FTABX vs. FAGIX

Last updated Aug 1, 2026

FTABX (Fidelity Tax-Free Bond Fund) and FAGIX (Fidelity Capital & Income Fund) are both mutual funds - FTABX is a Municipal Bonds fund actively managed by Fidelity, while FAGIX is a High Yield Bonds fund actively managed by Fidelity. Both are actively managed. Over the past 10 years, FTABX returned 2.06%/yr vs 7.47%/yr for FAGIX. Their 0.07 correlation means their historical movements had little consistent relationship. FTABX charges 0.25%/yr vs 0.67%/yr for FAGIX.

Performance

FTABX vs. FAGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Tax-Free Bond Fund (FTABX) and Fidelity Capital & Income Fund (FAGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTABX achieves a 0.14% return, which is significantly lower than FAGIX's 5.47% return. Over the past 10 years, FTABX has underperformed FAGIX with an annualized return of 2.06%, while FAGIX has yielded a comparatively higher 7.47% annualized return.

FTABX

• 1D: -0.18%
• 1M: -2.06%
• 6M: -0.66%
• YTD: 0.14%
• 1Y: 4.93%
• 3Y*: 3.63%
• 5Y*: 0.52%
• 10Y*: 2.06%
• ALL TIME*: 3.95%

FAGIX

• 1D: 1.00%
• 1M: -1.59%
• 6M: 3.79%
• YTD: 5.47%
• 1Y: 11.22%
• 3Y*: 11.21%
• 5Y*: 6.17%
• 10Y*: 7.47%
• ALL TIME*: 6.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FAGIX Fidelity Capital & Income Fund	$0.00	$0.00	$0.00
FTABX Fidelity Tax-Free Bond Fund	$0.00	$0.00	$0.00

FTABX vs. FAGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTABX Fidelity Tax-Free Bond Fund	0.14%	5.60%	1.54%	7.51%	-10.74%	2.20%	4.80%	8.58%	0.67%	6.45%
FAGIX Fidelity Capital & Income Fund	5.47%	12.38%	10.69%	13.02%	-11.50%	11.13%	9.95%	18.96%	-7.17%	11.66%

Correlation

The correlation between FTABX and FAGIX is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.31
Correlation (10Y) Provides a long-term view across more market conditions.	0.18
Correlation (All Time) Calculated using the full available price history since Apr 10, 2001	0.07

The correlation between FTABX and FAGIX shifts across timeframes, from 0.07 (all time) to 0.31 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FTABX vs. FAGIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTABX

FTABX Risk / Return Rank: 71
FTABX Sharpe Ratio Rank: 85
FTABX Sortino Ratio Rank: 85
FTABX Omega Ratio Rank: 89
FTABX Calmar Ratio Rank: 54
FTABX Martin Ratio Rank: 43

FAGIX

FAGIX Risk / Return Rank: 74
FAGIX Sharpe Ratio Rank: 69
FAGIX Sortino Ratio Rank: 66
FAGIX Omega Ratio Rank: 67
FAGIX Calmar Ratio Rank: 83
FAGIX Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FTABX vs. FAGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Tax-Free Bond Fund (FTABX) and Fidelity Capital & Income Fund (FAGIX). 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.

	FTABX	FAGIX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.55	+0.48
Sortino ratio: Return per unit of downside risk	3.01	2.20	+0.81
Omega ratio: Gain probability vs. loss probability	1.47	1.28	+0.19
Calmar ratio: Return relative to maximum drawdown	1.88	2.72	-0.83
Martin ratio: Return relative to average drawdown	6.04	10.26	-4.22

FTABX vs. FAGIX - Sharpe Ratio Comparison

The current FTABX Sharpe Ratio is 2.03, which is higher than the FAGIX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of FTABX and FAGIX, 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

FTABX vs. FAGIX - Drawdown Comparison

The maximum FTABX drawdown since its inception was -16.14%, smaller than the maximum FAGIX drawdown of -37.97%. Use the drawdown chart below to compare losses from any high point for FTABX and FAGIX.

Drawdown Indicators

	FTABX	FAGIX	Difference
Max Drawdown Largest peak-to-trough decline	-16.14%	-37.97%	+21.83%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-4.02%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-5.18%	-7.26%	+2.08%
Max Drawdown (5Y) Largest decline over 5 years	-16.07%	-15.42%	-0.65%
Max Drawdown (10Y) Largest decline over 10 years	-16.14%	-28.45%	+12.31%
Current Drawdown Current decline from peak	-2.06%	-3.07%	+1.01%
Average Drawdown Average peak-to-trough decline	-2.11%	-6.97%	+4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.06%	-0.09%

Volatility

FTABX vs. FAGIX - Volatility Comparison

The current volatility for Fidelity Tax-Free Bond Fund (FTABX) is 0.99%, while Fidelity Capital & Income Fund (FAGIX) has a volatility of 2.24%. This indicates that FTABX experiences smaller price fluctuations and is considered to be less risky than FAGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTABX	FAGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	2.24%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	2.34%	5.94%	-3.60%
Volatility (1Y) Calculated over the trailing 1-year period	2.88%	7.04%	-4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.18%	6.79%	-2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.29%	7.84%	-3.55%

FTABX vs. FAGIX - Expense Ratio Comparison

FTABX has a 0.25% expense ratio, which is lower than FAGIX's 0.67% expense ratio.

Dividends

FTABX vs. FAGIX - Dividend Comparison

FTABX's dividend yield for the trailing twelve months is around 3.00%, less than FAGIX's 5.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAGIX Fidelity Capital & Income Fund	5.05%	4.74%	5.02%	5.28%	10.25%	6.08%	4.59%	5.00%	5.67%	5.05%	4.57%	4.51%
FTABX Fidelity Tax-Free Bond Fund	3.00%	4.18%	2.81%	2.90%	2.16%	2.27%	2.64%	2.94%	3.01%	3.49%	4.22%	3.29%

Frequently Asked Questions

Can I hold both FTABX and FAGIX in my portfolio?

FTABX and FAGIX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTABX or FAGIX?

FAGIX has higher volatility (2.24%) compared to FTABX (0.99%). In terms of maximum drawdown, FTABX dropped -16.14% vs FAGIX's -37.97%.

Which has better risk-adjusted returns?

FTABX currently has the higher Sharpe Ratio (2.03 vs 1.55), 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.