

VPAIX Risk / Return Rank: 74
VPAIX Sharpe Ratio Rank: 87
VPAIX Sortino Ratio Rank: 92
VPAIX Omega Ratio Rank: 93
VPAIX Calmar Ratio Rank: 52
VPAIX Martin Ratio Rank: 47

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. VPAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Pennsylvania Municipal Income Fund (FPXTX) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX). 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	VPAIX	Difference
Sharpe ratio Return per unit of total volatility	2.65	2.82	-0.17
Sortino ratio Return per unit of downside risk	4.12	4.55	-0.43
Omega ratio Gain probability vs. loss probability	1.66	1.72	-0.06
Calmar ratio Return relative to maximum drawdown	2.42	2.75	-0.33
Martin ratio Return relative to average drawdown	8.21	9.84	-1.63
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. VPAIX - Sharpe Ratio Comparison

The current FPXTX Sharpe Ratio is 2.65, which is comparable to the VPAIX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of FPXTX and VPAIX, 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	VPAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	2.82	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.29	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.62	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	1.14	-0.02

Drawdowns

FPXTX vs. VPAIX - Drawdown Comparison

The maximum FPXTX drawdown since its inception was -25.49%, which is greater than VPAIX's maximum drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for FPXTX and VPAIX.

Drawdown Indicators

	FPXTX	VPAIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.49%	-19.51%	-5.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-3.10%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-5.70%	-7.01%	+1.31%
Max Drawdown (5Y) Largest decline over 5 years	-15.12%	-15.76%	+0.64%
Max Drawdown (10Y) Largest decline over 10 years	-15.12%	-15.76%	+0.64%
Current Drawdown Current decline from peak	-0.56%	-0.26%	-0.30%
Average Drawdown Average peak-to-trough decline	-2.41%	-2.15%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.86%	-0.04%

Volatility

FPXTX vs. VPAIX - Volatility Comparison

The current volatility for Fidelity Pennsylvania Municipal Income Fund (FPXTX) is 1.02%, while Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) has a volatility of 1.24%. This indicates that FPXTX experiences smaller price fluctuations and is considered to be less risky than VPAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPXTX	VPAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	1.24%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	1.97%	2.30%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	2.57%	3.04%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	4.49%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.83%	4.41%	-0.58%

FPXTX vs. VPAIX - Expense Ratio Comparison

FPXTX has a 0.48% expense ratio, which is higher than VPAIX's 0.17% expense ratio.

Dividends

FPXTX vs. VPAIX - Dividend Comparison

FPXTX's dividend yield for the trailing twelve months is around 2.94%, less than VPAIX's 3.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares	3.66%	4.48%	4.04%	3.25%	3.12%	2.45%	3.16%	3.70%	3.91%	3.93%	4.10%	3.92%

Frequently Asked Questions

Can I hold both FPXTX and VPAIX in my portfolio?

FPXTX and VPAIX have a correlation of 0.86, 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 VPAIX?

VPAIX has higher volatility (1.24%) compared to FPXTX (1.02%). In terms of maximum drawdown, FPXTX dropped -25.49% vs VPAIX's -19.51%.

Which has better risk-adjusted returns?

VPAIX currently has the higher Sharpe Ratio (2.82 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.