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VNJTX vs. FHIGX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Performance

VNJTX vs. FHIGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) and Fidelity Municipal Income Fund (FHIGX). 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
3.34%
2.74%
VNJTX
FHIGX

Returns By Period

The year-to-date returns for both investments are quite close, with VNJTX having a 2.32% return and FHIGX slightly higher at 2.33%. Over the past 10 years, VNJTX has outperformed FHIGX with an annualized return of 2.72%, while FHIGX has yielded a comparatively lower 2.05% annualized return.


VNJTX

YTD

2.32%

1M

-0.06%

6M

3.34%

1Y

7.87%

5Y (annualized)

1.39%

10Y (annualized)

2.72%

FHIGX

YTD

2.33%

1M

-0.32%

6M

2.74%

1Y

7.18%

5Y (annualized)

0.95%

10Y (annualized)

2.05%

Key characteristics


VNJTXFHIGX
Sharpe Ratio2.131.92
Sortino Ratio3.152.88
Omega Ratio1.461.44
Calmar Ratio0.930.75
Martin Ratio8.237.57
Ulcer Index0.99%0.89%
Daily Std Dev3.83%3.49%
Max Drawdown-16.22%-16.91%
Current Drawdown-1.62%-2.80%

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VNJTX vs. FHIGX - Expense Ratio Comparison

VNJTX has a 0.17% expense ratio, which is lower than FHIGX's 0.45% expense ratio.


FHIGX
Fidelity Municipal Income Fund
Expense ratio chart for FHIGX: 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 VNJTX: current value at 0.17% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.17%

Correlation

-0.50.00.51.00.8

The correlation between VNJTX and FHIGX is 0.84, 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

VNJTX vs. FHIGX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) and Fidelity Municipal Income Fund (FHIGX). 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 VNJTX, currently valued at 1.94, compared to the broader market0.002.004.001.941.92
The chart of Sortino ratio for VNJTX, currently valued at 2.86, compared to the broader market0.005.0010.002.862.88
The chart of Omega ratio for VNJTX, currently valued at 1.42, compared to the broader market1.002.003.004.001.421.44
The chart of Calmar ratio for VNJTX, currently valued at 0.88, compared to the broader market0.005.0010.0015.0020.0025.000.880.75
The chart of Martin ratio for VNJTX, currently valued at 7.43, compared to the broader market0.0020.0040.0060.0080.00100.007.437.57
VNJTX
FHIGX

The current VNJTX Sharpe Ratio is 2.13, which is comparable to the FHIGX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of VNJTX and FHIGX, 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
1.94
1.92
VNJTX
FHIGX

Dividends

VNJTX vs. FHIGX - Dividend Comparison

VNJTX's dividend yield for the trailing twelve months is around 3.36%, more than FHIGX's 2.93% yield.


TTM20232022202120202019201820172016201520142013
VNJTX
Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares
3.36%3.26%3.14%2.69%2.94%3.23%3.54%3.50%3.68%3.53%3.52%3.76%
FHIGX
Fidelity Municipal Income Fund
2.93%2.84%2.72%2.40%2.58%2.79%2.99%3.05%3.40%3.43%3.51%3.91%

Drawdowns

VNJTX vs. FHIGX - Drawdown Comparison

The maximum VNJTX drawdown since its inception was -16.22%, roughly equal to the maximum FHIGX drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for VNJTX and FHIGX. For additional features, visit the drawdowns tool.


-6.00%-5.00%-4.00%-3.00%-2.00%-1.00%0.00%JuneJulyAugustSeptemberOctoberNovember
-1.62%
-2.80%
VNJTX
FHIGX

Volatility

VNJTX vs. FHIGX - Volatility Comparison

Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) has a higher volatility of 1.92% compared to Fidelity Municipal Income Fund (FHIGX) at 1.71%. This indicates that VNJTX's price experiences larger fluctuations and is considered to be riskier than FHIGX 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
1.92%
1.71%
VNJTX
FHIGX