GSMIX vs. FXNAX
GSMIX (Goldman Sachs Dynamic Municipal Income Fund) and FXNAX (Fidelity U.S. Bond Index Fund) are both mutual funds - GSMIX is a Municipal Bonds fund managed by Goldman Sachs, while FXNAX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Over the past 10 years, GSMIX returned 2.22%/yr vs 1.25%/yr for FXNAX. Their 0.39 correlation means their historical movements had little consistent relationship. GSMIX charges 0.73%/yr vs 0.03%/yr for FXNAX.
Performance
GSMIX vs. FXNAX - Performance Comparison
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Returns By Period
In the year-to-date period, GSMIX achieves a 0.75% return, which is significantly higher than FXNAX's -0.63% return. Over the past 10 years, GSMIX has outperformed FXNAX with an annualized return of 2.22%, while FXNAX has yielded a comparatively lower 1.25% annualized return.
GSMIX
- 1D
- -0.20%
- 1M
- -1.56%
- 6M
- -0.01%
- YTD
- 0.75%
- 1Y
- 4.71%
- 3Y*
- 3.64%
- 5Y*
- 0.65%
- 10Y*
- 2.22%
- ALL TIME*
- 3.48%
FXNAX
- 1D
- 0.10%
- 1M
- -1.25%
- 6M
- -0.85%
- YTD
- -0.63%
- 1Y
- 1.77%
- 3Y*
- 3.69%
- 5Y*
- -0.49%
- 10Y*
- 1.25%
- ALL TIME*
- 1.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
GSMIX vs. FXNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSMIX Goldman Sachs Dynamic Municipal Income Fund | 0.75% | 4.12% | 3.03% | 6.41% | -9.77% | 2.80% | 3.57% | 7.49% | 2.83% | 5.55% |
FXNAX Fidelity U.S. Bond Index Fund | -0.63% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 7.63% | 8.50% | 0.04% | 3.50% |
Correlation
The correlation between GSMIX and FXNAX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.50 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.39 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.39 |
The correlation between GSMIX and FXNAX shifts across timeframes, from 0.39 (10 years) to 0.61 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GSMIX vs. FXNAX — Risk / Return Rank
GSMIX
FXNAX
GSMIX vs. FXNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic Municipal Income Fund (GSMIX) and Fidelity U.S. Bond Index Fund (FXNAX). 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.
| GSMIX | FXNAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.14 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 1.01 | +1.26 |
| Martin ratioReturn relative to average drawdown | 7.71 | 2.55 | +5.16 |
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Drawdowns
GSMIX vs. FXNAX - Drawdown Comparison
The maximum GSMIX drawdown since its inception was -15.43%, smaller than the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for GSMIX and FXNAX.
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Drawdown Indicators
| GSMIX | FXNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.43% | -19.51% | +4.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.46% | -2.94% | +0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -4.81% | -5.11% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -14.33% | -18.54% | +4.21% |
Max Drawdown (10Y)Largest decline over 10 years | -14.33% | -19.51% | +5.18% |
Current DrawdownCurrent decline from peak | -1.56% | -3.89% | +2.33% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -3.86% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 1.17% | -0.45% |
Volatility
GSMIX vs. FXNAX - Volatility Comparison
The current volatility for Goldman Sachs Dynamic Municipal Income Fund (GSMIX) is 0.75%, while Fidelity U.S. Bond Index Fund (FXNAX) has a volatility of 0.99%. This indicates that GSMIX experiences smaller price fluctuations and is considered to be less risky than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSMIX | FXNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.99% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 1.92% | 3.02% | -1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.41% | 3.85% | -1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.69% | 6.07% | -2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.92% | 5.01% | -1.09% |
GSMIX vs. FXNAX - Expense Ratio Comparison
GSMIX has a 0.73% expense ratio, which is higher than FXNAX's 0.03% expense ratio.
Dividends
GSMIX vs. FXNAX - Dividend Comparison
GSMIX's dividend yield for the trailing twelve months is around 3.23%, less than FXNAX's 3.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXNAX Fidelity U.S. Bond Index Fund | 3.46% | 3.58% | 3.40% | 3.15% | 1.81% | 1.74% | 2.92% | 2.68% | 2.74% | 2.57% | 2.76% | 2.52% |
GSMIX Goldman Sachs Dynamic Municipal Income Fund | 3.23% | 4.32% | 3.31% | 2.82% | 1.86% | 1.92% | 2.11% | 2.57% | 2.79% | 2.99% | 3.35% | 3.43% |
Frequently Asked Questions
GSMIX and FXNAX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXNAX has higher volatility (0.99%) compared to GSMIX (0.75%). In terms of maximum drawdown, GSMIX dropped -15.43% vs FXNAX's -19.51%.
GSMIX currently has the higher Sharpe Ratio (2.32 vs 0.78), 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.
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