SHMMX vs. FBND
SHMMX (Western Asset Managed Municipals Fund) and FBND (Fidelity Total Bond ETF) are both funds - SHMMX is a Municipal Bonds fund managed by Franklin Templeton, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 10 years, SHMMX returned 2.03%/yr vs 2.27%/yr for FBND. Their 0.46 correlation means their historical movements had little consistent relationship. SHMMX charges 0.67%/yr vs 0.36%/yr for FBND.
Performance
SHMMX vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, SHMMX achieves a 0.79% return, which is significantly higher than FBND's -0.33% return. Over the past 10 years, SHMMX has underperformed FBND with an annualized return of 2.03%, while FBND has yielded a comparatively higher 2.27% annualized return.
SHMMX
- 1D
- -0.20%
- 1M
- -1.93%
- 6M
- 0.09%
- YTD
- 0.79%
- 1Y
- 5.98%
- 3Y*
- 3.75%
- 5Y*
- 0.76%
- 10Y*
- 2.03%
- ALL TIME*
- 5.04%
FBND
- 1D
- -0.27%
- 1M
- -1.26%
- 6M
- -0.60%
- YTD
- -0.33%
- 1Y
- 2.08%
- 3Y*
- 4.55%
- 5Y*
- 0.31%
- 10Y*
- 2.27%
- ALL TIME*
- 2.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.84M | $127.41M | $124.15M | |
| $0.00 | $0.00 | $0.00 |
SHMMX vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHMMX Western Asset Managed Municipals Fund | 0.79% | 4.42% | 2.90% | 7.17% | -10.11% | 2.74% | 4.23% | 7.49% | 0.44% | 5.54% |
FBND Fidelity Total Bond ETF | -0.33% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
Correlation
The correlation between SHMMX and FBND is 0.54, 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. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.46 |
The correlation between SHMMX and FBND shifts across timeframes, from 0.46 (all time) to 0.59 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHMMX vs. FBND — Risk / Return Rank
SHMMX
FBND
SHMMX vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Managed Municipals Fund (SHMMX) and Fidelity Total Bond ETF (FBND). 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.
| SHMMX | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.64 | ||
| Sortino ratioReturn per unit of downside risk | +2.56 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.13 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 1.09 | +1.49 |
| Martin ratioReturn relative to average drawdown | 8.89 | 2.77 | +6.12 |
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Drawdowns
SHMMX vs. FBND - Drawdown Comparison
The maximum SHMMX drawdown since its inception was -16.40%, roughly equal to the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for SHMMX and FBND.
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Drawdown Indicators
| SHMMX | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.40% | -17.25% | +0.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -2.66% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -5.66% | -4.95% | -0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -14.96% | -17.25% | +2.29% |
Max Drawdown (10Y)Largest decline over 10 years | -14.96% | -17.25% | +2.29% |
Current DrawdownCurrent decline from peak | -1.93% | -2.24% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -3.32% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 1.05% | -0.26% |
Volatility
SHMMX vs. FBND - Volatility Comparison
Western Asset Managed Municipals Fund (SHMMX) and Fidelity Total Bond ETF (FBND) have volatilities of 0.98% and 0.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHMMX | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 0.95% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.30% | 2.94% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.91% | 3.77% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.22% | 5.93% | -1.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.27% | 6.10% | -1.83% |
SHMMX vs. FBND - Expense Ratio Comparison
SHMMX has a 0.67% expense ratio, which is higher than FBND's 0.36% expense ratio.
Dividends
SHMMX vs. FBND - Dividend Comparison
SHMMX's dividend yield for the trailing twelve months is around 3.22%, less than FBND's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.77% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
SHMMX Western Asset Managed Municipals Fund | 3.22% | 4.53% | 3.87% | 3.73% | 2.82% | 2.05% | 2.73% | 3.59% | 3.82% | 3.89% | 3.79% | 3.84% |
Frequently Asked Questions
SHMMX and FBND have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHMMX has higher volatility (0.98%) compared to FBND (0.95%). In terms of maximum drawdown, SHMMX dropped -16.40% vs FBND's -17.25%.
SHMMX currently has the higher Sharpe Ratio (2.41 vs 0.77), 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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