SMDMX vs. VWITX
SMDMX (Fidelity Maryland Municipal Income Fund) and VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, SMDMX returned 1.65%/yr vs 2.13%/yr for VWITX. Their correlation of 0.86 means they have usually moved in the same direction. SMDMX charges 0.55%/yr vs 0.17%/yr for VWITX.
Performance
SMDMX vs. VWITX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SMDMX achieves a -0.67% return, which is significantly lower than VWITX's -0.19% return. Over the past 10 years, SMDMX has underperformed VWITX with an annualized return of 1.65%, while VWITX has yielded a comparatively higher 2.13% annualized return.
SMDMX
- 1D
- -0.09%
- 1M
- -2.27%
- 6M
- -1.42%
- YTD
- -0.67%
- 1Y
- 4.03%
- 3Y*
- 3.52%
- 5Y*
- 0.43%
- 10Y*
- 1.65%
- ALL TIME*
- 3.75%
VWITX
- 1D
- -0.07%
- 1M
- -1.88%
- 6M
- -1.10%
- YTD
- -0.19%
- 1Y
- 3.98%
- 3Y*
- 3.79%
- 5Y*
- 1.18%
- 10Y*
- 2.13%
- ALL TIME*
- 3.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SMDMX vs. VWITX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDMX Fidelity Maryland Municipal Income Fund | -0.67% | 5.86% | 1.57% | 6.21% | -9.56% | 1.62% | 3.79% | 7.17% | 0.27% | 5.92% |
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | -0.19% | 5.89% | 2.23% | 5.82% | -6.90% | 0.74% | 5.14% | 7.01% | 1.26% | 4.54% |
Correlation
The correlation between SMDMX and VWITX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994 | 0.86 |
The correlation between SMDMX and VWITX has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SMDMX vs. VWITX — Risk / Return Rank
SMDMX
VWITX
SMDMX vs. VWITX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Maryland Municipal Income Fund (SMDMX) and Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX). 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.
| SMDMX | VWITX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.42 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.44 | -0.11 |
| Martin ratioReturn relative to average drawdown | 3.95 | 4.17 | -0.22 |
Loading charts...
Drawdowns
SMDMX vs. VWITX - Drawdown Comparison
The maximum SMDMX drawdown since its inception was -14.13%, smaller than the maximum VWITX drawdown of -29.13%. Use the drawdown chart below to compare losses from any high point for SMDMX and VWITX.
Loading charts...
Drawdown Indicators
| SMDMX | VWITX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.13% | -29.13% | +15.00% |
Max Drawdown (1Y)Largest decline over 1 year | -3.41% | -2.99% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -4.65% | -4.02% | -0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -14.06% | -11.46% | -2.60% |
Max Drawdown (10Y)Largest decline over 10 years | -14.13% | -11.46% | -2.67% |
Current DrawdownCurrent decline from peak | -2.66% | -2.35% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -1.96% | -3.57% | +1.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 1.03% | +0.12% |
Volatility
SMDMX vs. VWITX - Volatility Comparison
Fidelity Maryland Municipal Income Fund (SMDMX) has a higher volatility of 0.99% compared to Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) at 0.79%. This indicates that SMDMX's price experiences larger fluctuations and is considered to be riskier than VWITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SMDMX | VWITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 0.79% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 2.01% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 2.44% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 3.28% | +0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.82% | 3.42% | +0.40% |
SMDMX vs. VWITX - Expense Ratio Comparison
SMDMX has a 0.55% expense ratio, which is higher than VWITX's 0.17% expense ratio.
Dividends
SMDMX vs. VWITX - Dividend Comparison
SMDMX's dividend yield for the trailing twelve months is around 2.38%, less than VWITX's 3.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDMX Fidelity Maryland Municipal Income Fund | 2.38% | 3.39% | 2.76% | 2.38% | 1.53% | 2.04% | 2.49% | 2.42% | 2.30% | 3.06% | 2.95% | 3.78% |
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 3.05% | 3.96% | 3.53% | 2.70% | 2.43% | 1.83% | 2.32% | 2.80% | 2.80% | 2.72% | 2.80% | 2.88% |
Frequently Asked Questions
With a correlation of 0.91, SMDMX and VWITX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SMDMX has higher volatility (0.99%) compared to VWITX (0.79%). In terms of maximum drawdown, SMDMX dropped -14.13% vs VWITX's -29.13%.
VWITX currently has the higher Sharpe Ratio (1.79 vs 1.60), 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.
Find the right allocation for SMDMX and VWITX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer