SHMMX vs. FBND
Compare and contrast key facts about Western Asset Managed Municipals Fund (SHMMX) and Fidelity Total Bond ETF (FBND).
SHMMX is managed by Franklin Templeton. It was launched on Mar 3, 1981. FBND is an actively managed fund by Fidelity. It was launched on Oct 6, 2014.
Performance
SHMMX vs. FBND - Performance Comparison
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SHMMX vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHMMX Western Asset Managed Municipals Fund | -0.24% | 4.42% | 2.90% | 7.17% | -10.11% | 2.74% | 4.23% | 7.49% | 0.44% | 5.54% |
FBND Fidelity Total Bond ETF | 0.12% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
Returns By Period
In the year-to-date period, SHMMX achieves a -0.24% return, which is significantly lower than FBND's 0.12% return. Over the past 10 years, SHMMX has underperformed FBND with an annualized return of 2.19%, while FBND has yielded a comparatively higher 2.78% annualized return.
SHMMX
- 1D
- 0.27%
- 1M
- -1.99%
- YTD
- -0.24%
- 6M
- 1.19%
- 1Y
- 3.43%
- 3Y*
- 3.77%
- 5Y*
- 1.17%
- 10Y*
- 2.19%
FBND
- 1D
- -0.02%
- 1M
- -1.32%
- YTD
- 0.12%
- 6M
- 0.77%
- 1Y
- 4.53%
- 3Y*
- 4.42%
- 5Y*
- 1.01%
- 10Y*
- 2.78%
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SHMMX vs. FBND - Expense Ratio Comparison
SHMMX has a 0.67% expense ratio, which is higher than FBND's 0.36% expense ratio.
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.
| SHMMX | FBND | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.73 | 1.03 | -0.30 |
Sortino ratioReturn per unit of downside risk | 0.98 | 1.44 | -0.46 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.18 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 0.87 | 1.69 | -0.82 |
Martin ratioReturn relative to average drawdown | 2.61 | 5.25 | -2.65 |
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
| SHMMX | FBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 1.03 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.17 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.46 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.09 | 0.44 | +0.65 |
Correlation
The correlation between SHMMX and FBND is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
SHMMX vs. FBND - Dividend Comparison
SHMMX's dividend yield for the trailing twelve months is around 3.47%, less than FBND's 4.73% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHMMX Western Asset Managed Municipals Fund | 3.47% | 4.53% | 3.87% | 3.73% | 2.82% | 2.05% | 2.73% | 3.59% | 3.82% | 3.89% | 3.79% | 3.84% |
FBND Fidelity Total Bond ETF | 4.73% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
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 | -5.43% | -2.79% | -2.64% |
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 | -2.25% | -1.80% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -3.38% | +1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 0.90% | +0.90% |
Volatility
SHMMX vs. FBND - Volatility Comparison
The current volatility for Western Asset Managed Municipals Fund (SHMMX) is 1.13%, while Fidelity Total Bond ETF (FBND) has a volatility of 1.66%. This indicates that SHMMX experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. 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 | 1.13% | 1.66% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 1.70% | 2.62% | -0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 4.44% | +0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 5.90% | -1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.24% | 6.08% | -1.84% |