FSMUX vs. FLAAX

Last updated Jun 23, 2026

FSMUX (Strategic Advisers Municipal Bond Fund) and FLAAX (Nuveen All-American Municipal Bond Fund) are both Municipal Bonds funds. Over the past 5 years, FSMUX returned 0.55%/yr vs -0.81%/yr for FLAAX. Their correlation of 0.85 suggests significant overlap in exposure. FSMUX charges 0.06%/yr vs 0.66%/yr for FLAAX.

Performance

FSMUX vs. FLAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Municipal Bond Fund (FSMUX) and Nuveen All-American Municipal Bond Fund (FLAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMUX achieves a 1.59% return, which is significantly higher than FLAAX's 1.31% return.

FSMUX

• 1D: 0.11%
• 1M: 1.82%
• YTD: 1.59%
• 6M: 2.06%
• 1Y: 6.69%
• 3Y*: 3.82%
• 5Y*: 0.55%
• 10Y*: —

FLAAX

• 1D: 0.10%
• 1M: 1.66%
• YTD: 1.31%
• 6M: 1.67%
• 1Y: 5.58%
• 3Y*: 3.47%
• 5Y*: -0.81%
• 10Y*: 1.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FSMUX vs. FLAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSMUX Strategic Advisers Municipal Bond Fund	1.59%	3.14%	2.99%	6.78%	-11.25%	0.39%
FLAAX Nuveen All-American Municipal Bond Fund	1.31%	2.78%	2.58%	6.52%	-16.29%	0.56%

Correlation

The correlation between FSMUX and FLAAX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 17, 2021	0.85

The correlation between FSMUX and FLAAX shifts across timeframes, from 0.73 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSMUX vs. FLAAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FSMUX

FSMUX Risk / Return Rank: 79
FSMUX Sharpe Ratio Rank: 85
FSMUX Sortino Ratio Rank: 93
FSMUX Omega Ratio Rank: 93
FSMUX Calmar Ratio Rank: 65
FSMUX Martin Ratio Rank: 58

FLAAX

FLAAX Risk / Return Rank: 49
FLAAX Sharpe Ratio Rank: 53
FLAAX Sortino Ratio Rank: 62
FLAAX Omega Ratio Rank: 81
FLAAX Calmar Ratio Rank: 28
FLAAX Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FSMUX vs. FLAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Municipal Bond Fund (FSMUX) and Nuveen All-American Municipal Bond Fund (FLAAX). 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.

	FSMUX	FLAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.98	+0.58
Sortino ratio: Return per unit of downside risk	4.42	3.01	+1.41
Omega ratio: Gain probability vs. loss probability	1.68	1.49	+0.19
Calmar ratio: Return relative to maximum drawdown	2.96	1.83	+1.13
Martin ratio: Return relative to average drawdown	10.85	5.27	+5.58

FSMUX vs. FLAAX - Sharpe Ratio Comparison

The current FSMUX Sharpe Ratio is 2.56, which is comparable to the FLAAX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FSMUX and FLAAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FSMUX vs. FLAAX - Drawdown Comparison

The maximum FSMUX drawdown since its inception was -16.27%, smaller than the maximum FLAAX drawdown of -21.01%. Use the drawdown chart below to compare losses from any high point for FSMUX and FLAAX.

Drawdown Indicators

	FSMUX	FLAAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.27%	-21.01%	+4.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-3.07%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	-6.04%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-16.27%	-21.01%	+4.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.01%	—
Current Drawdown Current decline from peak	0.00%	-5.14%	+5.14%
Average Drawdown Average peak-to-trough decline	-5.40%	-2.74%	-2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	1.06%	-0.35%

Volatility

FSMUX vs. FLAAX - Volatility Comparison

Strategic Advisers Municipal Bond Fund (FSMUX) and Nuveen All-American Municipal Bond Fund (FLAAX) have volatilities of 0.84% and 0.82%, 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.

Volatility by Period

	FSMUX	FLAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.82%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	2.15%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	2.84%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.62%	4.54%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.62%	4.65%	-0.03%

FSMUX vs. FLAAX - Expense Ratio Comparison

FSMUX has a 0.06% expense ratio, which is lower than FLAAX's 0.66% expense ratio.

Dividends

FSMUX vs. FLAAX - Dividend Comparison

FSMUX's dividend yield for the trailing twelve months is around 2.98%, less than FLAAX's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLAAX Nuveen All-American Municipal Bond Fund	3.88%	4.21%	3.85%	3.55%	3.39%	2.83%	3.07%	3.69%	3.72%	3.65%	3.79%	3.84%
FSMUX Strategic Advisers Municipal Bond Fund	2.98%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMUX and FLAAX in my portfolio?

FSMUX and FLAAX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMUX or FLAAX?

FSMUX has higher volatility (0.84%) compared to FLAAX (0.82%). In terms of maximum drawdown, FSMUX dropped -16.27% vs FLAAX's -21.01%.

Which has better risk-adjusted returns?

FSMUX currently has the higher Sharpe Ratio (2.56 vs 1.98), 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.