RFNGX vs. HIMFX

Last updated Jun 3, 2026

RFNGX (American Funds Fundamental Investors Fund Class R6) and HIMFX (American High-Income Municipal Bond Fund Class F-3) are both mutual funds - RFNGX is a Large Cap Growth Equities fund actively managed by Capital Group, while HIMFX is a High Yield Muni fund actively managed by Capital Group. Both are actively managed. Over the past 5 years, RFNGX returned 15.08%/yr vs 1.77%/yr for HIMFX. At a 0.03 correlation, their price movements are largely independent. RFNGX charges 0.28%/yr vs 0.31%/yr for HIMFX.

Performance

RFNGX vs. HIMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Fundamental Investors Fund Class R6 (RFNGX) and American High-Income Municipal Bond Fund Class F-3 (HIMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFNGX achieves a 15.27% return, which is significantly higher than HIMFX's 2.18% return.

RFNGX

• 1D: 0.22%
• 1M: 6.13%
• YTD: 15.27%
• 6M: 16.56%
• 1Y: 35.74%
• 3Y*: 26.35%
• 5Y*: 15.08%
• 10Y*: 15.16%

HIMFX

• 1D: 0.00%
• 1M: 0.67%
• YTD: 2.18%
• 6M: 2.76%
• 1Y: 8.48%
• 3Y*: 5.97%
• 5Y*: 1.77%
• 10Y*: —

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

RFNGX vs. HIMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RFNGX American Funds Fundamental Investors Fund Class R6	15.27%	24.58%	22.77%	26.25%	-16.38%	22.83%	13.72%	27.48%	-7.09%	19.62%
HIMFX American High-Income Municipal Bond Fund Class F-3	2.18%	4.69%	6.23%	7.89%	-12.36%	5.60%	4.74%	8.92%	1.91%	8.22%

Correlation

The correlation between RFNGX and HIMFX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.03

The correlation between RFNGX and HIMFX shifts across timeframes, from 0.03 (all time) to 0.14 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

RFNGX vs. HIMFX — Risk / Return Rank

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

RFNGX

RFNGX Risk / Return Rank: 78
RFNGX Sharpe Ratio Rank: 83
RFNGX Sortino Ratio Rank: 73
RFNGX Omega Ratio Rank: 73
RFNGX Calmar Ratio Rank: 76
RFNGX Martin Ratio Rank: 84

HIMFX

HIMFX Risk / Return Rank: 76
HIMFX Sharpe Ratio Rank: 83
HIMFX Sortino Ratio Rank: 90
HIMFX Omega Ratio Rank: 90
HIMFX Calmar Ratio Rank: 64
HIMFX Martin Ratio Rank: 54

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.

RFNGX vs. HIMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Fundamental Investors Fund Class R6 (RFNGX) and American High-Income Municipal Bond Fund Class F-3 (HIMFX). 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.

	RFNGX	HIMFX	Difference
Sharpe ratio Return per unit of total volatility	2.68	2.68	0.00
Sortino ratio Return per unit of downside risk	3.58	4.38	-0.80
Omega ratio Gain probability vs. loss probability	1.48	1.64	-0.16
Calmar ratio Return relative to maximum drawdown	3.46	3.09	+0.37
Martin ratio Return relative to average drawdown	16.07	11.11	+4.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFNGX vs. HIMFX - Sharpe Ratio Comparison

The current RFNGX Sharpe Ratio is 2.68, which is comparable to the HIMFX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of RFNGX and HIMFX, 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

	RFNGX	HIMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.68	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.37	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.85	-0.05

Drawdowns

RFNGX vs. HIMFX - Drawdown Comparison

The maximum RFNGX drawdown since its inception was -33.90%, which is greater than HIMFX's maximum drawdown of -17.57%. Use the drawdown chart below to compare losses from any high point for RFNGX and HIMFX.

Drawdown Indicators

	RFNGX	HIMFX	Difference
Max Drawdown Largest peak-to-trough decline	-33.90%	-17.57%	-16.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.62%	-2.76%	-7.86%
Max Drawdown (3Y) Largest decline over 3 years	-17.92%	-6.17%	-11.75%
Max Drawdown (5Y) Largest decline over 5 years	-24.88%	-17.57%	-7.31%
Max Drawdown (10Y) Largest decline over 10 years	-33.90%	—	—
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-4.02%	-3.17%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	0.77%	+1.52%

Volatility

RFNGX vs. HIMFX - Volatility Comparison

American Funds Fundamental Investors Fund Class R6 (RFNGX) has a higher volatility of 3.68% compared to American High-Income Municipal Bond Fund Class F-3 (HIMFX) at 1.10%. This indicates that RFNGX's price experiences larger fluctuations and is considered to be riskier than HIMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFNGX	HIMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	1.10%	+2.58%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	2.25%	+8.58%
Volatility (1Y) Calculated over the trailing 1-year period	13.78%	3.08%	+10.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	4.82%	+11.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.73%	4.60%	+13.13%

RFNGX vs. HIMFX - Expense Ratio Comparison

RFNGX has a 0.28% expense ratio, which is lower than HIMFX's 0.31% expense ratio.

Dividends

RFNGX vs. HIMFX - Dividend Comparison

RFNGX's dividend yield for the trailing twelve months is around 7.68%, more than HIMFX's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIMFX American High-Income Municipal Bond Fund Class F-3	4.24%	4.32%	3.83%	3.71%	2.80%	3.54%	3.73%	3.49%	3.99%	3.61%	0.00%	0.00%
RFNGX American Funds Fundamental Investors Fund Class R6	7.68%	8.82%	8.91%	6.10%	5.33%	11.29%	1.77%	7.21%	10.67%	7.56%	5.01%	6.01%

Frequently Asked Questions

Can I hold both RFNGX and HIMFX in my portfolio?

RFNGX and HIMFX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFNGX or HIMFX?

RFNGX has higher volatility (3.68%) compared to HIMFX (1.10%). In terms of maximum drawdown, RFNGX dropped -33.90% vs HIMFX's -17.57%.

Which has better risk-adjusted returns?

RFNGX currently has the higher Sharpe Ratio (2.68 vs 2.67), 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.