FSTFX vs. FUENX

Last updated Jun 23, 2026

FSTFX (Fidelity Limited Term Municipal Income Fund) and FUENX (Fidelity Flex Municipal Income Fund) are both Municipal Bonds funds from Fidelity. Over the past 5 years, FSTFX returned 1.46%/yr vs 1.28%/yr for FUENX. A 0.77 correlation means they provide meaningful diversification when combined. FSTFX charges 0.37%/yr vs 0.00%/yr for FUENX.

Performance

FSTFX vs. FUENX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSTFX achieves a 0.94% return, which is significantly lower than FUENX's 1.89% return.

FSTFX

• 1D: 0.00%
• 1M: 0.79%
• YTD: 0.94%
• 6M: 1.25%
• 1Y: 3.84%
• 3Y*: 3.87%
• 5Y*: 1.46%
• 10Y*: 1.67%

FUENX

• 1D: 0.00%
• 1M: 1.61%
• YTD: 1.89%
• 6M: 2.28%
• 1Y: 7.33%
• 3Y*: 4.42%
• 5Y*: 1.28%
• 10Y*: —

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

FSTFX vs. FUENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSTFX Fidelity Limited Term Municipal Income Fund	0.94%	5.36%	2.36%	3.85%	-4.90%	0.15%	3.23%	4.19%	1.28%	-0.22%
FUENX Fidelity Flex Municipal Income Fund	1.89%	4.63%	2.32%	7.27%	-9.29%	1.99%	3.07%	8.27%	0.72%	1.02%

Correlation

The correlation between FSTFX and FUENX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.77

The correlation between FSTFX and FUENX shifts across timeframes, from 0.65 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSTFX vs. FUENX — Risk / Return Rank

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

FSTFX

FSTFX Risk / Return Rank: 75
FSTFX Sharpe Ratio Rank: 92
FSTFX Sortino Ratio Rank: 95
FSTFX Omega Ratio Rank: 97
FSTFX Calmar Ratio Rank: 50
FSTFX Martin Ratio Rank: 38

FUENX

FUENX Risk / Return Rank: 77
FUENX Sharpe Ratio Rank: 92
FUENX Sortino Ratio Rank: 94
FUENX Omega Ratio Rank: 95
FUENX Calmar Ratio Rank: 53
FUENX Martin Ratio Rank: 49

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. FUENX - Risk-Adjusted Trends Comparison

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

	FSTFX	FUENX	Difference
Sharpe ratio: Return per unit of total volatility	2.85	2.87	-0.01
Sortino ratio: Return per unit of downside risk	4.77	4.59	+0.19
Omega ratio: Gain probability vs. loss probability	1.93	1.75	+0.19
Calmar ratio: Return relative to maximum drawdown	2.58	2.67	-0.08
Martin ratio: Return relative to average drawdown	7.95	9.54	-1.59

FSTFX vs. FUENX - Sharpe Ratio Comparison

The current FSTFX Sharpe Ratio is 2.85, which is comparable to the FUENX Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of FSTFX and FUENX, 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

FSTFX vs. FUENX - Drawdown Comparison

The maximum FSTFX drawdown since its inception was -9.50%, smaller than the maximum FUENX drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for FSTFX and FUENX.

Drawdown Indicators

	FSTFX	FUENX	Difference
Max Drawdown Largest peak-to-trough decline	-9.50%	-14.32%	+4.82%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-2.77%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-2.00%	-5.34%	+3.34%
Max Drawdown (5Y) Largest decline over 5 years	-7.65%	-14.32%	+6.67%
Max Drawdown (10Y) Largest decline over 10 years	-7.65%	—	—
Current Drawdown Current decline from peak	-0.39%	-0.24%	-0.15%
Average Drawdown Average peak-to-trough decline	-0.97%	-2.90%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.77%	-0.29%

Volatility

FSTFX vs. FUENX - Volatility Comparison

The current volatility for Fidelity Limited Term Municipal Income Fund (FSTFX) is 0.34%, while Fidelity Flex Municipal Income Fund (FUENX) has a volatility of 0.68%. This indicates that FSTFX experiences smaller price fluctuations and is considered to be less risky than FUENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSTFX	FUENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	0.68%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	1.07%	1.98%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	1.35%	2.58%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.93%	3.78%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.05%	4.19%	-2.14%

FSTFX vs. FUENX - Expense Ratio Comparison

FSTFX has a 0.37% expense ratio, which is higher than FUENX's 0.00% expense ratio.

Dividends

FSTFX vs. FUENX - Dividend Comparison

FSTFX's dividend yield for the trailing twelve months is around 2.43%, less than FUENX's 3.25% 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%
FUENX Fidelity Flex Municipal Income Fund	3.25%	3.14%	2.90%	2.58%	1.38%	1.40%	1.54%	2.95%	2.61%	0.41%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSTFX and FUENX in my portfolio?

FSTFX and FUENX have a correlation of 0.65, 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 FUENX?

FUENX has higher volatility (0.68%) compared to FSTFX (0.34%). In terms of maximum drawdown, FSTFX dropped -9.50% vs FUENX's -14.32%.

Which has better risk-adjusted returns?

FUENX currently has the higher Sharpe Ratio (2.87 vs 2.85), 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.