TSSIX vs. FSMUX
Compare and contrast key facts about Thornburg Strategic Municipal Income Fund (TSSIX) and Strategic Advisers Municipal Bond Fund (FSMUX).
TSSIX is managed by Thornburg. It was launched on Mar 31, 2009. FSMUX is managed by Fidelity. It was launched on Jun 24, 2021.
Performance
TSSIX vs. FSMUX - Performance Comparison
Loading graphics...
TSSIX vs. FSMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TSSIX Thornburg Strategic Municipal Income Fund | -0.52% | 5.62% | 3.77% | 5.51% | -8.30% | 0.34% |
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, TSSIX achieves a -0.52% return, which is significantly higher than FSMUX's -1.13% return.
TSSIX
- 1D
- 0.14%
- 1M
- -2.32%
- YTD
- -0.52%
- 6M
- 0.57%
- 1Y
- 3.66%
- 3Y*
- 4.01%
- 5Y*
- 1.35%
- 10Y*
- 2.04%
FSMUX
- 1D
- 0.11%
- 1M
- -2.56%
- YTD
- -1.13%
- 6M
- 0.12%
- 1Y
- 2.39%
- 3Y*
- 2.93%
- 5Y*
- —
- 10Y*
- —
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
TSSIX vs. FSMUX - Expense Ratio Comparison
TSSIX has a 0.59% expense ratio, which is higher than FSMUX's 0.06% expense ratio.
Return for Risk
TSSIX vs. FSMUX — Risk / Return Rank
TSSIX
FSMUX
TSSIX vs. FSMUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Strategic Municipal Income Fund (TSSIX) 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.
| TSSIX | FSMUX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.88 | 0.63 | +0.25 |
Sortino ratioReturn per unit of downside risk | 1.24 | 0.87 | +0.36 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.19 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 1.01 | 0.28 | +0.73 |
Martin ratioReturn relative to average drawdown | 4.17 | 0.78 | +3.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| TSSIX | FSMUX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 0.63 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.30 | -0.00 | +1.31 |
Correlation
The correlation between TSSIX and FSMUX is 0.79, 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
TSSIX vs. FSMUX - Dividend Comparison
TSSIX's dividend yield for the trailing twelve months is around 4.11%, more than FSMUX's 2.35% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TSSIX Thornburg Strategic Municipal Income Fund | 4.11% | 5.27% | 4.42% | 2.86% | 2.48% | 2.08% | 2.61% | 2.95% | 2.76% | 2.65% | 2.40% | 2.63% |
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
TSSIX vs. FSMUX - Drawdown Comparison
The maximum TSSIX drawdown since its inception was -12.64%, smaller than the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for TSSIX and FSMUX.
Loading graphics...
Drawdown Indicators
| TSSIX | FSMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -16.27% | +3.63% |
Max Drawdown (1Y)Largest decline over 1 year | -4.67% | -5.30% | +0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | — | — |
Current DrawdownCurrent decline from peak | -2.32% | -2.56% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -1.99% | -5.61% | +3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 1.96% | -0.83% |
Volatility
TSSIX vs. FSMUX - Volatility Comparison
The current volatility for Thornburg Strategic Municipal Income Fund (TSSIX) is 0.85%, while Strategic Advisers Municipal Bond Fund (FSMUX) has a volatility of 0.99%. This indicates that TSSIX experiences smaller price fluctuations and is considered to be less risky than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| TSSIX | FSMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.99% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.52% | 2.12% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.32% | 6.65% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.58% | 4.67% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.46% | 4.67% | -1.21% |