VKMMX vs. FMUB
VKMMX (Invesco Municipal Income Fund) and FMUB (Fidelity Municipal Bond Opportunities ETF) are both Municipal Bonds funds. Over the past year, VKMMX returned 7.38% vs 7.03% for FMUB. A 0.64 correlation means they provide meaningful diversification when combined. VKMMX charges 0.81%/yr vs 0.30%/yr for FMUB.
Performance
VKMMX vs. FMUB - Performance Comparison
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Returns By Period
In the year-to-date period, VKMMX achieves a 2.55% return, which is significantly higher than FMUB's 2.07% return.
VKMMX
- 1D
- 0.08%
- 1M
- 2.18%
- YTD
- 2.55%
- 6M
- 2.91%
- 1Y
- 7.38%
- 3Y*
- 3.94%
- 5Y*
- 0.42%
- 10Y*
- 2.05%
FMUB
- 1D
- -0.13%
- 1M
- 1.40%
- YTD
- 2.07%
- 6M
- 2.12%
- 1Y
- 7.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VKMMX vs. FMUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VKMMX Invesco Municipal Income Fund | 2.55% | 1.48% |
FMUB Fidelity Municipal Bond Opportunities ETF | 2.07% | 4.69% |
Correlation
The correlation between VKMMX and FMUB is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.64 |
The correlation between VKMMX and FMUB has been stable across timeframes, ranging from 0.64 to 0.67 - a consistent structural relationship.
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Return for Risk
VKMMX vs. FMUB — Risk / Return Rank
VKMMX
FMUB
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 ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.56 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 2.83 | -0.31 |
| Martin ratioReturn relative to average drawdown | 8.15 | 11.26 | -3.12 |
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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.
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Drawdown Indicators
| VKMMX | FMUB | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -7.99% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.97% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.97% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.13% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -0.47% | -2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.63% | +0.28% |
Volatility
VKMMX vs. FMUB - Volatility Comparison
Invesco Municipal Income Fund (VKMMX) has a higher volatility of 0.87% compared to Fidelity Municipal Bond Opportunities ETF (FMUB) at 0.75%. 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.
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Volatility by Period
| VKMMX | FMUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.75% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 2.05% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.49% | 2.66% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.96% | 3.64% | +1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.80% | 3.64% | +1.16% |
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 4.04%, more than FMUB's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMUB Fidelity Municipal Bond Opportunities ETF | 3.42% | 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 | 4.04% | 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
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.
VKMMX has higher volatility (0.87%) compared to FMUB (0.75%). In terms of maximum drawdown, VKMMX dropped -21.20% vs FMUB's -2.74%.
FMUB currently has the higher Sharpe Ratio (2.66 vs 2.13), 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.
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