FZIAX vs. FTIHX

Last updated Aug 1, 2026

FZIAX (Fidelity Advisor Intermediate Municipal Income Fund Class A) and FTIHX (Fidelity Total International Index Fund) are both mutual funds - FZIAX is a Municipal Bonds fund managed by Fidelity, while FTIHX is a Foreign Large Cap Equities fund tracking the MSCI ACWI (All Country World Index) ex USA Investable Market Index. Over the past 10 years, FZIAX returned 1.59%/yr vs 9.18%/yr for FTIHX. Their 0.07 correlation means their historical movements had little consistent relationship. FZIAX charges 0.64%/yr vs 0.06%/yr for FTIHX.

Performance

FZIAX vs. FTIHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Intermediate Municipal Income Fund Class A (FZIAX) and Fidelity Total International Index Fund (FTIHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZIAX achieves a -0.48% return, which is significantly lower than FTIHX's 12.99% return. Over the past 10 years, FZIAX has underperformed FTIHX with an annualized return of 1.59%, while FTIHX has yielded a comparatively higher 9.18% annualized return.

FZIAX

• 1D: -0.20%
• 1M: -1.66%
• 6M: -1.46%
• YTD: -0.48%
• 1Y: 3.02%
• 3Y*: 2.93%
• 5Y*: 0.56%
• 10Y*: 1.59%
• ALL TIME*: 2.48%

FTIHX

• 1D: 2.78%
• 1M: 0.15%
• 6M: 6.94%
• YTD: 12.99%
• 1Y: 27.75%
• 3Y*: 16.94%
• 5Y*: 8.78%
• 10Y*: 9.18%
• ALL TIME*: 9.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTIHX Fidelity Total International Index Fund	$0.00	$0.00	$0.00
FZIAX Fidelity Advisor Intermediate Municipal Income Fund Class A	$0.00	$0.00	$0.00

FZIAX vs. FTIHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZIAX Fidelity Advisor Intermediate Municipal Income Fund Class A	-0.48%	5.58%	0.80%	5.17%	-7.11%	0.70%	4.21%	6.21%	0.91%	4.25%
FTIHX Fidelity Total International Index Fund	12.99%	32.59%	4.98%	15.49%	-16.29%	8.45%	11.09%	21.50%	-14.40%	25.88%

Correlation

The correlation between FZIAX and FTIHX is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.23
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Jun 16, 2016	0.07

Over the past year, FZIAX and FTIHX have become more correlated (0.29) than their long-term average of 0.07, meaning their price movements have been converging.

Return for Risk

FZIAX vs. FTIHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FZIAX

FZIAX Risk / Return Rank: 50
FZIAX Sharpe Ratio Rank: 61
FZIAX Sortino Ratio Rank: 60
FZIAX Omega Ratio Rank: 80
FZIAX Calmar Ratio Rank: 25
FZIAX Martin Ratio Rank: 22

FTIHX

FTIHX Risk / Return Rank: 73
FTIHX Sharpe Ratio Rank: 73
FTIHX Sortino Ratio Rank: 69
FTIHX Omega Ratio Rank: 72
FTIHX Calmar Ratio Rank: 74
FTIHX Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FZIAX vs. FTIHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Intermediate Municipal Income Fund Class A (FZIAX) and Fidelity Total International Index Fund (FTIHX). 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.

	FZIAX	FTIHX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.65	-0.08
Sortino ratio: Return per unit of downside risk	2.23	2.27	-0.04
Omega ratio: Gain probability vs. loss probability	1.38	1.30	+0.07
Calmar ratio: Return relative to maximum drawdown	1.24	2.35	-1.11
Martin ratio: Return relative to average drawdown	3.24	8.76	-5.52

FZIAX vs. FTIHX - Sharpe Ratio Comparison

The current FZIAX Sharpe Ratio is 1.57, which is comparable to the FTIHX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of FZIAX and FTIHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FZIAX vs. FTIHX - Drawdown Comparison

The maximum FZIAX drawdown since its inception was -11.15%, smaller than the maximum FTIHX drawdown of -35.75%. Use the drawdown chart below to compare losses from any high point for FZIAX and FTIHX.

Drawdown Indicators

	FZIAX	FTIHX	Difference
Max Drawdown Largest peak-to-trough decline	-11.15%	-35.75%	+24.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-11.25%	+8.28%
Max Drawdown (3Y) Largest decline over 3 years	-3.72%	-13.15%	+9.43%
Max Drawdown (5Y) Largest decline over 5 years	-11.15%	-29.99%	+18.84%
Max Drawdown (10Y) Largest decline over 10 years	-11.15%	-35.75%	+24.60%
Current Drawdown Current decline from peak	-2.49%	-2.35%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.61%	-7.14%	+5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	3.01%	-1.88%

Volatility

FZIAX vs. FTIHX - Volatility Comparison

The current volatility for Fidelity Advisor Intermediate Municipal Income Fund Class A (FZIAX) is 0.80%, while Fidelity Total International Index Fund (FTIHX) has a volatility of 5.38%. This indicates that FZIAX experiences smaller price fluctuations and is considered to be less risky than FTIHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZIAX	FTIHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	5.38%	-4.58%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	14.23%	-12.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	16.08%	-13.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.06%	15.60%	-12.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.21%	15.96%	-12.75%

FZIAX vs. FTIHX - Expense Ratio Comparison

FZIAX has a 0.64% expense ratio, which is higher than FTIHX's 0.06% expense ratio.

Dividends

FZIAX vs. FTIHX - Dividend Comparison

FZIAX's dividend yield for the trailing twelve months is around 2.41%, less than FTIHX's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTIHX Fidelity Total International Index Fund	2.46%	2.78%	2.88%	2.78%	2.51%	2.55%	1.62%	2.61%	2.21%	0.45%	0.47%	0.00%
FZIAX Fidelity Advisor Intermediate Municipal Income Fund Class A	2.41%	3.30%	2.19%	2.10%	1.15%	1.53%	1.86%	2.27%	2.35%	2.31%	2.83%	2.05%

Frequently Asked Questions

Can I hold both FZIAX and FTIHX in my portfolio?

FZIAX and FTIHX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FZIAX or FTIHX?

FTIHX has higher volatility (5.38%) compared to FZIAX (0.80%). In terms of maximum drawdown, FZIAX dropped -11.15% vs FTIHX's -35.75%.

Which has better risk-adjusted returns?

FTIHX currently has the higher Sharpe Ratio (1.65 vs 1.57), 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.