VNJTX vs. FMBIX

Last updated Jun 5, 2026

VNJTX (Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares) and FMBIX (Fidelity Municipal Bond Index Fund) are both Municipal Bonds funds. Their correlation of 0.84 suggests significant overlap in exposure. VNJTX charges 0.17%/yr vs 0.07%/yr for FMBIX.

Performance

VNJTX vs. FMBIX - 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 Bond Index Fund (FMBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VNJTX

• 1D: 0.00%
• 1M: 0.74%
• YTD: 1.94%
• 6M: 2.25%
• 1Y: 8.54%
• 3Y*: 4.75%
• 5Y*: 1.43%
• 10Y*: 3.07%

FMBIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VNJTX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	1.94%	4.89%	2.69%	8.04%	-10.31%	2.62%	6.02%	2.68%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	3.10%	1.48%

Correlation

The correlation between VNJTX and FMBIX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019	0.84

The correlation between VNJTX and FMBIX shifts across timeframes, from 0.74 (3 years) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VNJTX vs. FMBIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VNJTX

VNJTX Risk / Return Rank: 77
VNJTX Sharpe Ratio Rank: 88
VNJTX Sortino Ratio Rank: 92
VNJTX Omega Ratio Rank: 92
VNJTX Calmar Ratio Rank: 61
VNJTX Martin Ratio Rank: 53

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VNJTX vs. FMBIX - Risk-Adjusted Trends 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 Bond Index Fund (FMBIX). 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.

	VNJTX	FMBIX	Difference
Sharpe ratio: Return per unit of total volatility	2.90	—	—
Sortino ratio: Return per unit of downside risk	4.60	—	—
Omega ratio: Gain probability vs. loss probability	1.71	—	—
Calmar ratio: Return relative to maximum drawdown	2.99	—	—
Martin ratio: Return relative to average drawdown	10.74	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VNJTX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	—	—

Drawdowns

Drawdown Indicators

	VNJTX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.71%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.71%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.71%	—	—
Current Drawdown Current decline from peak	-0.23%	—	—
Average Drawdown Average peak-to-trough decline	-1.86%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	—	—

Volatility

Volatility by Period

	VNJTX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.04%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	—	—

VNJTX vs. FMBIX - Expense Ratio Comparison

VNJTX has a 0.17% expense ratio, which is higher than FMBIX's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VNJTX vs. FMBIX - Dividend Comparison

VNJTX's dividend yield for the trailing twelve months is around 3.58%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%	0.00%	0.00%	0.00%	0.00%
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	3.58%	4.42%	3.97%	3.26%	3.14%	2.84%	3.71%	4.06%	3.93%	4.03%	4.51%	3.70%

Frequently Asked Questions

Can I hold both VNJTX and FMBIX in my portfolio?

VNJTX and FMBIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.