FTFMX vs. VTEB
FTFMX (Fidelity New York Municipal Income Fund) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. Over the past 10 years, FTFMX returned 1.72%/yr vs 1.93%/yr for VTEB. Their 0.69 correlation means they have sometimes moved together and sometimes differently. FTFMX charges 0.46%/yr vs 0.03%/yr for VTEB.
Performance
FTFMX vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, FTFMX achieves a 0.02% return, which is significantly lower than VTEB's 0.72% return. Over the past 10 years, FTFMX has underperformed VTEB with an annualized return of 1.72%, while VTEB has yielded a comparatively higher 1.93% annualized return.
FTFMX
- 1D
- 0.08%
- 1M
- -2.39%
- 6M
- -0.79%
- YTD
- 0.02%
- 1Y
- 5.16%
- 3Y*
- 3.81%
- 5Y*
- 0.32%
- 10Y*
- 1.72%
- ALL TIME*
- 4.51%
VTEB
- 1D
- 0.28%
- 1M
- -1.44%
- 6M
- 0.02%
- YTD
- 0.72%
- 1Y
- 5.20%
- 3Y*
- 3.28%
- 5Y*
- 0.59%
- 10Y*
- 1.93%
- ALL TIME*
- 2.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $402.16M | $358.52M | $360.87M |
FTFMX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTFMX Fidelity New York Municipal Income Fund | 0.02% | 5.12% | 1.52% | 7.51% | -11.16% | 2.39% | 4.15% | 7.73% | 0.35% | 5.31% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.72% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between FTFMX and VTEB is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | 0.69 |
The correlation between FTFMX and VTEB has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.
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Return for Risk
FTFMX vs. VTEB — Risk / Return Rank
FTFMX
VTEB
FTFMX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity New York Municipal Income Fund (FTFMX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.
| FTFMX | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.39 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.93 | -0.36 |
| Martin ratioReturn relative to average drawdown | 4.98 | 6.28 | -1.30 |
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Drawdowns
FTFMX vs. VTEB - Drawdown Comparison
The maximum FTFMX drawdown since its inception was -22.72%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for FTFMX and VTEB.
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Drawdown Indicators
| FTFMX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.72% | -17.00% | -5.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -2.71% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -5.85% | -4.76% | -1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -15.98% | -12.43% | -3.55% |
Max Drawdown (10Y)Largest decline over 10 years | -16.10% | -17.00% | +0.90% |
Current DrawdownCurrent decline from peak | -2.39% | -1.46% | -0.93% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -2.30% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.83% | +0.21% |
Volatility
FTFMX vs. VTEB - Volatility Comparison
Fidelity New York Municipal Income Fund (FTFMX) has a higher volatility of 1.09% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.95%. This indicates that FTFMX's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTFMX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.95% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 2.24% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.16% | 2.74% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.40% | 3.92% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 5.25% | -0.96% |
FTFMX vs. VTEB - Expense Ratio Comparison
FTFMX has a 0.46% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
FTFMX vs. VTEB - Dividend Comparison
FTFMX's dividend yield for the trailing twelve months is around 2.75%, less than VTEB's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTFMX Fidelity New York Municipal Income Fund | 2.75% | 3.78% | 2.81% | 2.63% | 1.79% | 2.52% | 2.78% | 2.87% | 2.87% | 3.64% | 4.25% | 3.79% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.42% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
FTFMX and VTEB have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTFMX has higher volatility (1.09%) compared to VTEB (0.95%). In terms of maximum drawdown, FTFMX dropped -22.72% vs VTEB's -17.00%.
VTEB currently has the higher Sharpe Ratio (1.91 vs 1.64), 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.
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