VMATX vs. FDMMX
VMATX (Vanguard Massachusetts Tax-Exempt Fund) and FDMMX (Fidelity Massachusetts Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, VMATX returned 2.38%/yr vs 1.69%/yr for FDMMX. Their correlation of 0.89 suggests significant overlap in exposure. VMATX charges 0.13%/yr vs 0.45%/yr for FDMMX.
Performance
VMATX vs. FDMMX - Performance Comparison
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Returns By Period
In the year-to-date period, VMATX achieves a 1.93% return, which is significantly higher than FDMMX's 1.57% return. Over the past 10 years, VMATX has outperformed FDMMX with an annualized return of 2.38%, while FDMMX has yielded a comparatively lower 1.69% annualized return.
VMATX
- 1D
- 0.00%
- 1M
- 1.81%
- YTD
- 1.93%
- 6M
- 2.34%
- 1Y
- 8.20%
- 3Y*
- 4.61%
- 5Y*
- 1.11%
- 10Y*
- 2.38%
FDMMX
- 1D
- 0.00%
- 1M
- 1.56%
- YTD
- 1.57%
- 6M
- 1.98%
- 1Y
- 6.76%
- 3Y*
- 3.97%
- 5Y*
- 0.75%
- 10Y*
- 1.69%
VMATX vs. FDMMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | 1.93% | 4.96% | 2.53% | 7.19% | -10.79% | 1.65% | 6.47% | 8.93% | 0.47% | 6.02% |
FDMMX Fidelity Massachusetts Municipal Income Fund | 1.57% | 5.24% | 1.27% | 5.76% | -9.67% | 1.11% | 4.27% | 7.09% | -0.13% | 5.48% |
Correlation
The correlation between VMATX and FDMMX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 1998 | 0.89 |
The correlation between VMATX and FDMMX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.
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Return for Risk
VMATX vs. FDMMX — Risk / Return Rank
VMATX
FDMMX
VMATX vs. FDMMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Fidelity Massachusetts Municipal Income Fund (FDMMX). 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.
| VMATX | FDMMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.70 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 2.33 | +0.16 |
| Martin ratioReturn relative to average drawdown | 8.81 | 7.90 | +0.91 |
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Drawdowns
VMATX vs. FDMMX - Drawdown Comparison
The maximum VMATX drawdown since its inception was -15.91%, smaller than the maximum FDMMX drawdown of -18.98%. Use the drawdown chart below to compare losses from any high point for VMATX and FDMMX.
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Drawdown Indicators
| VMATX | FDMMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.91% | -18.98% | +3.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.30% | -2.91% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -6.68% | -5.29% | -1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -15.91% | -13.70% | -2.21% |
Max Drawdown (10Y)Largest decline over 10 years | -15.91% | -13.70% | -2.21% |
Current DrawdownCurrent decline from peak | -0.35% | -0.50% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -2.36% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.86% | +0.07% |
Volatility
VMATX vs. FDMMX - Volatility Comparison
Vanguard Massachusetts Tax-Exempt Fund (VMATX) has a higher volatility of 0.79% compared to Fidelity Massachusetts Municipal Income Fund (FDMMX) at 0.71%. This indicates that VMATX's price experiences larger fluctuations and is considered to be riskier than FDMMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMATX | FDMMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 0.71% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.41% | 2.07% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 2.54% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.66% | 3.66% | +1.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 3.84% | +0.80% |
VMATX vs. FDMMX - Expense Ratio Comparison
VMATX has a 0.13% expense ratio, which is lower than FDMMX's 0.45% expense ratio.
Dividends
VMATX vs. FDMMX - Dividend Comparison
VMATX's dividend yield for the trailing twelve months is around 3.61%, more than FDMMX's 2.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDMMX Fidelity Massachusetts Municipal Income Fund | 2.71% | 3.54% | 2.67% | 2.43% | 1.46% | 2.31% | 2.23% | 2.63% | 2.76% | 2.99% | 4.56% | 3.20% |
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.61% | 4.46% | 3.98% | 3.06% | 2.69% | 2.26% | 3.22% | 3.63% | 3.07% | 2.91% | 3.55% | 3.22% |
Frequently Asked Questions
VMATX and FDMMX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMATX has higher volatility (0.79%) compared to FDMMX (0.71%). In terms of maximum drawdown, VMATX dropped -15.91% vs FDMMX's -18.98%.
FDMMX currently has the higher Sharpe Ratio (2.67 vs 2.62), 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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