FUENX vs. FBND
FUENX (Fidelity Flex Municipal Income Fund) and FBND (Fidelity Total Bond ETF) are both funds - FUENX is a Municipal Bonds fund managed by Fidelity, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 5 years, FUENX returned 0.86%/yr vs 0.31%/yr for FBND. Their 0.48 correlation means their historical movements had little consistent relationship. FUENX charges 0.00%/yr vs 0.36%/yr for FBND.
Performance
FUENX vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, FUENX achieves a 0.54% return, which is significantly higher than FBND's -0.33% return.
FUENX
- 1D
- -0.20%
- 1M
- -1.80%
- 6M
- -0.33%
- YTD
- 0.54%
- 1Y
- 5.12%
- 3Y*
- 3.73%
- 5Y*
- 0.86%
- 10Y*
- —
- ALL TIME*
- 2.23%
FBND
- 1D
- -0.27%
- 1M
- -1.26%
- 6M
- -0.60%
- YTD
- -0.33%
- 1Y
- 2.08%
- 3Y*
- 4.55%
- 5Y*
- 0.31%
- 10Y*
- 2.27%
- ALL TIME*
- 2.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.84M | $127.41M | $124.15M | |
| $0.00 | $0.00 | $0.00 |
FUENX vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FUENX Fidelity Flex Municipal Income Fund | 0.54% | 4.63% | 2.32% | 7.27% | -9.29% | 1.99% | 3.07% | 8.27% | 0.72% | 1.02% |
FBND Fidelity Total Bond ETF | -0.33% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 0.90% |
Correlation
The correlation between FUENX and FBND is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.48 |
The correlation between FUENX and FBND has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.
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Return for Risk
FUENX vs. FBND — Risk / Return Rank
FUENX
FBND
FUENX vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Municipal Income Fund (FUENX) and Fidelity Total Bond ETF (FBND). 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.
| FUENX | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.13 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 1.09 | +1.08 |
| Martin ratioReturn relative to average drawdown | 7.33 | 2.77 | +4.56 |
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Drawdowns
FUENX vs. FBND - Drawdown Comparison
The maximum FUENX drawdown since its inception was -14.32%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FUENX and FBND.
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Drawdown Indicators
| FUENX | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.32% | -17.25% | +2.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -2.66% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -4.77% | -4.95% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -14.28% | -17.25% | +2.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.25% | — |
Current DrawdownCurrent decline from peak | -1.80% | -2.24% | +0.44% |
Average DrawdownAverage peak-to-trough decline | -2.87% | -3.32% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 1.05% | -0.23% |
Volatility
FUENX vs. FBND - Volatility Comparison
Fidelity Flex Municipal Income Fund (FUENX) and Fidelity Total Bond ETF (FBND) have volatilities of 0.97% and 0.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FUENX | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.95% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 2.94% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 3.77% | -1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.81% | 5.93% | -2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.18% | 6.10% | -1.92% |
FUENX vs. FBND - Expense Ratio Comparison
FUENX has a 0.00% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
FUENX vs. FBND - Dividend Comparison
FUENX's dividend yield for the trailing twelve months is around 3.07%, less than FBND's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.77% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
FUENX Fidelity Flex Municipal Income Fund | 3.07% | 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
FUENX and FBND have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FUENX has higher volatility (0.97%) compared to FBND (0.95%). In terms of maximum drawdown, FUENX dropped -14.32% vs FBND's -17.25%.
FUENX currently has the higher Sharpe Ratio (2.22 vs 0.77), 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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