TSSIX vs. FSMUX

Last updated Aug 4, 2026

TSSIX (Thornburg Strategic Municipal Income Fund) and FSMUX (Strategic Advisers Municipal Bond Fund) are both Municipal Bonds funds. Over the past 5 years, TSSIX returned 1.28%/yr vs 0.11%/yr for FSMUX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. TSSIX charges 0.59%/yr vs 0.06%/yr for FSMUX.

Performance

TSSIX vs. FSMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Strategic Municipal Income Fund (TSSIX) and Strategic Advisers Municipal Bond Fund (FSMUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSSIX achieves a 0.97% return, which is significantly higher than FSMUX's 0.20% return.

TSSIX

• 1D: -0.07%
• 1M: -1.70%
• 6M: 0.34%
• YTD: 0.97%
• 1Y: 4.74%
• 3Y*: 4.53%
• 5Y*: 1.28%
• 10Y*: 1.99%
• ALL TIME*: 4.12%

FSMUX

• 1D: -0.11%
• 1M: -2.02%
• 6M: -0.25%
• YTD: 0.20%
• 1Y: 5.14%
• 3Y*: 3.18%
• 5Y*: 0.11%
• 10Y*: —
• ALL TIME*: 0.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSMUX Strategic Advisers Municipal Bond Fund	$0.00	$0.00	$0.00
TSSIX Thornburg Strategic Municipal Income Fund	$0.00	$0.00	$0.00

TSSIX vs. FSMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TSSIX Thornburg Strategic Municipal Income Fund	0.97%	5.62%	3.77%	5.51%	-8.30%	0.08%
FSMUX Strategic Advisers Municipal Bond Fund	0.20%	3.14%	2.99%	6.78%	-11.25%	0.39%

Correlation

The correlation between TSSIX and FSMUX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (All Time) Calculated using the full available price history since Jun 17, 2021	0.79

The correlation between TSSIX and FSMUX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

Return for Risk

TSSIX vs. FSMUX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSSIX

TSSIX Risk / Return Rank: 73
TSSIX Sharpe Ratio Rank: 83
TSSIX Sortino Ratio Rank: 88
TSSIX Omega Ratio Rank: 92
TSSIX Calmar Ratio Rank: 54
TSSIX Martin Ratio Rank: 51

FSMUX

FSMUX Risk / Return Rank: 73
FSMUX Sharpe Ratio Rank: 78
FSMUX Sortino Ratio Rank: 85
FSMUX Omega Ratio Rank: 89
FSMUX Calmar Ratio Rank: 61
FSMUX Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	TSSIX	FSMUX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.91	+0.13
Sortino ratio: Return per unit of downside risk	3.25	3.06	+0.19
Omega ratio: Gain probability vs. loss probability	1.51	1.46	+0.05
Calmar ratio: Return relative to maximum drawdown	2.09	2.22	-0.13
Martin ratio: Return relative to average drawdown	7.51	7.61	-0.10

TSSIX vs. FSMUX - Sharpe Ratio Comparison

The current TSSIX Sharpe Ratio is 2.03, which is comparable to the FSMUX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of TSSIX and FSMUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	TSSIX	FSMUX	Difference
Max Drawdown Largest peak-to-trough decline	-12.64%	-16.27%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-2.68%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-4.67%	-5.89%	+1.22%
Max Drawdown (5Y) Largest decline over 5 years	-12.64%	-16.23%	+3.59%
Max Drawdown (10Y) Largest decline over 10 years	-12.64%	—	—
Current Drawdown Current decline from peak	-1.77%	-2.02%	+0.25%
Average Drawdown Average peak-to-trough decline	-1.96%	-5.29%	+3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.76%	-0.08%

Volatility

TSSIX vs. FSMUX - Volatility Comparison

The current volatility for Thornburg Strategic Municipal Income Fund (TSSIX) is 0.86%, while Strategic Advisers Municipal Bond Fund (FSMUX) has a volatility of 0.94%. 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.

Volatility by Period

	TSSIX	FSMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.94%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	2.26%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	2.57%	3.17%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	4.64%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.49%	4.59%	-1.10%

TSSIX vs. FSMUX - Expense Ratio Comparison

TSSIX has a 0.59% expense ratio, which is higher than FSMUX's 0.06% expense ratio.

Dividends

TSSIX vs. FSMUX - Dividend Comparison

TSSIX's dividend yield for the trailing twelve months is around 3.87%, more than FSMUX's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMUX Strategic Advisers Municipal Bond Fund	2.71%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TSSIX Thornburg Strategic Municipal Income Fund	3.87%	5.27%	4.42%	2.86%	2.48%	2.08%	2.61%	2.95%	2.76%	2.65%	2.40%	2.63%

Frequently Asked Questions

Can I hold both TSSIX and FSMUX in my portfolio?

TSSIX and FSMUX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSSIX or FSMUX?

FSMUX has higher volatility (0.94%) compared to TSSIX (0.86%). In terms of maximum drawdown, TSSIX dropped -12.64% vs FSMUX's -16.27%.

Which has better risk-adjusted returns?

TSSIX currently has the higher Sharpe Ratio (2.03 vs 1.91), 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.