FSAZX vs. AOR
FSAZX (Fidelity Arizona Municipal Income Fund) and AOR (iShares Core 60/40 Balanced Allocation ETF) are both funds - FSAZX is a Municipal Bonds fund managed by Fidelity, while AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index. Over the past 10 years, FSAZX returned 1.88%/yr vs 8.33%/yr for AOR. At a correlation of -0.03, they often move in opposite directions. FSAZX charges 0.55%/yr vs 0.15%/yr for AOR.
Performance
FSAZX vs. AOR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FSAZX achieves a 1.96% return, which is significantly lower than AOR's 7.00% return. Over the past 10 years, FSAZX has underperformed AOR with an annualized return of 1.88%, while AOR has yielded a comparatively higher 8.33% annualized return.
FSAZX
- 1D
- 0.31%
- 1M
- 0.83%
- 6M
- 1.96%
- YTD
- 1.96%
- 1Y
- 6.67%
- 3Y*
- 4.25%
- 5Y*
- 1.02%
- 10Y*
- 1.88%
AOR
- 1D
- -0.39%
- 1M
- -0.67%
- 6M
- 7.00%
- YTD
- 7.00%
- 1Y
- 15.56%
- 3Y*
- 13.37%
- 5Y*
- 6.72%
- 10Y*
- 8.33%
FSAZX vs. AOR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSAZX Fidelity Arizona Municipal Income Fund | 1.96% | 4.96% | 2.06% | 6.04% | -9.40% | 0.88% | 4.51% | 7.44% | 0.64% | 5.44% |
AOR iShares Core 60/40 Balanced Allocation ETF | 7.00% | 16.44% | 10.68% | 15.75% | -15.64% | 11.19% | 11.42% | 18.91% | -5.82% | 15.80% |
Correlation
The correlation between FSAZX and AOR is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008 | -0.03 |
The correlation between FSAZX and AOR shifts across timeframes, from -0.03 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FSAZX vs. AOR — Risk / Return Rank
FSAZX
AOR
FSAZX vs. AOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Arizona Municipal Income Fund (FSAZX) and iShares Core 60/40 Balanced Allocation ETF (AOR). 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.
| FSAZX | AOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.33 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 2.35 | +0.07 |
| Martin ratioReturn relative to average drawdown | 8.23 | 10.03 | -1.80 |
Loading charts...
Drawdowns
FSAZX vs. AOR - Drawdown Comparison
The maximum FSAZX drawdown since its inception was -14.01%, smaller than the maximum AOR drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for FSAZX and AOR.
Loading charts...
Drawdown Indicators
| FSAZX | AOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.01% | -24.44% | +10.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -6.64% | +3.83% |
Max Drawdown (3Y)Largest decline over 3 years | -5.05% | -9.77% | +4.72% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -21.72% | +7.71% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -22.95% | +8.94% |
Current DrawdownCurrent decline from peak | 0.00% | -0.89% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -3.46% | +1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 1.56% | -0.74% |
Volatility
FSAZX vs. AOR - Volatility Comparison
The current volatility for Fidelity Arizona Municipal Income Fund (FSAZX) is 0.42%, while iShares Core 60/40 Balanced Allocation ETF (AOR) has a volatility of 3.59%. This indicates that FSAZX experiences smaller price fluctuations and is considered to be less risky than AOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FSAZX | AOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 3.59% | -3.17% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 7.51% | -5.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.52% | 8.92% | -6.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.61% | 10.65% | -7.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.77% | 10.64% | -6.87% |
FSAZX vs. AOR - Expense Ratio Comparison
FSAZX has a 0.55% expense ratio, which is higher than AOR's 0.15% expense ratio.
Dividends
FSAZX vs. AOR - Dividend Comparison
FSAZX's dividend yield for the trailing twelve months is around 2.66%, more than AOR's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 2.48% | 2.55% | 2.66% | 2.50% | 2.12% | 1.64% | 1.89% | 2.56% | 2.49% | 4.51% | 2.16% | 2.12% |
FSAZX Fidelity Arizona Municipal Income Fund | 2.66% | 3.47% | 2.82% | 2.43% | 1.52% | 2.00% | 2.54% | 2.52% | 2.55% | 3.19% | 3.19% | 3.73% |
Frequently Asked Questions
FSAZX and AOR have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AOR has higher volatility (3.59%) compared to FSAZX (0.42%). In terms of maximum drawdown, FSAZX dropped -14.01% vs AOR's -24.44%.
FSAZX currently has the higher Sharpe Ratio (2.71 vs 1.75), 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.
Find the right allocation for FSAZX and AOR
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