FUENX vs. FLXSX
FUENX (Fidelity Flex Municipal Income Fund) and FLXSX (Fidelity Flex Small Cap Index Fund) are both mutual funds - FUENX is a Municipal Bonds fund managed by Fidelity, while FLXSX is a Small Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FUENX returned 0.84%/yr vs 7.01%/yr for FLXSX. Their 0.04 correlation means their historical movements had little consistent relationship. Both charge a 0.00% expense ratio.
Performance
FUENX vs. FLXSX - Performance Comparison
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Returns By Period
In the year-to-date period, FUENX achieves a 0.44% return, which is significantly lower than FLXSX's 18.60% return.
FUENX
- 1D
- -0.10%
- 1M
- -1.90%
- 6M
- -0.43%
- YTD
- 0.44%
- 1Y
- 5.02%
- 3Y*
- 3.77%
- 5Y*
- 0.84%
- 10Y*
- —
- ALL TIME*
- 2.21%
FLXSX
- 1D
- -0.38%
- 1M
- -2.44%
- 6M
- 11.44%
- YTD
- 18.60%
- 1Y
- 35.83%
- 3Y*
- 14.99%
- 5Y*
- 7.01%
- 10Y*
- —
- ALL TIME*
- 9.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FUENX vs. FLXSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FUENX Fidelity Flex Municipal Income Fund | 0.44% | 4.63% | 2.32% | 7.27% | -9.29% | 1.99% | 3.07% | 8.27% | 0.72% | 1.02% |
FLXSX Fidelity Flex Small Cap Index Fund | 18.60% | 12.02% | 11.67% | 17.11% | -20.29% | 14.84% | 20.06% | 25.69% | -11.13% | 2.86% |
Correlation
The correlation between FUENX and FLXSX is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.04 |
Over the past year, FUENX and FLXSX have become more correlated (0.24) than their long-term average of 0.04, meaning their price movements have been converging.
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Return for Risk
FUENX vs. FLXSX — Risk / Return Rank
FUENX
FLXSX
FUENX vs. FLXSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Municipal Income Fund (FUENX) and Fidelity Flex Small Cap Index Fund (FLXSX). 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 | FLXSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.28 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 2.73 | -0.78 |
| Martin ratioReturn relative to average drawdown | 6.50 | 9.43 | -2.93 |
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Drawdowns
FUENX vs. FLXSX - Drawdown Comparison
The maximum FUENX drawdown since its inception was -14.32%, smaller than the maximum FLXSX drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for FUENX and FLXSX.
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Drawdown Indicators
| FUENX | FLXSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.32% | -41.72% | +27.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -12.25% | +9.48% |
Max Drawdown (3Y)Largest decline over 3 years | -4.77% | -27.48% | +22.71% |
Max Drawdown (5Y)Largest decline over 5 years | -14.28% | -31.88% | +17.60% |
Current DrawdownCurrent decline from peak | -1.90% | -4.07% | +2.17% |
Average DrawdownAverage peak-to-trough decline | -2.87% | -10.29% | +7.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 3.54% | -2.71% |
Volatility
FUENX vs. FLXSX - Volatility Comparison
The current volatility for Fidelity Flex Municipal Income Fund (FUENX) is 0.96%, while Fidelity Flex Small Cap Index Fund (FLXSX) has a volatility of 4.41%. This indicates that FUENX experiences smaller price fluctuations and is considered to be less risky than FLXSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FUENX | FLXSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 4.41% | -3.45% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 14.44% | -12.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 19.96% | -17.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.81% | 22.62% | -18.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.18% | 23.90% | -19.72% |
FUENX vs. FLXSX - Expense Ratio Comparison
FUENX has a 0.00% expense ratio, which is lower than FLXSX's 0.00% 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%.
Dividends
FUENX vs. FLXSX - Dividend Comparison
FUENX's dividend yield for the trailing twelve months is around 3.07%, while FLXSX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLXSX Fidelity Flex Small Cap Index Fund | 0.00% | 0.00% | 1.36% | 1.49% | 1.26% | 2.74% | 1.06% | 2.86% | 2.31% | 0.77% |
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% |
Frequently Asked Questions
FUENX and FLXSX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLXSX has higher volatility (4.41%) compared to FUENX (0.96%). In terms of maximum drawdown, FUENX dropped -14.32% vs FLXSX's -41.72%.
FUENX currently has the higher Sharpe Ratio (2.02 vs 1.68), 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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