FUENX vs. FBND

Last updated Jun 23, 2026

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 1.28%/yr vs 0.78%/yr for FBND. At a 0.48 correlation, their price movements are largely independent. FUENX charges 0.00%/yr vs 0.36%/yr for FBND.

Performance

FUENX vs. FBND - Performance Comparison

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

Returns By Period

In the year-to-date period, FUENX achieves a 1.89% return, which is significantly higher than FBND's 0.61% return.

FUENX

• 1D: 0.00%
• 1M: 1.61%
• YTD: 1.89%
• 6M: 2.28%
• 1Y: 7.33%
• 3Y*: 4.42%
• 5Y*: 1.28%
• 10Y*: —

FBND

• 1D: -0.26%
• 1M: 0.58%
• YTD: 0.61%
• 6M: 0.71%
• 1Y: 4.87%
• 3Y*: 4.69%
• 5Y*: 0.78%
• 10Y*: 2.53%

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

FUENX vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUENX Fidelity Flex Municipal Income Fund	1.89%	4.63%	2.32%	7.27%	-9.29%	1.99%	3.07%	8.27%	0.72%	1.02%
FBND Fidelity Total Bond ETF	0.61%	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 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year 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.

Return for Risk

FUENX vs. FBND — Risk / Return Rank

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

FUENX

FUENX Risk / Return Rank: 77
FUENX Sharpe Ratio Rank: 92
FUENX Sortino Ratio Rank: 94
FUENX Omega Ratio Rank: 95
FUENX Calmar Ratio Rank: 53
FUENX Martin Ratio Rank: 49

FBND

FBND Risk / Return Rank: 36
FBND Sharpe Ratio Rank: 36
FBND Sortino Ratio Rank: 38
FBND Omega Ratio Rank: 34
FBND Calmar Ratio Rank: 38
FBND Martin Ratio Rank: 35

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.

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 ratio: Return per unit of total volatility	2.87	1.28	+1.59
Sortino ratio: Return per unit of downside risk	4.59	1.91	+2.68
Omega ratio: Gain probability vs. loss probability	1.75	1.22	+0.53
Calmar ratio: Return relative to maximum drawdown	2.67	1.83	+0.83
Martin ratio: Return relative to average drawdown	9.54	5.27	+4.27

FUENX vs. FBND - Sharpe Ratio Comparison

The current FUENX Sharpe Ratio is 2.87, which is higher than the FBND Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of FUENX and FBND, 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

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.

Drawdown Indicators

	FUENX	FBND	Difference
Max Drawdown Largest 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	-5.34%	-5.94%	+0.60%
Max Drawdown (5Y) Largest decline over 5 years	-14.32%	-17.25%	+2.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.25%	—
Current Drawdown Current decline from peak	-0.24%	-1.32%	+1.08%
Average Drawdown Average peak-to-trough decline	-2.90%	-3.34%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.93%	-0.16%

Volatility

FUENX vs. FBND - Volatility Comparison

The current volatility for Fidelity Flex Municipal Income Fund (FUENX) is 0.68%, while Fidelity Total Bond ETF (FBND) has a volatility of 1.12%. This indicates that FUENX experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUENX	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	1.12%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	2.85%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	3.83%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.78%	5.93%	-2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.19%	6.10%	-1.91%

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 3.25%, less than FBND's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.70%	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	3.25%	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

Can I hold both FUENX and FBND in my portfolio?

FUENX and FBND have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUENX or FBND?

FBND has higher volatility (1.12%) compared to FUENX (0.68%). In terms of maximum drawdown, FUENX dropped -14.32% vs FBND's -17.25%.

Which has better risk-adjusted returns?

FUENX currently has the higher Sharpe Ratio (2.87 vs 1.28), 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.