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FUENX vs. VWAHX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Performance

FUENX vs. VWAHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Flex Municipal Income Fund (FUENX) and Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX). The values are adjusted to include any dividend payments, if applicable.

-1.00%0.00%1.00%2.00%3.00%4.00%5.00%JuneJulyAugustSeptemberOctoberNovember
3.35%
3.90%
FUENX
VWAHX

Returns By Period

In the year-to-date period, FUENX achieves a 2.65% return, which is significantly lower than VWAHX's 3.73% return.


FUENX

YTD

2.65%

1M

0.97%

6M

3.36%

1Y

6.78%

5Y (annualized)

1.35%

10Y (annualized)

N/A

VWAHX

YTD

3.73%

1M

1.26%

6M

3.91%

1Y

9.18%

5Y (annualized)

1.59%

10Y (annualized)

3.15%

Key characteristics


FUENXVWAHX
Sharpe Ratio1.982.25
Sortino Ratio2.973.36
Omega Ratio1.471.53
Calmar Ratio1.190.93
Martin Ratio8.1310.34
Ulcer Index0.78%0.89%
Daily Std Dev3.19%4.08%
Max Drawdown-13.89%-17.82%
Current Drawdown-1.15%-1.59%

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FUENX vs. VWAHX - Expense Ratio Comparison

FUENX has a 0.00% expense ratio, which is lower than VWAHX's 0.17% 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%.


VWAHX
Vanguard High-Yield Tax-Exempt Fund Investor Shares
Expense ratio chart for VWAHX: current value at 0.17% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.17%
Expense ratio chart for FUENX: current value at 0.00% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.00%

Correlation

-0.50.00.51.00.9

The correlation between FUENX and VWAHX is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Risk-Adjusted Performance

FUENX vs. VWAHX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Municipal Income Fund (FUENX) and Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX). 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.


Sharpe ratio
The chart of Sharpe ratio for FUENX, currently valued at 1.98, compared to the broader market-1.000.001.002.003.004.005.001.982.13
The chart of Sortino ratio for FUENX, currently valued at 2.97, compared to the broader market0.005.0010.002.973.18
The chart of Omega ratio for FUENX, currently valued at 1.47, compared to the broader market1.002.003.004.001.471.50
The chart of Calmar ratio for FUENX, currently valued at 1.19, compared to the broader market0.005.0010.0015.0020.001.190.99
The chart of Martin ratio for FUENX, currently valued at 8.13, compared to the broader market0.0020.0040.0060.0080.00100.008.139.73
FUENX
VWAHX

The current FUENX Sharpe Ratio is 1.98, which is comparable to the VWAHX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of FUENX and VWAHX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Rolling 12-month Sharpe Ratio0.501.001.502.002.503.003.504.00JuneJulyAugustSeptemberOctoberNovember
1.98
2.13
FUENX
VWAHX

Dividends

FUENX vs. VWAHX - Dividend Comparison

FUENX's dividend yield for the trailing twelve months is around 2.83%, less than VWAHX's 3.70% yield.


TTM20232022202120202019201820172016201520142013
FUENX
Fidelity Flex Municipal Income Fund
2.83%2.58%2.10%1.68%2.25%2.69%3.36%0.35%0.00%0.00%0.00%0.00%
VWAHX
Vanguard High-Yield Tax-Exempt Fund Investor Shares
3.70%3.53%3.37%2.86%3.09%3.36%3.79%3.69%3.75%3.69%3.78%4.12%

Drawdowns

FUENX vs. VWAHX - Drawdown Comparison

The maximum FUENX drawdown since its inception was -13.89%, smaller than the maximum VWAHX drawdown of -17.82%. Use the drawdown chart below to compare losses from any high point for FUENX and VWAHX. For additional features, visit the drawdowns tool.


-6.00%-5.00%-4.00%-3.00%-2.00%-1.00%0.00%JuneJulyAugustSeptemberOctoberNovember
-1.15%
-1.59%
FUENX
VWAHX

Volatility

FUENX vs. VWAHX - Volatility Comparison

The current volatility for Fidelity Flex Municipal Income Fund (FUENX) is 1.32%, while Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) has a volatility of 1.75%. This indicates that FUENX experiences smaller price fluctuations and is considered to be less risky than VWAHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.50%1.00%1.50%2.00%JuneJulyAugustSeptemberOctoberNovember
1.32%
1.75%
FUENX
VWAHX