VKMMX vs. FMUB

Last updated Aug 1, 2026

VKMMX (Invesco Municipal Income Fund) and FMUB (Fidelity Municipal Bond Opportunities ETF) are both Municipal Bonds funds. Over the past year, VKMMX returned 6.24% vs 4.81% for FMUB. Their 0.65 correlation means they have sometimes moved together and sometimes differently. VKMMX charges 0.81%/yr vs 0.30%/yr for FMUB.

Performance

VKMMX vs. FMUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Municipal Income Fund (VKMMX) and Fidelity Municipal Bond Opportunities ETF (FMUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VKMMX achieves a 1.17% return, which is significantly higher than FMUB's 0.94% return.

VKMMX

• 1D: -0.26%
• 1M: -2.11%
• 6M: 0.56%
• YTD: 1.17%
• 1Y: 6.24%
• 3Y*: 3.22%
• 5Y*: -0.05%
• 10Y*: 1.83%
• ALL TIME*: 4.17%

FMUB

• 1D: -0.13%
• 1M: -1.59%
• 6M: 0.32%
• YTD: 0.94%
• 1Y: 4.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.29%

*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)
FMUB Fidelity Municipal Bond Opportunities ETF	$1.86M	$2.43M	$1.70M
VKMMX Invesco Municipal Income Fund	$0.00	$0.00	$0.00

VKMMX vs. FMUB - Yearly Performance Comparison

	2026 (YTD)	2025
VKMMX Invesco Municipal Income Fund	1.17%	1.48%
FMUB Fidelity Municipal Bond Opportunities ETF	0.94%	4.69%

Correlation

The correlation between VKMMX and FMUB is 0.67, 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.	0.67
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.65

The correlation between VKMMX and FMUB has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

Return for Risk

VKMMX vs. FMUB — Risk / Return Rank

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

VKMMX

VKMMX Risk / Return Rank: 83
VKMMX Sharpe Ratio Rank: 87
VKMMX Sortino Ratio Rank: 89
VKMMX Omega Ratio Rank: 91
VKMMX Calmar Ratio Rank: 76
VKMMX Martin Ratio Rank: 72

FMUB

FMUB Risk / Return Rank: 76
FMUB Sharpe Ratio Rank: 84
FMUB Sortino Ratio Rank: 84
FMUB Omega Ratio Rank: 88
FMUB Calmar Ratio Rank: 61
FMUB Martin Ratio Rank: 65

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.

VKMMX vs. FMUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Income Fund (VKMMX) and Fidelity Municipal Bond Opportunities ETF (FMUB). 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.

	VKMMX	FMUB	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.96	+0.19
Sortino ratio: Return per unit of downside risk	3.35	2.75	+0.60
Omega ratio: Gain probability vs. loss probability	1.51	1.40	+0.11
Calmar ratio: Return relative to maximum drawdown	2.53	2.14	+0.38
Martin ratio: Return relative to average drawdown	8.94	7.91	+1.02

VKMMX vs. FMUB - Sharpe Ratio Comparison

The current VKMMX Sharpe Ratio is 2.16, which is comparable to the FMUB Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VKMMX and FMUB, 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

VKMMX vs. FMUB - Drawdown Comparison

The maximum VKMMX drawdown since its inception was -21.20%, which is greater than FMUB's maximum drawdown of -2.74%. Use the drawdown chart below to compare losses from any high point for VKMMX and FMUB.

Drawdown Indicators

	VKMMX	FMUB	Difference
Max Drawdown Largest peak-to-trough decline	-21.20%	-2.74%	-18.46%
Max Drawdown (1Y) Largest decline over 1 year	-2.95%	-2.49%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-6.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.97%	—	—
Current Drawdown Current decline from peak	-2.11%	-1.62%	-0.49%
Average Drawdown Average peak-to-trough decline	-2.60%	-0.48%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.67%	+0.16%

Volatility

VKMMX vs. FMUB - Volatility Comparison

Invesco Municipal Income Fund (VKMMX) has a higher volatility of 1.04% compared to Fidelity Municipal Bond Opportunities ETF (FMUB) at 0.86%. This indicates that VKMMX's price experiences larger fluctuations and is considered to be riskier than FMUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VKMMX	FMUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	0.86%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	2.19%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	3.46%	2.75%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	3.59%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	3.59%	+1.21%

VKMMX vs. FMUB - Expense Ratio Comparison

VKMMX has a 0.81% expense ratio, which is higher than FMUB's 0.30% expense ratio.

Dividends

VKMMX vs. FMUB - Dividend Comparison

VKMMX's dividend yield for the trailing twelve months is around 3.81%, more than FMUB's 3.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUB Fidelity Municipal Bond Opportunities ETF	3.55%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VKMMX Invesco Municipal Income Fund	3.81%	5.16%	4.06%	3.12%	3.42%	3.05%	2.86%	3.80%	4.07%	3.62%	4.14%	4.22%

Frequently Asked Questions

Can I hold both VKMMX and FMUB in my portfolio?

VKMMX and FMUB have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VKMMX or FMUB?

VKMMX has higher volatility (1.04%) compared to FMUB (0.86%). In terms of maximum drawdown, VKMMX dropped -21.20% vs FMUB's -2.74%.

Which has better risk-adjusted returns?

VKMMX currently has the higher Sharpe Ratio (2.16 vs 1.96), 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.