FSMNX vs. IJR
FSMNX (Fidelity SAI Municipal Income Fund) and IJR (iShares Core S&P Small-Cap ETF) are both funds - FSMNX is a Municipal Bonds fund managed by Fidelity, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Over the past 5 years, FSMNX returned 1.15%/yr vs 5.64%/yr for IJR. At a 0.02 correlation, their price movements are largely independent. FSMNX charges 0.36%/yr vs 0.06%/yr for IJR.
Performance
FSMNX vs. IJR - Performance Comparison
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Returns By Period
In the year-to-date period, FSMNX achieves a 1.61% return, which is significantly lower than IJR's 15.38% return.
FSMNX
- 1D
- 0.20%
- 1M
- 0.80%
- YTD
- 1.61%
- 6M
- 2.01%
- 1Y
- 7.35%
- 3Y*
- 4.59%
- 5Y*
- 1.15%
- 10Y*
- —
IJR
- 1D
- -0.89%
- 1M
- 1.67%
- YTD
- 15.38%
- 6M
- 14.25%
- 1Y
- 31.54%
- 3Y*
- 14.39%
- 5Y*
- 5.64%
- 10Y*
- 10.66%
FSMNX vs. IJR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FSMNX Fidelity SAI Municipal Income Fund | 1.61% | 5.30% | 2.12% | 7.55% | -10.43% | 1.84% | 3.45% | 8.74% | 2.37% |
IJR iShares Core S&P Small-Cap ETF | 15.38% | 5.89% | 8.63% | 16.06% | -16.20% | 26.58% | 11.28% | 22.82% | -8.80% |
Correlation
The correlation between FSMNX and IJR 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 | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2018 | 0.02 |
The correlation between FSMNX and IJR shifts across timeframes, from 0.02 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FSMNX vs. IJR — Risk / Return Rank
FSMNX
IJR
FSMNX vs. IJR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Municipal Income Fund (FSMNX) and iShares Core S&P Small-Cap ETF (IJR). 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.
| FSMNX | IJR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.31 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 3.65 | -1.23 |
| Martin ratioReturn relative to average drawdown | 8.14 | 12.14 | -4.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FSMNX | IJR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.68 | 1.81 | +0.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.26 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.43 | +0.18 |
Drawdowns
FSMNX vs. IJR - Drawdown Comparison
The maximum FSMNX drawdown since its inception was -15.85%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for FSMNX and IJR.
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Drawdown Indicators
| FSMNX | IJR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -58.15% | +42.30% |
Max Drawdown (1Y)Largest decline over 1 year | -3.07% | -8.68% | +5.61% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -28.02% | +21.94% |
Max Drawdown (5Y)Largest decline over 5 years | -15.85% | -28.02% | +12.17% |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.36% | — |
Current DrawdownCurrent decline from peak | -0.62% | -0.91% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -9.28% | +5.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 2.60% | -1.69% |
Volatility
FSMNX vs. IJR - Volatility Comparison
The current volatility for Fidelity SAI Municipal Income Fund (FSMNX) is 1.15%, while iShares Core S&P Small-Cap ETF (IJR) has a volatility of 4.45%. This indicates that FSMNX experiences smaller price fluctuations and is considered to be less risky than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMNX | IJR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 4.45% | -3.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.19% | 11.65% | -9.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.78% | 17.54% | -14.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.14% | 21.41% | -17.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 22.91% | -18.29% |
FSMNX vs. IJR - Expense Ratio Comparison
FSMNX has a 0.36% expense ratio, which is higher than IJR's 0.06% expense ratio.
Dividends
FSMNX vs. IJR - Dividend Comparison
FSMNX's dividend yield for the trailing twelve months is around 3.37%, more than IJR's 1.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMNX Fidelity SAI Municipal Income Fund | 3.37% | 4.38% | 3.52% | 2.98% | 1.74% | 1.55% | 1.96% | 3.57% | 0.65% | 0.00% | 0.00% | 0.00% |
IJR iShares Core S&P Small-Cap ETF | 1.15% | 1.44% | 2.05% | 1.31% | 1.41% | 1.53% | 1.11% | 1.44% | 1.58% | 1.20% | 1.22% | 1.48% |
Frequently Asked Questions
FSMNX and IJR 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.
IJR has higher volatility (4.45%) compared to FSMNX (1.15%). In terms of maximum drawdown, FSMNX dropped -15.85% vs IJR's -58.15%.
FSMNX currently has the higher Sharpe Ratio (2.68 vs 1.81), 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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