USATX vs. FMNDX
Compare and contrast key facts about USAA Tax Exempt Intermediate Term Fund (USATX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX).
USATX is managed by Victory. It was launched on Mar 18, 1982. FMNDX is managed by Fidelity. It was launched on Oct 15, 2013.
Performance
USATX vs. FMNDX - Performance Comparison
Loading graphics...
USATX vs. FMNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USATX USAA Tax Exempt Intermediate Term Fund | -0.17% | 4.75% | 2.89% | 5.30% | -8.12% | 2.06% | 4.91% | 7.03% | 1.25% | 5.77% |
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class | 0.30% | 3.31% | 3.04% | 3.37% | -0.09% | 0.03% | 0.86% | 2.00% | 1.58% | 1.10% |
Returns By Period
In the year-to-date period, USATX achieves a -0.17% return, which is significantly lower than FMNDX's 0.30% return. Over the past 10 years, USATX has outperformed FMNDX with an annualized return of 2.27%, while FMNDX has yielded a comparatively lower 1.55% annualized return.
USATX
- 1D
- 0.16%
- 1M
- -1.96%
- YTD
- -0.17%
- 6M
- 1.28%
- 1Y
- 3.94%
- 3Y*
- 3.47%
- 5Y*
- 1.14%
- 10Y*
- 2.27%
FMNDX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.30%
- 6M
- 1.06%
- 1Y
- 2.67%
- 3Y*
- 3.04%
- 5Y*
- 1.98%
- 10Y*
- 1.55%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
USATX vs. FMNDX - Expense Ratio Comparison
USATX has a 0.49% expense ratio, which is higher than FMNDX's 0.25% expense ratio.
Return for Risk
USATX vs. FMNDX — Risk / Return Rank
USATX
FMNDX
USATX vs. FMNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA Tax Exempt Intermediate Term Fund (USATX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX). 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.
| USATX | FMNDX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.77 | 2.85 | -2.08 |
Sortino ratioReturn per unit of downside risk | 1.04 | 6.52 | -5.48 |
Omega ratioGain probability vs. loss probability | 1.29 | 2.73 | -1.44 |
Calmar ratioReturn relative to maximum drawdown | 0.98 | 7.66 | -6.68 |
Martin ratioReturn relative to average drawdown | 3.95 | 29.05 | -25.11 |
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
| USATX | FMNDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.77 | 2.85 | -2.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 1.90 | -1.59 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 1.74 | -1.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | 1.66 | -0.54 |
Correlation
The correlation between USATX and FMNDX is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
USATX vs. FMNDX - Dividend Comparison
USATX's dividend yield for the trailing twelve months is around 3.45%, more than FMNDX's 2.64% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USATX USAA Tax Exempt Intermediate Term Fund | 3.45% | 3.71% | 3.89% | 2.95% | 2.97% | 2.33% | 2.91% | 2.87% | 3.04% | 3.15% | 3.23% | 3.26% |
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class | 2.64% | 2.95% | 2.99% | 2.60% | 0.61% | 0.23% | 0.85% | 1.58% | 1.46% | 1.00% | 0.75% | 0.38% |
Drawdowns
USATX vs. FMNDX - Drawdown Comparison
The maximum USATX drawdown since its inception was -12.72%, which is greater than FMNDX's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for USATX and FMNDX.
Loading graphics...
Drawdown Indicators
| USATX | FMNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.72% | -1.69% | -11.03% |
Max Drawdown (1Y)Largest decline over 1 year | -4.92% | -0.40% | -4.52% |
Max Drawdown (5Y)Largest decline over 5 years | -12.52% | -1.09% | -11.43% |
Max Drawdown (10Y)Largest decline over 10 years | -12.52% | -1.69% | -10.83% |
Current DrawdownCurrent decline from peak | -2.11% | -0.30% | -1.81% |
Average DrawdownAverage peak-to-trough decline | -1.90% | -0.10% | -1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 0.10% | +1.12% |
Volatility
USATX vs. FMNDX - Volatility Comparison
USAA Tax Exempt Intermediate Term Fund (USATX) has a higher volatility of 0.81% compared to Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) at 0.16%. This indicates that USATX's price experiences larger fluctuations and is considered to be riskier than FMNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| USATX | FMNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.16% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 1.40% | 0.62% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 1.01% | +4.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.71% | 1.05% | +2.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.66% | 0.90% | +2.76% |