FSMUX vs. FMBIX

Last updated Jun 4, 2026

FSMUX (Strategic Advisers Municipal Bond Fund) and FMBIX (Fidelity Municipal Bond Index Fund) are both Municipal Bonds funds from Fidelity. Their correlation of 0.81 suggests significant overlap in exposure. FSMUX charges 0.06%/yr vs 0.07%/yr for FMBIX.

Performance

FSMUX vs. FMBIX - Performance Comparison

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

Returns By Period

FSMUX

• 1D: 0.23%
• 1M: 0.90%
• YTD: 1.47%
• 6M: 1.83%
• 1Y: 7.07%
• 3Y*: 3.86%
• 5Y*: —
• 10Y*: —

FMBIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSMUX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSMUX Strategic Advisers Municipal Bond Fund	1.47%	3.14%	2.99%	6.78%	-11.25%	0.39%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	0.35%

Correlation

The correlation between FSMUX and FMBIX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 18, 2021	0.81

The correlation between FSMUX and FMBIX shifts across timeframes, from 0.71 (3 years) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSMUX vs. FMBIX — Risk / Return Rank

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

FSMUX

FSMUX Risk / Return Rank: 78
FSMUX Sharpe Ratio Rank: 83
FSMUX Sortino Ratio Rank: 92
FSMUX Omega Ratio Rank: 93
FSMUX Calmar Ratio Rank: 66
FSMUX Martin Ratio Rank: 57

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. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Municipal Bond Fund (FSMUX) and Fidelity Municipal Bond Index Fund (FMBIX). 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.

	FSMUX	FMBIX	Difference
Sharpe ratio: Return per unit of total volatility	2.69	—	—
Sortino ratio: Return per unit of downside risk	4.63	—	—
Omega ratio: Gain probability vs. loss probability	1.71	—	—
Calmar ratio: Return relative to maximum drawdown	3.15	—	—
Martin ratio: Return relative to average drawdown	11.49	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FSMUX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	—	—

Drawdowns

Drawdown Indicators

	FSMUX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-16.27%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-5.46%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	—	—

Volatility

Volatility by Period

	FSMUX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.64%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	—	—

FSMUX vs. FMBIX - Expense Ratio Comparison

FSMUX has a 0.06% expense ratio, which is lower than FMBIX's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FSMUX vs. FMBIX - Dividend Comparison

FSMUX's dividend yield for the trailing twelve months is around 2.99%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%
FSMUX Strategic Advisers Municipal Bond Fund	2.99%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMUX and FMBIX in my portfolio?

FSMUX and FMBIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.