FSAJX vs. FSMUX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity SAI Tax-Free Bond Fund (FSAJX) and Strategic Advisers Municipal Bond Fund (FSMUX).

FSAJX is managed by Fidelity. It was launched on Oct 2, 2018. FSMUX is managed by Fidelity. It was launched on Jun 24, 2021.

Performance

FSAJX vs. FSMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Tax-Free Bond Fund (FSAJX) and Strategic Advisers Municipal Bond Fund (FSMUX). The values are adjusted to include any dividend payments, if applicable.

FSAJX vs. FSMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSAJX Fidelity SAI Tax-Free Bond Fund	-0.68%	5.25%	1.80%	7.67%	-9.82%	0.41%
FSMUX Strategic Advisers Municipal Bond Fund	-1.13%	3.14%	2.99%	6.78%	-11.25%	0.39%

Returns By Period

In the year-to-date period, FSAJX achieves a -0.68% return, which is significantly higher than FSMUX's -1.13% return.

FSAJX

• 1D: 0.20%
• 1M: -2.82%
• YTD: -0.68%
• 6M: 0.87%
• 1Y: 4.08%
• 3Y*: 3.60%
• 5Y*: 1.13%
• 10Y*: —

FSMUX

• 1D: 0.11%
• 1M: -2.56%
• YTD: -1.13%
• 6M: 0.12%
• 1Y: 2.39%
• 3Y*: 2.93%
• 5Y*: —
• 10Y*: —

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

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%.

FSAJX

Fidelity SAI Tax-Free Bond Fund

FSMUX

Strategic Advisers Municipal Bond Fund

Return for Risk

FSAJX vs. FSMUX — Risk / Return Rank

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

FSAJX

FSAJX Risk / Return Rank: 49
FSAJX Sharpe Ratio Rank: 55
FSAJX Sortino Ratio Rank: 48
FSAJX Omega Ratio Rank: 73
FSAJX Calmar Ratio Rank: 39
FSAJX Martin Ratio Rank: 32

FSMUX

FSMUX Risk / Return Rank: 22
FSMUX Sharpe Ratio Rank: 24
FSMUX Sortino Ratio Rank: 20
FSMUX Omega Ratio Rank: 44
FSMUX Calmar Ratio Rank: 11
FSMUX Martin Ratio Rank: 11

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.

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.

	FSAJX	FSMUX	Difference
Sharpe ratio Return per unit of total volatility	1.02	0.63	+0.39
Sortino ratio Return per unit of downside risk	1.36	0.87	+0.49
Omega ratio Gain probability vs. loss probability	1.27	1.19	+0.08
Calmar ratio Return relative to maximum drawdown	1.02	0.28	+0.74
Martin ratio Return relative to average drawdown	3.46	0.78	+2.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSAJX vs. FSMUX - Sharpe Ratio Comparison

The current FSAJX Sharpe Ratio is 1.02, which is higher than the FSMUX Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of FSAJX and FSMUX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FSAJX	FSMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	0.63	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	-0.00	+0.56

Correlation

The correlation between FSAJX and FSMUX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FSAJX vs. FSMUX - Dividend Comparison

FSAJX's dividend yield for the trailing twelve months is around 3.28%, more than FSMUX's 2.35% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FSAJX Fidelity SAI Tax-Free Bond Fund	3.28%	4.25%	3.08%	2.75%	1.72%	1.50%	2.03%	2.79%	0.44%
FSMUX Strategic Advisers Municipal Bond Fund	2.35%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	FSAJX	FSMUX	Difference
Max Drawdown Largest peak-to-trough decline	-15.16%	-16.27%	+1.11%
Max Drawdown (1Y) Largest decline over 1 year	-4.78%	-5.30%	+0.52%
Max Drawdown (5Y) Largest decline over 5 years	-15.16%	—	—
Current Drawdown Current decline from peak	-2.82%	-2.56%	-0.26%
Average Drawdown Average peak-to-trough decline	-3.37%	-5.61%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	1.96%	-0.56%

Volatility

FSAJX vs. FSMUX - Volatility Comparison

Fidelity SAI Tax-Free Bond Fund (FSAJX) has a higher volatility of 1.11% compared to Strategic Advisers Municipal Bond Fund (FSMUX) at 0.99%. 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.

Volatility by Period

	FSAJX	FSMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	0.99%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	2.12%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.84%	6.65%	-1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.08%	4.67%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	4.67%	-0.02%