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FROGX vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FROGX vs. BATVX

Last updated Jun 23, 2026

FROGX (Fidelity Advisor Municipal Income Fund Class I) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, FROGX returned 0.78%/yr vs 1.51%/yr for BATVX. At a 0.19 correlation, their price movements are largely independent. FROGX charges 0.53%/yr vs 0.00%/yr for BATVX.

Performance

FROGX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Municipal Income Fund Class I (FROGX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FROGX achieves a 1.59% return, which is significantly higher than BATVX's 0.97% return.

FROGX

1D
0.08%
1M
1.74%
YTD
1.59%
6M
2.02%
1Y
7.17%
3Y*
4.15%
5Y*
0.78%
10Y*
—

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FROGX vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FROGX
Fidelity Advisor Municipal Income Fund Class I		1.59%5.18%1.68%6.78%-10.83%1.22%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between FROGX and BATVX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.19

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.19

The correlation between FROGX and BATVX shifts across timeframes, from 0.19 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

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Fidelity Advisor Municipal Income Fund Class I

BlackRock Allocation Target Shares

Often compared with FROGX:
FROGX vs. FTIHXFROGX vs. AFBFROGX vs. NPVFROGX vs. FSPGXFROGX vs. FSPSXFROGX vs. FZROXFROGX vs. APUSX
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. FOHFXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. VPALXBATVX vs. PTEAXBATVX vs. NMTRX

Return for Risk

FROGX vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FROGX
FROGX Risk / Return Rank: 6969
Overall Rank
FROGX Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
FROGX Sortino Ratio Rank: 8989
Sortino Ratio Rank
FROGX Omega Ratio Rank: 9393
Omega Ratio Rank
FROGX Calmar Ratio Rank: 3939
Calmar Ratio Rank
FROGX Martin Ratio Rank: 3636
Martin Ratio Rank
BATVX

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

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.

FROGX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Municipal Income Fund Class I (FROGX) and BlackRock Allocation Target Shares (BATVX). 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.

FROGXBATVXDifference
Sharpe ratioReturn per unit of total volatility
2.63
3.57

-0.94

Sortino ratioReturn per unit of downside risk
4.02

—

—

Omega ratioGain probability vs. loss probability

1.68

—

—

Calmar ratioReturn relative to maximum drawdown

2.26

—

—

Martin ratioReturn relative to average drawdown

7.50

—

—

FROGX vs. BATVX - Sharpe Ratio Comparison

The current FROGX Sharpe Ratio is 2.63, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of FROGX and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FROGX vs. BATVX - Drawdown Comparison

The maximum FROGX drawdown since its inception was -16.25%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for FROGX and BATVX.

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Drawdown Indicators

FROGXBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-16.25%

-0.20%

-16.05%

Max Drawdown (1Y)

Largest decline over 1 year

-3.19%

0.00%

-3.19%

Max Drawdown (3Y)

Largest decline over 3 years

-6.08%

-0.10%

-5.98%

Max Drawdown (5Y)

Largest decline over 5 years

-16.25%

-0.20%

-16.05%

Current Drawdown

Current decline from peak

-0.66%

0.00%

-0.66%

Average Drawdown

Average peak-to-trough decline

-3.69%

-0.03%

-3.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.96%

0.00%

+0.96%

Volatility

FROGX vs. BATVX - Volatility Comparison

Fidelity Advisor Municipal Income Fund Class I (FROGX) has a higher volatility of 0.75% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that FROGX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FROGXBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.75%

0.20%

+0.55%

Volatility (6M)

Calculated over the trailing 6-month period

2.16%

0.49%

+1.67%

Volatility (1Y)

Calculated over the trailing 1-year period

2.73%

0.73%

+2.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.15%

0.64%

+3.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.49%

0.63%

+3.86%

FROGX vs. BATVX - Expense Ratio Comparison

FROGX has a 0.53% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

FROGX vs. BATVX - Dividend Comparison

FROGX's dividend yield for the trailing twelve months is around 3.01%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021202020192018
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%
FROGX
Fidelity Advisor Municipal Income Fund Class I		3.01%3.91%2.89%2.52%1.98%2.57%2.92%3.08%2.50%

Frequently Asked Questions

FROGX and BATVX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FROGX has higher volatility (0.75%) compared to BATVX (0.20%). In terms of maximum drawdown, FROGX dropped -16.25% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 2.63), 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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