SCHD vs. FMNDX
SCHD (Schwab U.S. Dividend Equity ETF) and FMNDX (Fidelity Conservative Income Municipal Bond Fund Institutional Class) are both funds - SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index, while FMNDX is a Municipal Bonds fund managed by Fidelity. Over the past 10 years, SCHD returned 12.64%/yr vs 1.61%/yr for FMNDX. At a 0.02 correlation, their price movements are largely independent. SCHD charges 0.06%/yr vs 0.25%/yr for FMNDX.
Performance
SCHD vs. FMNDX - Performance Comparison
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Returns By Period
In the year-to-date period, SCHD achieves a 18.75% return, which is significantly higher than FMNDX's 1.01% return. Over the past 10 years, SCHD has outperformed FMNDX with an annualized return of 12.64%, while FMNDX has yielded a comparatively lower 1.61% annualized return.
SCHD
- 1D
- -0.89%
- 1M
- 2.15%
- YTD
- 18.75%
- 6M
- 18.75%
- 1Y
- 26.41%
- 3Y*
- 15.14%
- 5Y*
- 8.31%
- 10Y*
- 12.64%
FMNDX
- 1D
- 0.00%
- 1M
- 0.22%
- YTD
- 1.01%
- 6M
- 1.37%
- 1Y
- 2.96%
- 3Y*
- 3.19%
- 5Y*
- 2.11%
- 10Y*
- 1.61%
SCHD vs. FMNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCHD Schwab U.S. Dividend Equity ETF | 18.75% | 4.34% | 11.66% | 4.54% | -3.26% | 29.87% | 15.03% | 27.29% | -5.56% | 20.85% |
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class | 1.01% | 3.31% | 3.04% | 3.37% | -0.09% | 0.03% | 0.86% | 2.00% | 1.58% | 1.10% |
Correlation
The correlation between SCHD and FMNDX 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 | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013 | 0.02 |
The correlation between SCHD and FMNDX shifts across timeframes, from 0.02 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCHD vs. FMNDX — Risk / Return Rank
SCHD
FMNDX
SCHD vs. FMNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Dividend Equity ETF (SCHD) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX). 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.
| SCHD | FMNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -4.58 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 3.45 | -2.00 |
| Calmar ratioReturn relative to maximum drawdown | 6.07 | 9.99 | -3.92 |
| Martin ratioReturn relative to average drawdown | 14.90 | 41.56 | -26.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SCHD | FMNDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.55 | 3.17 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 1.99 | -1.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | 1.78 | -1.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 1.70 | -0.84 |
Drawdowns
SCHD vs. FMNDX - Drawdown Comparison
The maximum SCHD drawdown since its inception was -33.37%, which is greater than FMNDX's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for SCHD and FMNDX.
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Drawdown Indicators
| SCHD | FMNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.37% | -1.69% | -31.68% |
Max Drawdown (1Y)Largest decline over 1 year | -4.61% | -0.30% | -4.31% |
Max Drawdown (3Y)Largest decline over 3 years | -16.13% | -1.09% | -15.04% |
Max Drawdown (5Y)Largest decline over 5 years | -16.85% | -1.09% | -15.76% |
Max Drawdown (10Y)Largest decline over 10 years | -33.37% | -1.69% | -31.68% |
Current DrawdownCurrent decline from peak | -1.61% | 0.00% | -1.61% |
Average DrawdownAverage peak-to-trough decline | -3.32% | -0.10% | -3.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 0.07% | +1.81% |
Volatility
SCHD vs. FMNDX - Volatility Comparison
Schwab U.S. Dividend Equity ETF (SCHD) has a higher volatility of 2.87% compared to Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) at 0.27%. This indicates that SCHD's price experiences larger fluctuations and is considered to be riskier than FMNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCHD | FMNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 0.27% | +2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 7.61% | 0.63% | +6.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.98% | 0.94% | +10.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.38% | 1.06% | +13.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.72% | 0.91% | +15.81% |
SCHD vs. FMNDX - Expense Ratio Comparison
SCHD has a 0.06% expense ratio, which is lower than FMNDX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SCHD vs. FMNDX - Dividend Comparison
SCHD's dividend yield for the trailing twelve months is around 3.27%, more than FMNDX's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class | 2.82% | 2.95% | 2.99% | 2.60% | 0.61% | 0.23% | 0.85% | 1.58% | 1.46% | 1.00% | 0.75% | 0.38% |
SCHD Schwab U.S. Dividend Equity ETF | 3.27% | 3.82% | 3.64% | 3.49% | 3.39% | 2.78% | 3.16% | 2.98% | 3.06% | 2.63% | 2.89% | 2.97% |
Frequently Asked Questions
SCHD and FMNDX 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.
SCHD has higher volatility (2.87%) compared to FMNDX (0.27%). In terms of maximum drawdown, SCHD dropped -33.37% vs FMNDX's -1.69%.
FMNDX currently has the higher Sharpe Ratio (3.17 vs 2.55), 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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