FSAJX vs. VTI

Last updated Jun 3, 2026

FSAJX (Fidelity SAI Tax-Free Bond Fund) and VTI (Vanguard Total Stock Market ETF) are both funds - FSAJX is a Municipal Bonds fund managed by Fidelity, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Over the past 5 years, FSAJX returned 1.23%/yr vs 13.05%/yr for VTI. At a 0.05 correlation, their price movements are largely independent. FSAJX charges 0.25%/yr vs 0.03%/yr for VTI.

Performance

FSAJX vs. VTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Tax-Free Bond Fund (FSAJX) and Vanguard Total Stock Market ETF (VTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSAJX achieves a 1.48% return, which is significantly lower than VTI's 12.01% return.

FSAJX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 1.48%
• 6M: 1.98%
• 1Y: 7.32%
• 3Y*: 4.50%
• 5Y*: 1.23%
• 10Y*: —

VTI

• 1D: 0.26%
• 1M: 5.37%
• YTD: 12.01%
• 6M: 12.40%
• 1Y: 30.01%
• 3Y*: 22.37%
• 5Y*: 13.05%
• 10Y*: 15.13%

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

FSAJX vs. VTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSAJX Fidelity SAI Tax-Free Bond Fund	1.48%	5.25%	1.80%	7.67%	-9.82%	1.98%	3.91%	8.45%	1.95%
VTI Vanguard Total Stock Market ETF	12.01%	17.10%	23.81%	26.05%	-19.52%	25.68%	21.08%	30.67%	-14.33%

Correlation

The correlation between FSAJX and VTI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 4, 2018	0.05

The correlation between FSAJX and VTI shifts across timeframes, from 0.05 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FSAJX vs. VTI — Risk / Return Rank

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

FSAJX

FSAJX Risk / Return Rank: 66
FSAJX Sharpe Ratio Rank: 78
FSAJX Sortino Ratio Rank: 85
FSAJX Omega Ratio Rank: 89
FSAJX Calmar Ratio Rank: 40
FSAJX Martin Ratio Rank: 40

VTI

VTI Risk / Return Rank: 74
VTI Sharpe Ratio Rank: 75
VTI Sortino Ratio Rank: 74
VTI Omega Ratio Rank: 74
VTI Calmar Ratio Rank: 68
VTI Martin Ratio Rank: 80

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. VTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Tax-Free Bond Fund (FSAJX) and Vanguard Total Stock Market ETF (VTI). 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	VTI	Difference
Sharpe ratio Return per unit of total volatility	2.56	2.48	+0.08
Sortino ratio Return per unit of downside risk	4.02	3.37	+0.65
Omega ratio Gain probability vs. loss probability	1.62	1.45	+0.18
Calmar ratio Return relative to maximum drawdown	2.45	3.44	-0.99
Martin ratio Return relative to average drawdown	8.68	15.88	-7.20
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. VTI - Sharpe Ratio Comparison

The current FSAJX Sharpe Ratio is 2.56, which is comparable to the VTI Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FSAJX and VTI, 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

	FSAJX	VTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.48	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.75	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.51	+0.10

Drawdowns

FSAJX vs. VTI - Drawdown Comparison

The maximum FSAJX drawdown since its inception was -15.16%, smaller than the maximum VTI drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for FSAJX and VTI.

Drawdown Indicators

	FSAJX	VTI	Difference
Max Drawdown Largest peak-to-trough decline	-15.16%	-55.45%	+40.29%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-8.92%	+5.90%
Max Drawdown (3Y) Largest decline over 3 years	-5.86%	-19.30%	+13.44%
Max Drawdown (5Y) Largest decline over 5 years	-15.16%	-25.36%	+10.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-0.71%	0.00%	-0.71%
Average Drawdown Average peak-to-trough decline	-3.33%	-8.03%	+4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	1.93%	-1.08%

Volatility

FSAJX vs. VTI - Volatility Comparison

The current volatility for Fidelity SAI Tax-Free Bond Fund (FSAJX) is 1.09%, while Vanguard Total Stock Market ETF (VTI) has a volatility of 2.86%. This indicates that FSAJX experiences smaller price fluctuations and is considered to be less risky than VTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSAJX	VTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	2.86%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	9.11%	-6.97%
Volatility (1Y) Calculated over the trailing 1-year period	2.80%	12.15%	-9.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	17.40%	-13.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.62%	18.30%	-13.68%

FSAJX vs. VTI - Expense Ratio Comparison

FSAJX has a 0.25% expense ratio, which is higher than VTI's 0.03% 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. VTI - Dividend Comparison

FSAJX's dividend yield for the trailing twelve months is around 3.30%, more than VTI's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSAJX Fidelity SAI Tax-Free Bond Fund	3.30%	4.25%	3.08%	2.75%	1.72%	1.50%	2.03%	2.79%	0.44%	0.00%	0.00%	0.00%
VTI Vanguard Total Stock Market ETF	1.01%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both FSAJX and VTI in my portfolio?

FSAJX and VTI have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSAJX or VTI?

VTI has higher volatility (2.86%) compared to FSAJX (1.09%). In terms of maximum drawdown, FSAJX dropped -15.16% vs VTI's -55.45%.

Which has better risk-adjusted returns?

FSAJX currently has the higher Sharpe Ratio (2.56 vs 2.48), 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.