FSAZX vs. MIY
FSAZX (Fidelity Arizona Municipal Income Fund) and MIY (BlackRock MuniYield Michigan Quality Fund) are both Municipal Bonds funds. Over the past 10 years, FSAZX returned 1.88%/yr vs 2.53%/yr for MIY. At a 0.27 correlation, their price movements are largely independent. FSAZX charges 0.55%/yr vs 2.25%/yr for MIY.
Performance
FSAZX vs. MIY - Performance Comparison
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Returns By Period
In the year-to-date period, FSAZX achieves a 1.96% return, which is significantly lower than MIY's 6.66% return. Over the past 10 years, FSAZX has underperformed MIY with an annualized return of 1.88%, while MIY has yielded a comparatively higher 2.53% 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%
MIY
- 1D
- -0.65%
- 1M
- 1.53%
- 6M
- 6.66%
- YTD
- 6.66%
- 1Y
- 16.21%
- 3Y*
- 8.81%
- 5Y*
- 0.13%
- 10Y*
- 2.53%
FSAZX vs. MIY - 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% |
MIY BlackRock MuniYield Michigan Quality Fund | 6.66% | 11.24% | 3.48% | 6.60% | -24.10% | 10.04% | 7.27% | 19.51% | -6.71% | 8.86% |
Correlation
The correlation between FSAZX and MIY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.27 |
The correlation between FSAZX and MIY shifts across timeframes, from 0.27 (all time) to 0.47 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FSAZX vs. MIY — Risk / Return Rank
FSAZX
MIY
FSAZX vs. MIY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Arizona Municipal Income Fund (FSAZX) and BlackRock MuniYield Michigan Quality Fund (MIY). 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 | MIY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.27 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 1.61 | +0.80 |
| Martin ratioReturn relative to average drawdown | 8.23 | 5.27 | +2.95 |
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Drawdowns
FSAZX vs. MIY - Drawdown Comparison
The maximum FSAZX drawdown since its inception was -14.01%, smaller than the maximum MIY drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for FSAZX and MIY.
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Drawdown Indicators
| FSAZX | MIY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.01% | -42.19% | +28.18% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -10.08% | +7.27% |
Max Drawdown (3Y)Largest decline over 3 years | -5.05% | -14.72% | +9.67% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -34.59% | +20.58% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -34.59% | +20.58% |
Current DrawdownCurrent decline from peak | 0.00% | -2.97% | +2.97% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -8.31% | +6.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 3.09% | -2.27% |
Volatility
FSAZX vs. MIY - Volatility Comparison
The current volatility for Fidelity Arizona Municipal Income Fund (FSAZX) is 0.42%, while BlackRock MuniYield Michigan Quality Fund (MIY) has a volatility of 2.90%. This indicates that FSAZX experiences smaller price fluctuations and is considered to be less risky than MIY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSAZX | MIY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 2.90% | -2.48% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 10.09% | -8.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.52% | 11.78% | -9.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.61% | 11.69% | -8.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.77% | 11.98% | -8.21% |
FSAZX vs. MIY - Expense Ratio Comparison
FSAZX has a 0.55% expense ratio, which is lower than MIY's 2.25% expense ratio.
Dividends
FSAZX vs. MIY - Dividend Comparison
FSAZX's dividend yield for the trailing twelve months is around 2.66%, less than MIY's 5.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MIY BlackRock MuniYield Michigan Quality Fund | 5.37% | 5.57% | 5.21% | 3.86% | 5.70% | 4.38% | 4.23% | 4.27% | 5.27% | 5.46% | 5.85% | 5.66% |
Frequently Asked Questions
FSAZX and MIY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MIY has higher volatility (2.90%) compared to FSAZX (0.42%). In terms of maximum drawdown, FSAZX dropped -14.01% vs MIY's -42.19%.
FSAZX currently has the higher Sharpe Ratio (2.71 vs 1.38), 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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