FUSIX vs. FSMNX

Last updated Jun 5, 2026

FUSIX (Strategic Advisers Fidelity International Fund) and FSMNX (Fidelity SAI Municipal Income Fund) are both mutual funds - FUSIX is a Foreign Large Cap Equities fund managed by Fidelity, while FSMNX is a Municipal Bonds fund managed by Fidelity. Over the past 5 years, FUSIX returned 8.31%/yr vs 1.13%/yr for FSMNX. At a 0.07 correlation, their price movements are largely independent. FUSIX charges 0.54%/yr vs 0.36%/yr for FSMNX.

Performance

FUSIX vs. FSMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Fidelity International Fund (FUSIX) and Fidelity SAI Municipal Income Fund (FSMNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FUSIX achieves a 9.05% return, which is significantly higher than FSMNX's 1.61% return.

FUSIX

• 1D: -0.56%
• 1M: 2.29%
• YTD: 9.05%
• 6M: 11.49%
• 1Y: 20.65%
• 3Y*: 17.46%
• 5Y*: 8.31%
• 10Y*: 9.60%

FSMNX

• 1D: 0.00%
• 1M: 0.80%
• YTD: 1.61%
• 6M: 2.01%
• 1Y: 7.13%
• 3Y*: 4.59%
• 5Y*: 1.13%
• 10Y*: —

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

FUSIX vs. FSMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FUSIX Strategic Advisers Fidelity International Fund	9.05%	31.20%	5.62%	18.15%	-17.74%	12.47%	13.24%	25.60%	-2.73%
FSMNX Fidelity SAI Municipal Income Fund	1.61%	5.30%	2.12%	7.55%	-10.43%	1.84%	3.45%	8.74%	2.37%

Correlation

The correlation between FUSIX and FSMNX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Oct 30, 2018	0.07

The correlation between FUSIX and FSMNX shifts across timeframes, from 0.07 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FUSIX vs. FSMNX — Risk / Return Rank

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

FUSIX

FUSIX Risk / Return Rank: 36
FUSIX Sharpe Ratio Rank: 33
FUSIX Sortino Ratio Rank: 35
FUSIX Omega Ratio Rank: 33
FUSIX Calmar Ratio Rank: 39
FUSIX Martin Ratio Rank: 41

FSMNX

FSMNX Risk / Return Rank: 68
FSMNX Sharpe Ratio Rank: 82
FSMNX Sortino Ratio Rank: 87
FSMNX Omega Ratio Rank: 92
FSMNX Calmar Ratio Rank: 41
FSMNX Martin Ratio Rank: 38

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.

FUSIX vs. FSMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Fidelity International Fund (FUSIX) and Fidelity SAI Municipal Income Fund (FSMNX). 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.

	FUSIX	FSMNX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.68	-1.02
Sortino ratio: Return per unit of downside risk	2.47	4.18	-1.70
Omega ratio: Gain probability vs. loss probability	1.31	1.70	-0.40
Calmar ratio: Return relative to maximum drawdown	2.37	2.41	-0.05
Martin ratio: Return relative to average drawdown	8.68	8.13	+0.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FUSIX vs. FSMNX - Sharpe Ratio Comparison

The current FUSIX Sharpe Ratio is 1.66, which is lower than the FSMNX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of FUSIX and FSMNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FUSIX	FSMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	2.68	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.27	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.61	-0.35

Drawdowns

FUSIX vs. FSMNX - Drawdown Comparison

The maximum FUSIX drawdown since its inception was -64.42%, which is greater than FSMNX's maximum drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for FUSIX and FSMNX.

Drawdown Indicators

	FUSIX	FSMNX	Difference
Max Drawdown Largest peak-to-trough decline	-64.42%	-15.85%	-48.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-3.07%	-7.70%
Max Drawdown (3Y) Largest decline over 3 years	-13.81%	-6.08%	-7.73%
Max Drawdown (5Y) Largest decline over 5 years	-31.34%	-15.85%	-15.49%
Max Drawdown (10Y) Largest decline over 10 years	-31.96%	—	—
Current Drawdown Current decline from peak	-0.68%	-0.62%	-0.06%
Average Drawdown Average peak-to-trough decline	-16.05%	-3.66%	-12.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	0.91%	+1.87%

Volatility

FUSIX vs. FSMNX - Volatility Comparison

Strategic Advisers Fidelity International Fund (FUSIX) has a higher volatility of 5.36% compared to Fidelity SAI Municipal Income Fund (FSMNX) at 1.14%. This indicates that FUSIX's price experiences larger fluctuations and is considered to be riskier than FSMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUSIX	FSMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.36%	1.14%	+4.22%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	2.18%	+10.32%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	2.77%	+12.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	4.14%	+12.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	4.62%	+11.63%

FUSIX vs. FSMNX - Expense Ratio Comparison

FUSIX has a 0.54% expense ratio, which is higher than FSMNX's 0.36% expense ratio.

Dividends

FUSIX vs. FSMNX - Dividend Comparison

FUSIX's dividend yield for the trailing twelve months is around 4.56%, more than FSMNX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMNX Fidelity SAI Municipal Income Fund	3.37%	4.38%	3.52%	2.98%	1.74%	1.55%	1.96%	3.57%	0.65%	0.00%	0.00%	0.00%
FUSIX Strategic Advisers Fidelity International Fund	4.56%	3.02%	3.40%	2.43%	4.71%	5.83%	1.25%	3.05%	3.78%	2.03%	1.78%	1.46%

Frequently Asked Questions

Can I hold both FUSIX and FSMNX in my portfolio?

FUSIX and FSMNX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUSIX or FSMNX?

FUSIX has higher volatility (5.36%) compared to FSMNX (1.14%). In terms of maximum drawdown, FUSIX dropped -64.42% vs FSMNX's -15.85%.

Which has better risk-adjusted returns?

FSMNX currently has the higher Sharpe Ratio (2.68 vs 1.66), 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.