FXIEX vs. FMBIX

Last updated Jun 5, 2026

FXIEX (PIMCO Fixed Income SHares: Series TE) and FMBIX (Fidelity Municipal Bond Index Fund) are both Municipal Bonds funds. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.

Performance

FXIEX vs. FMBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Fixed Income SHares: Series TE (FXIEX) and Fidelity Municipal Bond Index Fund (FMBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FXIEX

• 1D: -0.10%
• 1M: 0.71%
• YTD: 1.71%
• 6M: 2.13%
• 1Y: 6.46%
• 3Y*: 5.20%
• 5Y*: 1.63%
• 10Y*: 2.90%

FMBIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXIEX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FXIEX PIMCO Fixed Income SHares: Series TE	1.71%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	2.48%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	3.10%	1.48%

Correlation

The correlation between FXIEX and FMBIX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019	0.79

The correlation between FXIEX and FMBIX has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

Return for Risk

FXIEX vs. FMBIX — Risk / Return Rank

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

FXIEX

FXIEX Risk / Return Rank: 76
FXIEX Sharpe Ratio Rank: 70
FXIEX Sortino Ratio Rank: 88
FXIEX Omega Ratio Rank: 86
FXIEX Calmar Ratio Rank: 79
FXIEX Martin Ratio Rank: 59

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.

FXIEX vs. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Fixed Income SHares: Series TE (FXIEX) and Fidelity Municipal Bond Index Fund (FMBIX). 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.

	FXIEX	FMBIX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	—	—
Sortino ratio: Return per unit of downside risk	4.28	—	—
Omega ratio: Gain probability vs. loss probability	1.60	—	—
Calmar ratio: Return relative to maximum drawdown	3.55	—	—
Martin ratio: Return relative to average drawdown	11.70	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FXIEX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	—	—

Drawdowns

Drawdown Indicators

	FXIEX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.25%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.25%	—	—
Current Drawdown Current decline from peak	-0.10%	—	—
Average Drawdown Average peak-to-trough decline	-2.90%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	—	—

Volatility

Volatility by Period

	FXIEX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.37%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.10%	—	—

FXIEX vs. FMBIX - Expense Ratio Comparison

Both FXIEX and FMBIX have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FXIEX vs. FMBIX - Dividend Comparison

FXIEX's dividend yield for the trailing twelve months is around 2.79%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%	0.00%	0.00%
FXIEX PIMCO Fixed Income SHares: Series TE	2.79%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%

Frequently Asked Questions

Can I hold both FXIEX and FMBIX in my portfolio?

FXIEX and FMBIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.