FSAJX vs. FSMUX
FSAJX (Fidelity SAI Tax-Free Bond Fund) and FSMUX (Strategic Advisers Municipal Bond Fund) are both Municipal Bonds funds from Fidelity. Over the past 5 years, FSAJX returned 0.76%/yr vs 0.14%/yr for FSMUX. Their correlation of 0.88 means they have usually moved in the same direction. FSAJX charges 0.25%/yr vs 0.06%/yr for FSMUX.
Performance
FSAJX vs. FSMUX - Performance Comparison
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Returns By Period
In the year-to-date period, FSAJX achieves a 0.26% return, which is significantly lower than FSMUX's 0.31% return.
FSAJX
- 1D
- -0.20%
- 1M
- -1.97%
- 6M
- -0.61%
- YTD
- 0.26%
- 1Y
- 4.91%
- 3Y*
- 3.78%
- 5Y*
- 0.76%
- 10Y*
- —
- ALL TIME*
- 2.60%
FSMUX
- 1D
- -0.23%
- 1M
- -1.91%
- 6M
- -0.02%
- YTD
- 0.31%
- 1Y
- 5.26%
- 3Y*
- 3.18%
- 5Y*
- 0.14%
- 10Y*
- —
- ALL TIME*
- 0.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FSAJX vs. FSMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FSAJX Fidelity SAI Tax-Free Bond Fund | 0.26% | 5.25% | 1.80% | 7.67% | -9.82% | 0.13% |
FSMUX Strategic Advisers Municipal Bond Fund | 0.31% | 3.14% | 2.99% | 6.78% | -11.25% | 0.39% |
Correlation
The correlation between FSAJX and FSMUX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2021 | 0.88 |
The correlation between FSAJX and FSMUX shifts across timeframes, from 0.78 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FSAJX vs. FSMUX — Risk / Return Rank
FSAJX
FSMUX
FSAJX vs. FSMUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Tax-Free Bond Fund (FSAJX) and Strategic Advisers Municipal Bond Fund (FSMUX). 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.
| FSAJX | FSMUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.53 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 2.53 | -0.62 |
| Martin ratioReturn relative to average drawdown | 6.35 | 8.83 | -2.48 |
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Drawdowns
FSAJX vs. FSMUX - Drawdown Comparison
The maximum FSAJX drawdown since its inception was -15.16%, smaller than the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for FSAJX and FSMUX.
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Drawdown Indicators
| FSAJX | FSMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.16% | -16.27% | +1.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -2.68% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -5.02% | -5.89% | +0.87% |
Max Drawdown (5Y)Largest decline over 5 years | -15.13% | -16.23% | +1.10% |
Current DrawdownCurrent decline from peak | -1.97% | -1.91% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -3.27% | -5.30% | +2.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.75% | +0.16% |
Volatility
FSAJX vs. FSMUX - Volatility Comparison
Fidelity SAI Tax-Free Bond Fund (FSAJX) has a higher volatility of 1.02% compared to Strategic Advisers Municipal Bond Fund (FSMUX) at 0.94%. This indicates that FSAJX's price experiences larger fluctuations and is considered to be riskier than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSAJX | FSMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.94% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 2.27% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.93% | 3.17% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.15% | 4.65% | -0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.60% | 4.59% | +0.01% |
FSAJX vs. FSMUX - Expense Ratio Comparison
FSAJX has a 0.25% expense ratio, which is higher than FSMUX's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FSAJX vs. FSMUX - Dividend Comparison
FSAJX's dividend yield for the trailing twelve months is around 3.10%, more than FSMUX's 2.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FSAJX Fidelity SAI Tax-Free Bond Fund | 3.10% | 4.25% | 3.08% | 2.75% | 1.72% | 1.50% | 2.03% | 2.79% | 0.44% |
FSMUX Strategic Advisers Municipal Bond Fund | 2.71% | 3.26% | 3.74% | 3.18% | 2.14% | 0.99% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FSAJX and FSMUX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSAJX has higher volatility (1.02%) compared to FSMUX (0.94%). In terms of maximum drawdown, FSAJX dropped -15.16% vs FSMUX's -16.27%.
FSMUX currently has the higher Sharpe Ratio (2.14 vs 1.98), 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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