FSAZX vs. VTEB
FSAZX (Fidelity Arizona Municipal Income Fund) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. Over the past 10 years, FSAZX returned 1.70%/yr vs 1.88%/yr for VTEB. Their 0.67 correlation means they have sometimes moved together and sometimes differently. FSAZX charges 0.55%/yr vs 0.03%/yr for VTEB.
Performance
FSAZX vs. VTEB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FSAZX achieves a 0.04% return, which is significantly lower than VTEB's 0.31% return. Over the past 10 years, FSAZX has underperformed VTEB with an annualized return of 1.70%, while VTEB has yielded a comparatively higher 1.88% annualized return.
FSAZX
- 1D
- -0.17%
- 1M
- -1.89%
- 6M
- -0.53%
- YTD
- 0.04%
- 1Y
- 4.32%
- 3Y*
- 3.52%
- 5Y*
- 0.50%
- 10Y*
- 1.70%
- ALL TIME*
- 4.19%
VTEB
- 1D
- -0.10%
- 1M
- -1.84%
- 6M
- -0.23%
- YTD
- 0.31%
- 1Y
- 4.77%
- 3Y*
- 2.92%
- 5Y*
- 0.53%
- 10Y*
- 1.88%
- ALL TIME*
- 2.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $377.87M | $352.76M | $360.69M |
FSAZX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSAZX Fidelity Arizona Municipal Income Fund | 0.04% | 4.96% | 2.06% | 6.04% | -9.40% | 0.88% | 4.51% | 7.44% | 0.64% | 5.44% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.31% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between FSAZX and VTEB is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | 0.67 |
The correlation between FSAZX and VTEB has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.
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. VTEB — Risk / Return Rank
FSAZX
VTEB
FSAZX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Arizona Municipal Income Fund (FSAZX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.41 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 2.00 | -0.17 |
| Martin ratioReturn relative to average drawdown | 5.86 | 6.62 | -0.76 |
Loading charts...
Drawdowns
FSAZX vs. VTEB - Drawdown Comparison
The maximum FSAZX drawdown since its inception was -14.01%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for FSAZX and VTEB.
Loading charts...
Drawdown Indicators
| FSAZX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.01% | -17.00% | +2.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -2.71% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -4.25% | -4.76% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -12.59% | -1.42% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -17.00% | +2.99% |
Current DrawdownCurrent decline from peak | -1.89% | -1.86% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -2.30% | +0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.82% | +0.06% |
Volatility
FSAZX vs. VTEB - Volatility Comparison
Fidelity Arizona Municipal Income Fund (FSAZX) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 0.92% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FSAZX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.88% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.15% | 2.22% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 2.79% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.63% | 3.92% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.78% | 5.25% | -1.47% |
FSAZX vs. VTEB - Expense Ratio Comparison
FSAZX has a 0.55% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
FSAZX vs. VTEB - Dividend Comparison
FSAZX's dividend yield for the trailing twelve months is around 2.48%, less than VTEB's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSAZX Fidelity Arizona Municipal Income Fund | 2.48% | 3.47% | 2.82% | 2.43% | 1.52% | 2.00% | 2.54% | 2.52% | 2.55% | 3.19% | 3.19% | 3.73% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.14% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
FSAZX and VTEB have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSAZX has higher volatility (0.92%) compared to VTEB (0.88%). In terms of maximum drawdown, FSAZX dropped -14.01% vs VTEB's -17.00%.
VTEB currently has the higher Sharpe Ratio (1.95 vs 1.94), 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 VTEB
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