FSTFX vs. FTBFX

Last updated Jun 5, 2026

FSTFX (Fidelity Limited Term Municipal Income Fund) and FTBFX (Fidelity Total Bond Fund) are both mutual funds - FSTFX is a Municipal Bonds fund managed by Fidelity, while FTBFX is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 10 years, FSTFX returned 1.69%/yr vs 2.45%/yr for FTBFX. At a 0.48 correlation, their price movements are largely independent. FSTFX charges 0.37%/yr vs 0.45%/yr for FTBFX.

Performance

FSTFX vs. FTBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Limited Term Municipal Income Fund (FSTFX) and Fidelity Total Bond Fund (FTBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSTFX achieves a 0.85% return, which is significantly higher than FTBFX's 0.36% return. Over the past 10 years, FSTFX has underperformed FTBFX with an annualized return of 1.69%, while FTBFX has yielded a comparatively higher 2.45% annualized return.

FSTFX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 0.85%
• 6M: 1.26%
• 1Y: 3.94%
• 3Y*: 3.87%
• 5Y*: 1.42%
• 10Y*: 1.69%

FTBFX

• 1D: -0.21%
• 1M: 0.05%
• YTD: 0.36%
• 6M: 0.40%
• 1Y: 4.86%
• 3Y*: 4.76%
• 5Y*: 0.64%
• 10Y*: 2.45%

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

FSTFX vs. FTBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSTFX Fidelity Limited Term Municipal Income Fund	0.85%	5.36%	2.36%	3.85%	-4.90%	0.15%	3.23%	4.19%	1.28%	2.35%
FTBFX Fidelity Total Bond Fund	0.36%	7.50%	2.13%	7.25%	-13.58%	-0.44%	9.34%	9.89%	-0.66%	4.19%

Correlation

The correlation between FSTFX and FTBFX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 17, 2002	0.48

The correlation between FSTFX and FTBFX shifts across timeframes, from 0.46 (10 years) to 0.57 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FSTFX vs. FTBFX — Risk / Return Rank

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

FSTFX

FSTFX Risk / Return Rank: 74
FSTFX Sharpe Ratio Rank: 90
FSTFX Sortino Ratio Rank: 95
FSTFX Omega Ratio Rank: 97
FSTFX Calmar Ratio Rank: 51
FSTFX Martin Ratio Rank: 40

FTBFX

FTBFX Risk / Return Rank: 25
FTBFX Sharpe Ratio Rank: 25
FTBFX Sortino Ratio Rank: 26
FTBFX Omega Ratio Rank: 24
FTBFX Calmar Ratio Rank: 27
FTBFX 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.

FSTFX vs. FTBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Limited Term Municipal Income Fund (FSTFX) and Fidelity Total Bond Fund (FTBFX). 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.

	FSTFX	FTBFX	Difference
Sharpe ratio: Return per unit of total volatility	3.01	1.43	+1.57
Sortino ratio: Return per unit of downside risk	5.05	2.15	+2.90
Omega ratio: Gain probability vs. loss probability	2.00	1.26	+0.75
Calmar ratio: Return relative to maximum drawdown	2.72	1.92	+0.80
Martin ratio: Return relative to average drawdown	8.53	5.84	+2.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSTFX vs. FTBFX - Sharpe Ratio Comparison

The current FSTFX Sharpe Ratio is 3.01, which is higher than the FTBFX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FSTFX and FTBFX, 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

	FSTFX	FTBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.01	1.43	+1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.11	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.52	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	0.92	+0.65

Drawdowns

FSTFX vs. FTBFX - Drawdown Comparison

The maximum FSTFX drawdown since its inception was -9.50%, smaller than the maximum FTBFX drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for FSTFX and FTBFX.

Drawdown Indicators

	FSTFX	FTBFX	Difference
Max Drawdown Largest peak-to-trough decline	-9.50%	-18.25%	+8.75%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-2.89%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-2.00%	-5.82%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-7.65%	-18.25%	+10.60%
Max Drawdown (10Y) Largest decline over 10 years	-7.65%	-18.25%	+10.60%
Current Drawdown Current decline from peak	-0.48%	-1.51%	+1.03%
Average Drawdown Average peak-to-trough decline	-0.98%	-2.32%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.95%	-0.48%

Volatility

FSTFX vs. FTBFX - Volatility Comparison

The current volatility for Fidelity Limited Term Municipal Income Fund (FSTFX) is 0.44%, while Fidelity Total Bond Fund (FTBFX) has a volatility of 1.38%. This indicates that FSTFX experiences smaller price fluctuations and is considered to be less risky than FTBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSTFX	FTBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	1.38%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	2.78%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	1.35%	3.87%	-2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.93%	5.67%	-3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.05%	4.73%	-2.68%

FSTFX vs. FTBFX - Expense Ratio Comparison

FSTFX has a 0.37% expense ratio, which is lower than FTBFX's 0.45% expense ratio.

Dividends

FSTFX vs. FTBFX - Dividend Comparison

FSTFX's dividend yield for the trailing twelve months is around 2.43%, less than FTBFX's 4.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSTFX Fidelity Limited Term Municipal Income Fund	2.43%	2.99%	2.03%	1.70%	0.92%	1.08%	1.58%	1.92%	1.65%	1.56%	1.60%	1.62%
FTBFX Fidelity Total Bond Fund	4.36%	4.36%	4.15%	4.15%	2.54%	1.89%	5.22%	3.03%	3.19%	2.97%	3.61%	3.30%

Frequently Asked Questions

Can I hold both FSTFX and FTBFX in my portfolio?

FSTFX and FTBFX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSTFX or FTBFX?

FTBFX has higher volatility (1.38%) compared to FSTFX (0.44%). In terms of maximum drawdown, FSTFX dropped -9.50% vs FTBFX's -18.25%.

Which has better risk-adjusted returns?

FSTFX currently has the higher Sharpe Ratio (3.01 vs 1.43), 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.