SHMMX vs. FSMUX
Compare and contrast key facts about Western Asset Managed Municipals Fund (SHMMX) and Strategic Advisers Municipal Bond Fund (FSMUX).
SHMMX is managed by Franklin Templeton. It was launched on Mar 3, 1981. FSMUX is managed by Fidelity. It was launched on Jun 24, 2021.
Performance
SHMMX vs. FSMUX - Performance Comparison
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SHMMX vs. FSMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SHMMX Western Asset Managed Municipals Fund | -0.51% | 4.42% | 2.90% | 7.17% | -10.11% | 0.33% |
FSMUX Strategic Advisers Municipal Bond Fund | -1.13% | 3.14% | 2.99% | 6.78% | -11.25% | 0.39% |
Returns By Period
In the year-to-date period, SHMMX achieves a -0.51% return, which is significantly higher than FSMUX's -1.13% return.
SHMMX
- 1D
- 0.20%
- 1M
- -2.51%
- YTD
- -0.51%
- 6M
- 0.98%
- 1Y
- 3.57%
- 3Y*
- 3.68%
- 5Y*
- 1.14%
- 10Y*
- 2.16%
FSMUX
- 1D
- 0.11%
- 1M
- -2.56%
- YTD
- -1.13%
- 6M
- 0.12%
- 1Y
- 2.39%
- 3Y*
- 2.93%
- 5Y*
- —
- 10Y*
- —
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SHMMX vs. FSMUX - Expense Ratio Comparison
SHMMX has a 0.67% expense ratio, which is higher than FSMUX's 0.06% expense ratio.
Return for Risk
SHMMX vs. FSMUX — Risk / Return Rank
SHMMX
FSMUX
SHMMX vs. FSMUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Managed Municipals Fund (SHMMX) and Strategic Advisers Municipal Bond Fund (FSMUX). 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 | FSMUX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.83 | 0.63 | +0.20 |
Sortino ratioReturn per unit of downside risk | 1.12 | 0.87 | +0.24 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.19 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.28 | +0.60 |
Martin ratioReturn relative to average drawdown | 2.66 | 0.78 | +1.87 |
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 | FSMUX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.63 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.09 | -0.00 | +1.09 |
Correlation
The correlation between SHMMX and FSMUX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SHMMX vs. FSMUX - Dividend Comparison
SHMMX's dividend yield for the trailing twelve months is around 3.48%, more than FSMUX's 2.35% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHMMX Western Asset Managed Municipals Fund | 3.48% | 4.53% | 3.87% | 3.73% | 2.82% | 2.05% | 2.73% | 3.59% | 3.82% | 3.89% | 3.79% | 3.84% |
FSMUX Strategic Advisers Municipal Bond Fund | 2.35% | 3.26% | 3.74% | 3.18% | 2.14% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SHMMX vs. FSMUX - Drawdown Comparison
The maximum SHMMX drawdown since its inception was -16.40%, roughly equal to the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for SHMMX and FSMUX.
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Drawdown Indicators
| SHMMX | FSMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.40% | -16.27% | -0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -5.43% | -5.30% | -0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -14.96% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.96% | — | — |
Current DrawdownCurrent decline from peak | -2.51% | -2.56% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -5.61% | +3.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 1.96% | -0.16% |
Volatility
SHMMX vs. FSMUX - Volatility Comparison
Western Asset Managed Municipals Fund (SHMMX) has a higher volatility of 1.07% compared to Strategic Advisers Municipal Bond Fund (FSMUX) at 0.99%. This indicates that SHMMX's price experiences larger fluctuations and is considered to be riskier than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHMMX | FSMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.99% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.68% | 2.12% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 6.65% | -1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 4.67% | -0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.24% | 4.67% | -0.43% |