PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FSAHX vs. VTES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSAHX vs. VTES

Last updated Jun 13, 2026

FSAHX (Fidelity Short Duration High Income Fund) and VTES (Vanguard Short-Term Tax-Exempt Bond ETF) are both funds - FSAHX is a High Yield Bonds fund managed by Fidelity, while VTES is a Municipal Bonds fund tracking the S&P 0-7 Year National AMT-Free Municipal Bond Index. Over the past 3 years, FSAHX returned 8.37%/yr vs 3.18%/yr for VTES. At a 0.33 correlation, their price movements are largely independent. FSAHX charges 0.75%/yr vs 0.07%/yr for VTES.

Performance

FSAHX vs. VTES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Short Duration High Income Fund (FSAHX) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, FSAHX achieves a 2.74% return, which is significantly higher than VTES's 0.67% return.

FSAHX

1D
0.22%
1M
0.27%
YTD
2.74%
6M
3.27%
1Y
8.43%
3Y*
8.37%
5Y*
4.36%
10Y*
4.53%

VTES

1D
-0.03%
1M
0.39%
YTD
0.67%
6M
0.96%
1Y
3.33%
3Y*
3.18%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FSAHX vs. VTES - Yearly Performance Comparison

2026 (YTD)202520242023
FSAHX
Fidelity Short Duration High Income Fund		2.74%7.75%7.74%8.46%
VTES
Vanguard Short-Term Tax-Exempt Bond ETF		0.67%4.19%1.85%3.32%

Correlation

The correlation between FSAHX and VTES is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.31

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

0.36

Correlation (All Time)
Calculated using the full available price history since Mar 9, 2023

0.33

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Short Duration High Income Fund

Vanguard Short-Term Tax-Exempt Bond ETF

Often compared with FSAHX:
FSAHX vs. FFRHXFSAHX vs. FCBFXFSAHX vs. FIBUXFSAHX vs. FXNAXFSAHX vs. DGROFSAHX vs. FZROXFSAHX vs. PGTQX
Often compared with VTES:
VTES vs. VTEBVTES vs. SUBVTES vs. VSDMVTES vs. VGSHVTES vs. JMSTVTES vs. MUBVTES vs. VUSB

Return for Risk

FSAHX vs. VTES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FSAHX
FSAHX Risk / Return Rank: 9595
Overall Rank
FSAHX Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
FSAHX Sortino Ratio Rank: 9797
Sortino Ratio Rank
FSAHX Omega Ratio Rank: 9494
Omega Ratio Rank
FSAHX Calmar Ratio Rank: 9494
Calmar Ratio Rank
FSAHX Martin Ratio Rank: 9797
Martin Ratio Rank
VTES
VTES Risk / Return Rank: 7575
Overall Rank
VTES Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VTES Sortino Ratio Rank: 9292
Sortino Ratio Rank
VTES Omega Ratio Rank: 9494
Omega Ratio Rank
VTES Calmar Ratio Rank: 5252
Calmar Ratio Rank
VTES Martin Ratio Rank: 4646
Martin Ratio Rank
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.

FSAHX vs. VTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Short Duration High Income Fund (FSAHX) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). 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.

FSAHXVTESDifference
Sharpe ratioReturn per unit of total volatility
2.82
2.70

+0.13

Sortino ratioReturn per unit of downside risk
5.35
3.88

+1.47

Omega ratioGain probability vs. loss probability

1.71

1.62

+0.09

Calmar ratioReturn relative to maximum drawdown

4.75

2.28

+2.47

Martin ratioReturn relative to average drawdown

24.99

6.62

+18.37

FSAHX vs. VTES - Sharpe Ratio Comparison

The current FSAHX Sharpe Ratio is 2.82, which is comparable to the VTES Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of FSAHX and VTES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

FSAHX vs. VTES - Drawdown Comparison

The maximum FSAHX drawdown since its inception was -16.77%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for FSAHX and VTES.

Loading charts...

Drawdown Indicators

FSAHXVTESDifference

Max Drawdown

Largest peak-to-trough decline

-16.77%

-2.42%

-14.35%

Max Drawdown (1Y)

Largest decline over 1 year

-1.78%

-1.47%

-0.31%

Max Drawdown (3Y)

Largest decline over 3 years

-3.30%

-1.80%

-1.50%

Max Drawdown (5Y)

Largest decline over 5 years

-9.43%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-16.77%

—

—

Current Drawdown

Current decline from peak

-0.33%

-0.60%

+0.27%

Average Drawdown

Average peak-to-trough decline

-1.55%

-0.50%

-1.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.34%

0.50%

-0.16%

Volatility

FSAHX vs. VTES - Volatility Comparison

Fidelity Short Duration High Income Fund (FSAHX) has a higher volatility of 0.86% compared to Vanguard Short-Term Tax-Exempt Bond ETF (VTES) at 0.35%. This indicates that FSAHX's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

FSAHXVTESDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.86%

0.35%

+0.51%

Volatility (6M)

Calculated over the trailing 6-month period

2.26%

0.98%

+1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

3.00%

1.24%

+1.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.87%

1.71%

+2.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.25%

1.71%

+2.54%

FSAHX vs. VTES - Expense Ratio Comparison

FSAHX has a 0.75% expense ratio, which is higher than VTES's 0.07% expense ratio.

Dividends

FSAHX vs. VTES - Dividend Comparison

FSAHX's dividend yield for the trailing twelve months is around 7.31%, more than VTES's 2.75% yield.

PositionTTM20252024202320222021202020192018201720162015
FSAHX
Fidelity Short Duration High Income Fund		7.31%7.36%6.08%5.97%3.26%2.85%3.19%4.22%4.52%4.11%4.73%4.40%
VTES
Vanguard Short-Term Tax-Exempt Bond ETF		2.75%2.77%2.99%2.03%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FSAHX and VTES have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FSAHX has higher volatility (0.86%) compared to VTES (0.35%). In terms of maximum drawdown, FSAHX dropped -16.77% vs VTES's -2.42%.

FSAHX currently has the higher Sharpe Ratio (2.82 vs 2.70), 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.

Portfolio Optimizer

Find the right allocation for FSAHX and VTES

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer