FUEMX vs. FSPGX

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) and Fidelity Large Cap Growth Index Fund (FSPGX).

FUEMX is managed by Fidelity. It was launched on Oct 12, 2017. FSPGX is managed by Fidelity.

Performance

FUEMX vs. FSPGX - 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 Large Cap Growth Index Fund (FSPGX). The values are adjusted to include any dividend payments, if applicable.

FUEMX vs. FSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUEMX Fidelity Flex Conservative Income Municipal Bond Fund	0.44%	3.43%	3.56%	3.55%	0.05%	0.34%	1.08%	2.50%	1.77%	0.02%
FSPGX Fidelity Large Cap Growth Index Fund	-9.77%	18.54%	33.27%	42.77%	-29.17%	27.57%	38.46%	36.38%	-1.79%	3.07%

Returns By Period

In the year-to-date period, FUEMX achieves a 0.44% return, which is significantly higher than FSPGX's -9.77% return.

FUEMX

• 1D: 0.00%
• 1M: -0.20%
• YTD: 0.44%
• 6M: 1.16%
• 1Y: 2.88%
• 3Y*: 3.33%
• 5Y*: 2.25%
• 10Y*: —

FSPGX

• 1D: 3.75%
• 1M: -5.52%
• YTD: -9.77%
• 6M: -9.26%
• 1Y: 17.78%
• 3Y*: 21.16%
• 5Y*: 12.38%
• 10Y*: —

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

FUEMX vs. FSPGX - Expense Ratio Comparison

FUEMX has a 0.00% expense ratio, which is lower than FSPGX's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

FSPGX

Fidelity Large Cap Growth Index Fund

FUEMX

Fidelity Flex Conservative Income Municipal Bond Fund

Return for Risk

FUEMX vs. FSPGX — 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: 97
FUEMX Sortino Ratio Rank: 99
FUEMX Omega Ratio Rank: 99
FUEMX Calmar Ratio Rank: 99
FUEMX Martin Ratio Rank: 99

FSPGX

FSPGX Risk / Return Rank: 41
FSPGX Sharpe Ratio Rank: 37
FSPGX Sortino Ratio Rank: 44
FSPGX Omega Ratio Rank: 41
FSPGX Calmar Ratio Rank: 46
FSPGX Martin Ratio Rank: 37

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. FSPGX - 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 Large Cap Growth Index Fund (FSPGX). 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.

	FUEMX	FSPGX	Difference
Sharpe ratio Return per unit of total volatility	2.71	0.84	+1.87
Sortino ratio Return per unit of downside risk	6.06	1.36	+4.71
Omega ratio Gain probability vs. loss probability	2.48	1.19	+1.29
Calmar ratio Return relative to maximum drawdown	6.57	1.17	+5.40
Martin ratio Return relative to average drawdown	28.50	4.02	+24.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FUEMX vs. FSPGX - Sharpe Ratio Comparison

The current FUEMX Sharpe Ratio is 2.71, which is higher than the FSPGX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of FUEMX and FSPGX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FUEMX	FSPGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	0.84	+1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.93	0.58	+1.36
Sharpe Ratio (All Time) Calculated using the full available price history	1.87	0.80	+1.07

Correlation

The correlation between FUEMX and FSPGX is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FUEMX vs. FSPGX - Dividend Comparison

FUEMX's dividend yield for the trailing twelve months is around 2.84%, more than FSPGX's 0.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUEMX Fidelity Flex Conservative Income Municipal Bond Fund	2.84%	3.17%	3.49%	2.87%	0.75%	0.44%	0.97%	1.97%	1.75%	0.28%
FSPGX Fidelity Large Cap Growth Index Fund	0.38%	0.34%	0.37%	0.73%	0.86%	2.22%	1.76%	1.04%	1.32%	0.22%

Drawdowns

FUEMX vs. FSPGX - Drawdown Comparison

The maximum FUEMX drawdown since its inception was -1.99%, smaller than the maximum FSPGX drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for FUEMX and FSPGX.

Drawdown Indicators

	FUEMX	FSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-1.99%	-32.66%	+30.67%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-16.17%	+15.67%
Max Drawdown (5Y) Largest decline over 5 years	-1.20%	-32.66%	+31.46%
Current Drawdown Current decline from peak	-0.30%	-13.03%	+12.73%
Average Drawdown Average peak-to-trough decline	-0.11%	-6.43%	+6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	4.70%	-4.59%

Volatility

FUEMX vs. FSPGX - Volatility Comparison

The current volatility for Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) is 0.20%, while Fidelity Large Cap Growth Index Fund (FSPGX) has a volatility of 6.71%. This indicates that FUEMX experiences smaller price fluctuations and is considered to be less risky than FSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUEMX	FSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	6.71%	-6.51%
Volatility (6M) Calculated over the trailing 6-month period	0.70%	12.37%	-11.67%
Volatility (1Y) Calculated over the trailing 1-year period	1.14%	22.58%	-21.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.17%	21.52%	-20.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	21.66%	-20.59%