FSMUX vs. FZROX

Last updated Jun 4, 2026

FSMUX (Strategic Advisers Municipal Bond Fund) and FZROX (Fidelity ZERO Total Market Index Fund) are both mutual funds - FSMUX is a Municipal Bonds fund managed by Fidelity, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 3 years, FSMUX returned 3.86%/yr vs 22.49%/yr for FZROX. At a 0.13 correlation, their price movements are largely independent. FSMUX charges 0.06%/yr vs 0.00%/yr for FZROX.

Performance

FSMUX vs. FZROX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSMUX achieves a 1.47% return, which is significantly lower than FZROX's 12.01% return.

FSMUX

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

FZROX

• 1D: 0.23%
• 1M: 5.79%
• YTD: 12.01%
• 6M: 11.92%
• 1Y: 29.16%
• 3Y*: 22.49%
• 5Y*: 13.30%
• 10Y*: —

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

FSMUX vs. FZROX - 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%
FZROX Fidelity ZERO Total Market Index Fund	12.01%	17.23%	23.94%	26.20%	-19.21%	11.45%

Correlation

The correlation between FSMUX and FZROX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jun 18, 2021	0.13

Return for Risk

FSMUX vs. FZROX — 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

FZROX

FZROX Risk / Return Rank: 72
FZROX Sharpe Ratio Rank: 72
FZROX Sortino Ratio Rank: 65
FZROX Omega Ratio Rank: 63
FZROX Calmar Ratio Rank: 75
FZROX Martin Ratio Rank: 83

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. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Municipal Bond Fund (FSMUX) and Fidelity ZERO Total Market Index Fund (FZROX). 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	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.47	+0.22
Sortino ratio: Return per unit of downside risk	4.63	3.36	+1.28
Omega ratio: Gain probability vs. loss probability	1.71	1.45	+0.26
Calmar ratio: Return relative to maximum drawdown	3.15	3.39	-0.25
Martin ratio: Return relative to average drawdown	11.49	15.66	-4.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMUX vs. FZROX - Sharpe Ratio Comparison

The current FSMUX Sharpe Ratio is 2.69, which is comparable to the FZROX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of FSMUX and FZROX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSMUX	FZROX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	2.47	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.73	-0.61

Drawdowns

FSMUX vs. FZROX - Drawdown Comparison

The maximum FSMUX drawdown since its inception was -16.27%, smaller than the maximum FZROX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for FSMUX and FZROX.

Drawdown Indicators

	FSMUX	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-16.27%	-34.96%	+18.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-8.89%	+6.21%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	-19.38%	+13.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.12%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.46%	-5.51%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.92%	-0.09%

Volatility

FSMUX vs. FZROX - Volatility Comparison

The current volatility for Strategic Advisers Municipal Bond Fund (FSMUX) is 1.21%, while Fidelity ZERO Total Market Index Fund (FZROX) has a volatility of 2.99%. This indicates that FSMUX experiences smaller price fluctuations and is considered to be less risky than FZROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMUX	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	2.99%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	9.22%	-7.12%
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	12.22%	-9.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.64%	17.44%	-12.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	20.13%	-15.49%

FSMUX vs. FZROX - Expense Ratio Comparison

FSMUX has a 0.06% expense ratio, which is higher than FZROX's 0.00% expense ratio. However, 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. FZROX - Dividend Comparison

FSMUX's dividend yield for the trailing twelve months is around 2.99%, more than FZROX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMUX Strategic Advisers Municipal Bond Fund	2.99%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%
FZROX Fidelity ZERO Total Market Index Fund	0.91%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%

Frequently Asked Questions

Can I hold both FSMUX and FZROX in my portfolio?

FSMUX and FZROX have a correlation of 0.16, 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 FZROX?

FZROX has higher volatility (2.99%) compared to FSMUX (1.21%). In terms of maximum drawdown, FSMUX dropped -16.27% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

FSMUX currently has the higher Sharpe Ratio (2.69 vs 2.47), 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.