FUENX vs. MUB
FUENX (Fidelity Flex Municipal Income Fund) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. Over the past 5 years, FUENX returned 1.31%/yr vs 0.86%/yr for MUB. A 0.66 correlation means they provide meaningful diversification when combined. FUENX charges 0.00%/yr vs 0.07%/yr for MUB.
Performance
FUENX vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, FUENX achieves a 1.79% return, which is significantly higher than MUB's 1.24% return.
FUENX
- 1D
- 0.20%
- 1M
- 0.79%
- YTD
- 1.79%
- 6M
- 2.19%
- 1Y
- 7.67%
- 3Y*
- 4.49%
- 5Y*
- 1.31%
- 10Y*
- —
MUB
- 1D
- -0.08%
- 1M
- 0.56%
- YTD
- 1.24%
- 6M
- 1.74%
- 1Y
- 6.95%
- 3Y*
- 3.43%
- 5Y*
- 0.86%
- 10Y*
- 2.00%
FUENX vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FUENX Fidelity Flex Municipal Income Fund | 1.79% | 4.63% | 2.32% | 7.27% | -9.29% | 1.99% | 3.07% | 8.27% | 0.72% | 1.02% |
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 0.63% |
Correlation
The correlation between FUENX and MUB is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2017 | 0.66 |
The correlation between FUENX and MUB has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.
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Return for Risk
FUENX vs. MUB — Risk / Return Rank
FUENX
MUB
FUENX vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Municipal Income Fund (FUENX) and iShares National AMT-Free Muni Bond ETF (MUB). 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.
| FUENX | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 1.50 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 2.50 | +0.28 |
| Martin ratioReturn relative to average drawdown | 10.03 | 8.85 | +1.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FUENX | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.99 | 2.39 | +0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.21 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.58 | -0.01 |
Drawdowns
FUENX vs. MUB - Drawdown Comparison
The maximum FUENX drawdown since its inception was -14.32%, roughly equal to the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for FUENX and MUB.
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Drawdown Indicators
| FUENX | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.32% | -13.68% | -0.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -2.79% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -5.34% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -11.88% | -2.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.70% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -2.92% | -2.23% | -0.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.79% | -0.02% |
Volatility
FUENX vs. MUB - Volatility Comparison
Fidelity Flex Municipal Income Fund (FUENX) and iShares National AMT-Free Muni Bond ETF (MUB) have volatilities of 1.01% and 0.97%, 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 | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.97% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.02% | 2.22% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.59% | 2.92% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.78% | 4.06% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 4.92% | -0.72% |
FUENX vs. MUB - Expense Ratio Comparison
FUENX has a 0.00% expense ratio, which is lower than MUB's 0.07% 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. MUB - Dividend Comparison
FUENX's dividend yield for the trailing twelve months is around 3.25%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
FUENX and MUB have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FUENX has higher volatility (1.01%) compared to MUB (0.97%). In terms of maximum drawdown, FUENX dropped -14.32% vs MUB's -13.68%.
FUENX currently has the higher Sharpe Ratio (2.99 vs 2.39), 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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