PortfoliosLab logo
PortfoliosLab logo
Tools
Performance Analysis
Portfolio Analysis
Factor Model
Portfolios
Lazy PortfoliosUser Portfolios
Discussions
VMATX vs. FDMMX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Performance

VMATX vs. FDMMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Fidelity Massachusetts Municipal Income Fund (FDMMX). The values are adjusted to include any dividend payments, if applicable.

-1.00%0.00%1.00%2.00%3.00%4.00%5.00%JuneJulyAugustSeptemberOctoberNovember
3.15%
2.52%
VMATX
FDMMX

Returns By Period

In the year-to-date period, VMATX achieves a 2.27% return, which is significantly higher than FDMMX's 1.85% return. Over the past 10 years, VMATX has outperformed FDMMX with an annualized return of 2.30%, while FDMMX has yielded a comparatively lower 1.79% annualized return.


VMATX

YTD

2.27%

1M

0.09%

6M

3.15%

1Y

7.31%

5Y (annualized)

1.01%

10Y (annualized)

2.30%

FDMMX

YTD

1.85%

1M

-0.13%

6M

2.52%

1Y

5.75%

5Y (annualized)

0.64%

10Y (annualized)

1.79%

Key characteristics


VMATXFDMMX
Sharpe Ratio1.931.69
Sortino Ratio2.842.49
Omega Ratio1.441.39
Calmar Ratio0.820.70
Martin Ratio7.466.10
Ulcer Index1.02%0.88%
Daily Std Dev3.96%3.16%
Max Drawdown-16.24%-15.43%
Current Drawdown-2.65%-3.01%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.


VMATX vs. FDMMX - Expense Ratio Comparison

VMATX has a 0.13% expense ratio, which is lower than FDMMX's 0.45% expense ratio.


FDMMX
Fidelity Massachusetts Municipal Income Fund
Expense ratio chart for FDMMX: current value at 0.45% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.45%
Expense ratio chart for VMATX: current value at 0.13% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.13%

Correlation

-0.50.00.51.00.9

The correlation between VMATX and FDMMX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Risk-Adjusted Performance

VMATX vs. FDMMX - Risk-Adjusted Performance 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.


Sharpe ratio
The chart of Sharpe ratio for VMATX, currently valued at 1.74, compared to the broader market-1.000.001.002.003.004.005.001.741.69
The chart of Sortino ratio for VMATX, currently valued at 2.57, compared to the broader market0.005.0010.002.572.49
The chart of Omega ratio for VMATX, currently valued at 1.40, compared to the broader market1.002.003.004.001.401.39
The chart of Calmar ratio for VMATX, currently valued at 0.80, compared to the broader market0.005.0010.0015.0020.0025.000.800.70
The chart of Martin ratio for VMATX, currently valued at 6.70, compared to the broader market0.0020.0040.0060.0080.00100.006.706.10
VMATX
FDMMX

The current VMATX Sharpe Ratio is 1.93, which is comparable to the FDMMX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of VMATX and FDMMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Rolling 12-month Sharpe Ratio0.001.002.003.004.00JuneJulyAugustSeptemberOctoberNovember
1.74
1.69
VMATX
FDMMX

Dividends

VMATX vs. FDMMX - Dividend Comparison

VMATX's dividend yield for the trailing twelve months is around 3.33%, more than FDMMX's 2.64% yield.


TTM20232022202120202019201820172016201520142013
VMATX
Vanguard Massachusetts Tax-Exempt Fund
3.33%3.07%2.69%2.26%2.47%2.81%3.07%2.92%3.06%3.06%3.16%3.35%
FDMMX
Fidelity Massachusetts Municipal Income Fund
2.64%2.42%2.16%1.99%2.25%2.56%2.76%2.77%3.01%3.46%3.43%3.97%

Drawdowns

VMATX vs. FDMMX - Drawdown Comparison

The maximum VMATX drawdown since its inception was -16.24%, which is greater than FDMMX's maximum drawdown of -15.43%. Use the drawdown chart below to compare losses from any high point for VMATX and FDMMX. For additional features, visit the drawdowns tool.


-7.00%-6.00%-5.00%-4.00%-3.00%-2.00%-1.00%JuneJulyAugustSeptemberOctoberNovember
-2.65%
-3.01%
VMATX
FDMMX

Volatility

VMATX vs. FDMMX - Volatility Comparison

Vanguard Massachusetts Tax-Exempt Fund (VMATX) has a higher volatility of 1.94% compared to Fidelity Massachusetts Municipal Income Fund (FDMMX) at 1.58%. 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.


0.50%1.00%1.50%2.00%JuneJulyAugustSeptemberOctoberNovember
1.94%
1.58%
VMATX
FDMMX