FUMBX vs. OLCAX

Last updated Apr 3, 2026

Compare and contrast key facts about Fidelity Short-Term Treasury Bond Index Fund (FUMBX) and Invesco Limited Term California Municipal Fund (OLCAX).

FUMBX is a passively managed fund by Fidelity that tracks the performance of the Bloomberg Barclays 1-5 Year U.S. Treasury Index. It was launched on Dec 20, 2005. OLCAX is managed by Invesco. It was launched on Feb 24, 2004.

Performance

FUMBX vs. OLCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Short-Term Treasury Bond Index Fund (FUMBX) and Invesco Limited Term California Municipal Fund (OLCAX). The values are adjusted to include any dividend payments, if applicable.

FUMBX vs. OLCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUMBX Fidelity Short-Term Treasury Bond Index Fund	0.16%	5.83%	3.25%	4.47%	-5.84%	-1.38%	4.22%	4.19%	1.47%	-0.33%
OLCAX Invesco Limited Term California Municipal Fund	-0.32%	4.22%	2.70%	3.60%	-6.16%	1.76%	3.78%	7.51%	7.27%	-0.53%

Returns By Period

In the year-to-date period, FUMBX achieves a 0.16% return, which is significantly higher than OLCAX's -0.32% return.

FUMBX

• 1D: 0.00%
• 1M: -0.41%
• YTD: 0.16%
• 6M: 1.12%
• 1Y: 3.92%
• 3Y*: 3.89%
• 5Y*: 1.36%
• 10Y*: —

OLCAX

• 1D: 0.32%
• 1M: -1.27%
• YTD: -0.32%
• 6M: 0.59%
• 1Y: 2.87%
• 3Y*: 2.95%
• 5Y*: 1.15%
• 10Y*: 2.36%

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

FUMBX vs. OLCAX - Expense Ratio Comparison

FUMBX has a 0.03% expense ratio, which is lower than OLCAX's 0.83% expense ratio.

OLCAX

Invesco Limited Term California Municipal Fund

FUMBX

Fidelity Short-Term Treasury Bond Index Fund

Return for Risk

FUMBX vs. OLCAX — Risk / Return Rank

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

FUMBX

FUMBX Risk / Return Rank: 83
FUMBX Sharpe Ratio Rank: 82
FUMBX Sortino Ratio Rank: 89
FUMBX Omega Ratio Rank: 82
FUMBX Calmar Ratio Rank: 86
FUMBX Martin Ratio Rank: 76

OLCAX

OLCAX Risk / Return Rank: 45
OLCAX Sharpe Ratio Rank: 42
OLCAX Sortino Ratio Rank: 38
OLCAX Omega Ratio Rank: 81
OLCAX Calmar Ratio Rank: 32
OLCAX Martin Ratio Rank: 32

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.

FUMBX vs. OLCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Short-Term Treasury Bond Index Fund (FUMBX) and Invesco Limited Term California Municipal Fund (OLCAX). 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.

	FUMBX	OLCAX	Difference
Sharpe ratio Return per unit of total volatility	1.65	0.98	+0.67
Sortino ratio Return per unit of downside risk	2.61	1.38	+1.23
Omega ratio Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio Return relative to maximum drawdown	2.49	1.15	+1.34
Martin ratio Return relative to average drawdown	8.60	4.27	+4.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FUMBX vs. OLCAX - Sharpe Ratio Comparison

The current FUMBX Sharpe Ratio is 1.65, which is higher than the OLCAX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of FUMBX and OLCAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FUMBX	OLCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	0.98	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.40	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.97	-0.23

Correlation

The correlation between FUMBX and OLCAX is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FUMBX vs. OLCAX - Dividend Comparison

FUMBX's dividend yield for the trailing twelve months is around 3.67%, more than OLCAX's 2.15% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FUMBX Fidelity Short-Term Treasury Bond Index Fund	3.67%	3.51%	2.91%	1.64%	0.86%	1.15%	1.41%	1.88%	1.64%	0.34%	0.00%	0.00%
OLCAX Invesco Limited Term California Municipal Fund	2.15%	3.76%	3.32%	2.54%	1.71%	2.35%	2.46%	2.61%	2.48%	3.51%	3.57%	3.75%

Drawdowns

FUMBX vs. OLCAX - Drawdown Comparison

The maximum FUMBX drawdown since its inception was -8.83%, smaller than the maximum OLCAX drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for FUMBX and OLCAX.

Drawdown Indicators

	FUMBX	OLCAX	Difference
Max Drawdown Largest peak-to-trough decline	-8.83%	-14.66%	+5.83%
Max Drawdown (1Y) Largest decline over 1 year	-1.54%	-2.89%	+1.35%
Max Drawdown (5Y) Largest decline over 5 years	-8.60%	-10.04%	+1.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-10.04%	—
Current Drawdown Current decline from peak	-0.80%	-1.27%	+0.47%
Average Drawdown Average peak-to-trough decline	-1.88%	-1.69%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.78%	-0.34%

Volatility

FUMBX vs. OLCAX - Volatility Comparison

The current volatility for Fidelity Short-Term Treasury Bond Index Fund (FUMBX) is 0.83%, while Invesco Limited Term California Municipal Fund (OLCAX) has a volatility of 0.88%. This indicates that FUMBX experiences smaller price fluctuations and is considered to be less risky than OLCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUMBX	OLCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	0.88%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	1.64%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.32%	3.37%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.89%	2.97%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.49%	3.30%	-0.81%