FSMUX vs. NCATX

Last updated Jun 23, 2026

FSMUX (Strategic Advisers Municipal Bond Fund) and NCATX (Northern California Tax Exempt Fund) are both Municipal Bonds funds. Over the past 5 years, FSMUX returned 0.55%/yr vs 0.09%/yr for NCATX. Their correlation of 0.82 suggests significant overlap in exposure. FSMUX charges 0.06%/yr vs 0.45%/yr for NCATX.

Performance

FSMUX vs. NCATX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Municipal Bond Fund (FSMUX) and Northern California Tax Exempt Fund (NCATX). 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 NCATX's 1.29% return.

FSMUX

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

NCATX

• 1D: 0.09%
• 1M: 1.55%
• YTD: 1.29%
• 6M: 1.38%
• 1Y: 6.42%
• 3Y*: 3.51%
• 5Y*: 0.09%
• 10Y*: 1.51%

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

FSMUX vs. NCATX - 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%
NCATX Northern California Tax Exempt Fund	1.29%	3.65%	1.89%	5.74%	-11.26%	-0.18%

Correlation

The correlation between FSMUX and NCATX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 17, 2021	0.82

The correlation between FSMUX and NCATX shifts across timeframes, from 0.63 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSMUX vs. NCATX — 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

NCATX

NCATX Risk / Return Rank: 68
NCATX Sharpe Ratio Rank: 85
NCATX Sortino Ratio Rank: 88
NCATX Omega Ratio Rank: 92
NCATX Calmar Ratio Rank: 41
NCATX Martin Ratio Rank: 33

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. NCATX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Municipal Bond Fund (FSMUX) and Northern California Tax Exempt Fund (NCATX). 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	NCATX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.54	+0.02
Sortino ratio: Return per unit of downside risk	4.42	3.96	+0.46
Omega ratio: Gain probability vs. loss probability	1.68	1.66	+0.02
Calmar ratio: Return relative to maximum drawdown	2.96	2.32	+0.64
Martin ratio: Return relative to average drawdown	10.85	6.91	+3.94

FSMUX vs. NCATX - Sharpe Ratio Comparison

The current FSMUX Sharpe Ratio is 2.56, which is comparable to the NCATX Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of FSMUX and NCATX, 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. NCATX - Drawdown Comparison

The maximum FSMUX drawdown since its inception was -16.27%, roughly equal to the maximum NCATX drawdown of -16.55%. Use the drawdown chart below to compare losses from any high point for FSMUX and NCATX.

Drawdown Indicators

	FSMUX	NCATX	Difference
Max Drawdown Largest peak-to-trough decline	-16.27%	-16.55%	+0.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-2.80%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	-5.80%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-16.27%	-16.55%	+0.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.55%	—
Current Drawdown Current decline from peak	0.00%	-0.83%	+0.83%
Average Drawdown Average peak-to-trough decline	-5.40%	-2.41%	-2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.93%	-0.22%

Volatility

FSMUX vs. NCATX - Volatility Comparison

Strategic Advisers Municipal Bond Fund (FSMUX) has a higher volatility of 0.84% compared to Northern California Tax Exempt Fund (NCATX) at 0.76%. This indicates that FSMUX's price experiences larger fluctuations and is considered to be riskier than NCATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMUX	NCATX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.76%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	2.04%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	2.55%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.62%	4.13%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.62%	4.25%	+0.37%

FSMUX vs. NCATX - Expense Ratio Comparison

FSMUX has a 0.06% expense ratio, which is lower than NCATX's 0.45% expense ratio.

Dividends

FSMUX vs. NCATX - Dividend Comparison

FSMUX's dividend yield for the trailing twelve months is around 2.98%, which matches NCATX's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NCATX Northern California Tax Exempt Fund	3.01%	2.85%	3.39%	2.46%	1.47%	2.18%	2.85%	3.82%	3.51%	3.19%	4.08%	3.21%

Frequently Asked Questions

Can I hold both FSMUX and NCATX in my portfolio?

FSMUX and NCATX have a correlation of 0.63, 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 NCATX?

FSMUX has higher volatility (0.84%) compared to NCATX (0.76%). In terms of maximum drawdown, FSMUX dropped -16.27% vs NCATX's -16.55%.

Which has better risk-adjusted returns?

FSMUX currently has the higher Sharpe Ratio (2.56 vs 2.54), 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.