FSAZX vs. MQY
FSAZX (Fidelity Arizona Municipal Income Fund) and MQY (BlackRock MuniYield Quality Fund) are both Municipal Bonds funds. Over the past 10 years, FSAZX returned 1.88%/yr vs 1.42%/yr for MQY. At a 0.29 correlation, their price movements are largely independent. FSAZX charges 0.55%/yr vs 2.07%/yr for MQY.
Performance
FSAZX vs. MQY - 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 MQY's 5.72% return. Over the past 10 years, FSAZX has outperformed MQY with an annualized return of 1.88%, while MQY has yielded a comparatively lower 1.42% 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%
MQY
- 1D
- -0.09%
- 1M
- 2.19%
- 6M
- 5.72%
- YTD
- 5.72%
- 1Y
- 10.57%
- 3Y*
- 5.97%
- 5Y*
- -2.00%
- 10Y*
- 1.42%
FSAZX vs. MQY - 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% |
MQY BlackRock MuniYield Quality Fund | 5.72% | 4.28% | -0.06% | 10.20% | -24.23% | 2.67% | 14.65% | 20.89% | -10.12% | 8.98% |
Correlation
The correlation between FSAZX and MQY is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.29 |
Over the past year, FSAZX and MQY have become more correlated (0.53) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
FSAZX vs. MQY — Risk / Return Rank
FSAZX
MQY
FSAZX vs. MQY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Arizona Municipal Income Fund (FSAZX) and BlackRock MuniYield Quality Fund (MQY). 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 | MQY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.21 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 1.31 | +1.11 |
| Martin ratioReturn relative to average drawdown | 8.23 | 4.05 | +4.17 |
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Drawdowns
FSAZX vs. MQY - Drawdown Comparison
The maximum FSAZX drawdown since its inception was -14.01%, smaller than the maximum MQY drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for FSAZX and MQY.
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Drawdown Indicators
| FSAZX | MQY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.01% | -41.67% | +27.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -8.13% | +5.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.05% | -17.03% | +11.98% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -35.44% | +21.43% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -35.97% | +21.96% |
Current DrawdownCurrent decline from peak | 0.00% | -11.98% | +11.98% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -8.30% | +6.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 2.61% | -1.79% |
Volatility
FSAZX vs. MQY - Volatility Comparison
The current volatility for Fidelity Arizona Municipal Income Fund (FSAZX) is 0.42%, while BlackRock MuniYield Quality Fund (MQY) has a volatility of 2.62%. This indicates that FSAZX experiences smaller price fluctuations and is considered to be less risky than MQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSAZX | MQY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 2.62% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 7.52% | -5.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.52% | 9.45% | -6.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.61% | 12.22% | -8.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.77% | 13.04% | -9.27% |
FSAZX vs. MQY - Expense Ratio Comparison
FSAZX has a 0.55% expense ratio, which is lower than MQY's 2.07% expense ratio.
Dividends
FSAZX vs. MQY - Dividend Comparison
FSAZX's dividend yield for the trailing twelve months is around 2.66%, less than MQY's 6.01% 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% |
MQY BlackRock MuniYield Quality Fund | 6.01% | 6.16% | 6.04% | 4.46% | 5.87% | 4.93% | 4.21% | 4.00% | 5.24% | 5.67% | 6.10% | 6.06% |
Frequently Asked Questions
FSAZX and MQY have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MQY has higher volatility (2.62%) compared to FSAZX (0.42%). In terms of maximum drawdown, FSAZX dropped -14.01% vs MQY's -41.67%.
FSAZX currently has the higher Sharpe Ratio (2.71 vs 1.12), 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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