FUEMX vs. FIMIX

Last updated Jun 24, 2026

FUEMX (Fidelity Flex Conservative Income Municipal Bond Fund) and FIMIX (Fidelity Minnesota Municipal Income Fund) are both Municipal Bonds funds from Fidelity. Over the past 5 years, FUEMX returned 2.38%/yr vs 0.96%/yr for FIMIX. At a 0.48 correlation, their price movements are largely independent. FUEMX charges 0.00%/yr vs 0.49%/yr for FIMIX.

Performance

FUEMX vs. FIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) and Fidelity Minnesota Municipal Income Fund (FIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FUEMX achieves a 1.20% return, which is significantly higher than FIMIX's 1.00% return.

FUEMX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.20%
• 6M: 1.47%
• 1Y: 3.18%
• 3Y*: 3.48%
• 5Y*: 2.38%
• 10Y*: —

FIMIX

• 1D: -0.09%
• 1M: 1.40%
• YTD: 1.00%
• 6M: 1.41%
• 1Y: 6.26%
• 3Y*: 3.80%
• 5Y*: 0.96%
• 10Y*: 1.77%

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

FUEMX vs. FIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUEMX Fidelity Flex Conservative Income Municipal Bond Fund	1.20%	3.43%	3.56%	3.55%	0.05%	0.34%	1.08%	2.50%	1.77%	0.02%
FIMIX Fidelity Minnesota Municipal Income Fund	1.00%	5.80%	1.22%	5.02%	-8.12%	0.40%	4.49%	7.13%	0.65%	0.63%

Correlation

The correlation between FUEMX and FIMIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Oct 31, 2017	0.48

The correlation between FUEMX and FIMIX shifts across timeframes, from 0.42 (1 year) to 0.52 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FUEMX vs. FIMIX — Risk / Return Rank

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

FUEMX

FUEMX Risk / Return Rank: 98
FUEMX Sharpe Ratio Rank: 96
FUEMX Sortino Ratio Rank: 99
FUEMX Omega Ratio Rank: 99
FUEMX Calmar Ratio Rank: 99
FUEMX Martin Ratio Rank: 99

FIMIX

FIMIX Risk / Return Rank: 63
FIMIX Sharpe Ratio Rank: 81
FIMIX Sortino Ratio Rank: 84
FIMIX Omega Ratio Rank: 90
FIMIX Calmar Ratio Rank: 30
FIMIX Martin Ratio Rank: 29

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.

FUEMX vs. FIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) and Fidelity Minnesota Municipal Income Fund (FIMIX). 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.

	FUEMX	FIMIX	Difference
Sharpe ratio: Return per unit of total volatility	3.18	2.46	+0.72
Sortino ratio: Return per unit of downside risk	8.46	3.68	+4.78
Omega ratio: Gain probability vs. loss probability	3.25	1.61	+1.64
Calmar ratio: Return relative to maximum drawdown	10.76	1.91	+8.84
Martin ratio: Return relative to average drawdown	42.26	6.26	+36.00

FUEMX vs. FIMIX - Sharpe Ratio Comparison

The current FUEMX Sharpe Ratio is 3.18, which is comparable to the FIMIX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of FUEMX and FIMIX, 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

FUEMX vs. FIMIX - Drawdown Comparison

The maximum FUEMX drawdown since its inception was -1.99%, smaller than the maximum FIMIX drawdown of -12.52%. Use the drawdown chart below to compare losses from any high point for FUEMX and FIMIX.

Drawdown Indicators

	FUEMX	FIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.99%	-12.52%	+10.53%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-3.33%	+3.03%
Max Drawdown (3Y) Largest decline over 3 years	-1.20%	-5.07%	+3.87%
Max Drawdown (5Y) Largest decline over 5 years	-1.20%	-12.52%	+11.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-12.52%	—
Current Drawdown Current decline from peak	0.00%	-0.99%	+0.99%
Average Drawdown Average peak-to-trough decline	-0.11%	-1.63%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	1.02%	-0.94%

Volatility

FUEMX vs. FIMIX - Volatility Comparison

The current volatility for Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) is 0.26%, while Fidelity Minnesota Municipal Income Fund (FIMIX) has a volatility of 0.71%. This indicates that FUEMX experiences smaller price fluctuations and is considered to be less risky than FIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUEMX	FIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	0.71%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	0.71%	2.08%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	1.01%	2.60%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.19%	3.56%	-2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	3.65%	-2.59%

FUEMX vs. FIMIX - Expense Ratio Comparison

FUEMX has a 0.00% expense ratio, which is lower than FIMIX's 0.49% expense ratio.

Dividends

FUEMX vs. FIMIX - Dividend Comparison

FUEMX's dividend yield for the trailing twelve months is around 3.03%, more than FIMIX's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIMIX Fidelity Minnesota Municipal Income Fund	2.68%	3.57%	2.66%	2.29%	1.44%	1.81%	2.12%	2.56%	2.63%	2.53%	3.25%	2.90%
FUEMX Fidelity Flex Conservative Income Municipal Bond Fund	3.03%	3.17%	3.49%	2.87%	0.75%	0.44%	0.97%	1.97%	1.75%	0.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FUEMX and FIMIX in my portfolio?

FUEMX and FIMIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUEMX or FIMIX?

FIMIX has higher volatility (0.71%) compared to FUEMX (0.26%). In terms of maximum drawdown, FUEMX dropped -1.99% vs FIMIX's -12.52%.

Which has better risk-adjusted returns?

FUEMX currently has the higher Sharpe Ratio (3.18 vs 2.46), 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.