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 1.30%/yr vs 0.97%/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 1.67% return.
FUENX
- 1D
- -0.10%
- 1M
- 1.51%
- YTD
- 1.79%
- 6M
- 2.18%
- 1Y
- 7.22%
- 3Y*
- 4.31%
- 5Y*
- 1.30%
- 10Y*
- —
MUB
- 1D
- 0.19%
- 1M
- 1.48%
- YTD
- 1.67%
- 6M
- 1.81%
- 1Y
- 6.46%
- 3Y*
- 3.25%
- 5Y*
- 0.97%
- 10Y*
- 1.92%
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 | 1.67% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 0.65% |
Correlation
The correlation between FUENX and MUB is 0.64, 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 | 0.64 |
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 27, 2017 | 0.66 |
The correlation between FUENX and MUB has been stable across timeframes, ranging from 0.64 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.
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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.47 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.33 | +0.26 |
| Martin ratioReturn relative to average drawdown | 9.25 | 8.10 | +1.15 |
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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% | -0.28% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -2.90% | -2.23% | -0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.80% | -0.03% |
Volatility
FUENX vs. MUB - Volatility Comparison
The current volatility for Fidelity Flex Municipal Income Fund (FUENX) is 0.71%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.78%. This indicates that FUENX experiences smaller price fluctuations and is considered to be less risky than MUB based on this measure. 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 | 0.71% | 0.78% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 2.28% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 2.89% | -0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.78% | 4.07% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.19% | 4.92% | -0.73% |
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 3.16% 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 | 3.16% | 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 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.78%) compared to FUENX (0.71%). In terms of maximum drawdown, FUENX dropped -14.32% vs MUB's -13.68%.
FUENX currently has the higher Sharpe Ratio (2.78 vs 2.25), 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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