SMDMX vs. BALI

Last updated Jun 4, 2026

SMDMX (Fidelity Maryland Municipal Income Fund) and BALI (Blackrock Advantage Large Cap Income ETF) are both funds - SMDMX is a Municipal Bonds fund managed by Fidelity, while BALI is a Derivative Income fund actively managed by BlackRock. Over the past year, SMDMX returned 7.11% vs 26.38% for BALI. At a 0.12 correlation, their price movements are largely independent. SMDMX charges 0.55%/yr vs 0.35%/yr for BALI.

Performance

SMDMX vs. BALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Maryland Municipal Income Fund (SMDMX) and Blackrock Advantage Large Cap Income ETF (BALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMDMX achieves a 1.05% return, which is significantly lower than BALI's 11.22% return.

SMDMX

• 1D: 0.18%
• 1M: 0.77%
• YTD: 1.05%
• 6M: 1.55%
• 1Y: 7.11%
• 3Y*: 4.29%
• 5Y*: 1.00%
• 10Y*: 1.97%

BALI

• 1D: -0.41%
• 1M: 4.44%
• YTD: 11.22%
• 6M: 11.78%
• 1Y: 26.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMDMX vs. BALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMDMX Fidelity Maryland Municipal Income Fund	1.05%	5.86%	1.57%	8.25%
BALI Blackrock Advantage Large Cap Income ETF	11.22%	14.51%	22.38%	9.52%

Correlation

The correlation between SMDMX and BALI is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.12

Return for Risk

SMDMX vs. BALI — Risk / Return Rank

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

SMDMX

SMDMX Risk / Return Rank: 62
SMDMX Sharpe Ratio Rank: 79
SMDMX Sortino Ratio Rank: 82
SMDMX Omega Ratio Rank: 90
SMDMX Calmar Ratio Rank: 30
SMDMX Martin Ratio Rank: 30

BALI

BALI Risk / Return Rank: 82
BALI Sharpe Ratio Rank: 81
BALI Sortino Ratio Rank: 81
BALI Omega Ratio Rank: 81
BALI Calmar Ratio Rank: 77
BALI Martin Ratio Rank: 88

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.

SMDMX vs. BALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Maryland Municipal Income Fund (SMDMX) and Blackrock Advantage Large Cap Income ETF (BALI). 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.

	SMDMX	BALI	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.67	-0.09
Sortino ratio: Return per unit of downside risk	3.89	3.72	+0.16
Omega ratio: Gain probability vs. loss probability	1.65	1.50	+0.15
Calmar ratio: Return relative to maximum drawdown	2.06	3.95	-1.88
Martin ratio: Return relative to average drawdown	6.91	19.71	-12.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMDMX vs. BALI - Sharpe Ratio Comparison

The current SMDMX Sharpe Ratio is 2.59, which is comparable to the BALI Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of SMDMX and BALI, 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

	SMDMX	BALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.67	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.72	-0.66

Drawdowns

SMDMX vs. BALI - Drawdown Comparison

The maximum SMDMX drawdown since its inception was -14.13%, smaller than the maximum BALI drawdown of -16.65%. Use the drawdown chart below to compare losses from any high point for SMDMX and BALI.

Drawdown Indicators

	SMDMX	BALI	Difference
Max Drawdown Largest peak-to-trough decline	-14.13%	-16.65%	+2.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.41%	-6.71%	+3.30%
Max Drawdown (3Y) Largest decline over 3 years	-5.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.13%	—	—
Current Drawdown Current decline from peak	-0.97%	-0.41%	-0.56%
Average Drawdown Average peak-to-trough decline	-1.96%	-1.63%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.34%	-0.32%

Volatility

SMDMX vs. BALI - Volatility Comparison

The current volatility for Fidelity Maryland Municipal Income Fund (SMDMX) is 1.11%, while Blackrock Advantage Large Cap Income ETF (BALI) has a volatility of 1.95%. This indicates that SMDMX experiences smaller price fluctuations and is considered to be less risky than BALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMDMX	BALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	1.95%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	7.47%	-5.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.73%	9.91%	-7.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.87%	12.93%	-9.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	12.93%	-9.11%

SMDMX vs. BALI - Expense Ratio Comparison

SMDMX has a 0.55% expense ratio, which is higher than BALI's 0.35% expense ratio.

Dividends

SMDMX vs. BALI - Dividend Comparison

SMDMX's dividend yield for the trailing twelve months is around 2.55%, less than BALI's 7.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BALI Blackrock Advantage Large Cap Income ETF	7.66%	8.51%	7.13%	2.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMDMX Fidelity Maryland Municipal Income Fund	2.55%	3.39%	2.76%	2.38%	1.53%	2.04%	2.49%	2.42%	2.30%	3.06%	2.95%	3.78%

Frequently Asked Questions

Can I hold both SMDMX and BALI in my portfolio?

SMDMX and BALI have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMDMX or BALI?

BALI has higher volatility (1.95%) compared to SMDMX (1.11%). In terms of maximum drawdown, SMDMX dropped -14.13% vs BALI's -16.65%.

Which has better risk-adjusted returns?

BALI currently has the higher Sharpe Ratio (2.67 vs 2.59), 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.