SMDMX vs. FTABX
Compare and contrast key facts about Fidelity Maryland Municipal Income Fund (SMDMX) and Fidelity Tax-Free Bond Fund (FTABX).
SMDMX is managed by Fidelity. It was launched on Apr 22, 1993. FTABX is managed by Fidelity. It was launched on Apr 10, 2001.
Performance
SMDMX vs. FTABX - Performance Comparison
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SMDMX vs. FTABX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDMX Fidelity Maryland Municipal Income Fund | -1.25% | 5.86% | 1.57% | 6.21% | -9.56% | 1.62% | 3.79% | 7.17% | 0.27% | 5.92% |
FTABX Fidelity Tax-Free Bond Fund | -0.77% | 5.60% | 1.54% | 7.51% | -10.74% | 2.20% | 4.80% | 8.58% | 0.67% | 6.45% |
Returns By Period
In the year-to-date period, SMDMX achieves a -1.25% return, which is significantly lower than FTABX's -0.77% return. Over the past 10 years, SMDMX has underperformed FTABX with an annualized return of 1.84%, while FTABX has yielded a comparatively higher 2.29% annualized return.
SMDMX
- 1D
- 0.19%
- 1M
- -3.23%
- YTD
- -1.25%
- 6M
- 0.68%
- 1Y
- 4.18%
- 3Y*
- 3.27%
- 5Y*
- 0.87%
- 10Y*
- 1.84%
FTABX
- 1D
- 0.18%
- 1M
- -2.93%
- YTD
- -0.77%
- 6M
- 0.87%
- 1Y
- 4.33%
- 3Y*
- 3.49%
- 5Y*
- 0.93%
- 10Y*
- 2.29%
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SMDMX vs. FTABX - Expense Ratio Comparison
SMDMX has a 0.55% expense ratio, which is higher than FTABX's 0.25% expense ratio.
Return for Risk
SMDMX vs. FTABX — Risk / Return Rank
SMDMX
FTABX
SMDMX vs. FTABX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Maryland Municipal Income Fund (SMDMX) and Fidelity Tax-Free Bond Fund (FTABX). 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 | FTABX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.08 | 1.08 | 0.00 |
Sortino ratioReturn per unit of downside risk | 1.46 | 1.46 | -0.01 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.17 | 1.16 | +0.02 |
Martin ratioReturn relative to average drawdown | 4.29 | 4.03 | +0.26 |
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
| SMDMX | FTABX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 1.08 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.23 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.54 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.05 | 1.04 | +0.01 |
Correlation
The correlation between SMDMX and FTABX is 0.91, 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
SMDMX vs. FTABX - Dividend Comparison
SMDMX's dividend yield for the trailing twelve months is around 2.59%, less than FTABX's 3.21% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDMX Fidelity Maryland Municipal Income Fund | 2.59% | 3.39% | 2.76% | 2.38% | 1.53% | 2.04% | 2.49% | 2.42% | 2.30% | 3.06% | 2.95% | 3.78% |
FTABX Fidelity Tax-Free Bond Fund | 3.21% | 4.18% | 2.81% | 2.90% | 2.16% | 2.27% | 2.64% | 2.94% | 3.01% | 3.49% | 4.22% | 3.29% |
Drawdowns
SMDMX vs. FTABX - Drawdown Comparison
The maximum SMDMX drawdown since its inception was -14.13%, smaller than the maximum FTABX drawdown of -16.14%. Use the drawdown chart below to compare losses from any high point for SMDMX and FTABX.
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Drawdown Indicators
| SMDMX | FTABX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.13% | -16.14% | +2.01% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -4.74% | +0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -14.13% | -16.14% | +2.01% |
Max Drawdown (10Y)Largest decline over 10 years | -14.13% | -16.14% | +2.01% |
Current DrawdownCurrent decline from peak | -3.23% | -2.93% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -1.97% | -2.13% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 1.36% | -0.14% |
Volatility
SMDMX vs. FTABX - Volatility Comparison
Fidelity Maryland Municipal Income Fund (SMDMX) has a higher volatility of 1.22% compared to Fidelity Tax-Free Bond Fund (FTABX) at 1.10%. This indicates that SMDMX's price experiences larger fluctuations and is considered to be riskier than FTABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDMX | FTABX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 1.10% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 1.77% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.61% | 4.84% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.83% | 4.12% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 4.27% | -0.47% |