VNJTX vs. FMNDX

Last updated Apr 3, 2026

Compare and contrast key facts about Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX).

VNJTX is managed by Vanguard. It was launched on Feb 3, 1988. FMNDX is managed by Fidelity. It was launched on Oct 15, 2013.

Performance

VNJTX vs. FMNDX - 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 Conservative Income Municipal Bond Fund Institutional Class (FMNDX). The values are adjusted to include any dividend payments, if applicable.

VNJTX vs. FMNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	-0.03%	4.89%	2.69%	8.04%	-10.31%	2.62%	6.02%	9.27%	1.53%	8.37%
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class	0.30%	3.31%	3.04%	3.37%	-0.09%	0.03%	0.86%	2.00%	1.58%	1.10%

Returns By Period

In the year-to-date period, VNJTX achieves a -0.03% return, which is significantly lower than FMNDX's 0.30% return. Over the past 10 years, VNJTX has outperformed FMNDX with an annualized return of 3.05%, while FMNDX has yielded a comparatively lower 1.55% annualized return.

VNJTX

• 1D: 0.27%
• 1M: -1.31%
• YTD: -0.03%
• 6M: 1.78%
• 1Y: 4.73%
• 3Y*: 3.98%
• 5Y*: 1.41%
• 10Y*: 3.05%

FMNDX

• 1D: 0.00%
• 1M: -0.20%
• YTD: 0.30%
• 6M: 1.06%
• 1Y: 2.67%
• 3Y*: 3.04%
• 5Y*: 1.98%
• 10Y*: 1.55%

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

VNJTX vs. FMNDX - Expense Ratio Comparison

VNJTX has a 0.17% expense ratio, which is lower than FMNDX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

FMNDX

Fidelity Conservative Income Municipal Bond Fund Institutional Class

VNJTX

Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares

Return for Risk

VNJTX vs. FMNDX — Risk / Return Rank

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

VNJTX

VNJTX Risk / Return Rank: 33
VNJTX Sharpe Ratio Rank: 35
VNJTX Sortino Ratio Rank: 29
VNJTX Omega Ratio Rank: 52
VNJTX Calmar Ratio Rank: 25
VNJTX Martin Ratio Rank: 22

FMNDX

FMNDX Risk / Return Rank: 98
FMNDX Sharpe Ratio Rank: 97
FMNDX Sortino Ratio Rank: 99
FMNDX Omega Ratio Rank: 99
FMNDX Calmar Ratio Rank: 99
FMNDX Martin Ratio Rank: 99

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. FMNDX - 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 Conservative Income Municipal Bond Fund Institutional Class (FMNDX). 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	FMNDX	Difference
Sharpe ratio Return per unit of total volatility	0.91	2.76	-1.85
Sortino ratio Return per unit of downside risk	1.23	6.28	-5.05
Omega ratio Gain probability vs. loss probability	1.24	2.66	-1.42
Calmar ratio Return relative to maximum drawdown	1.01	6.98	-5.97
Martin ratio Return relative to average drawdown	3.20	26.07	-22.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNJTX vs. FMNDX - Sharpe Ratio Comparison

The current VNJTX Sharpe Ratio is 0.91, which is lower than the FMNDX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of VNJTX and FMNDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VNJTX	FMNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	2.76	-1.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	1.90	-1.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	1.73	-1.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	1.66	-0.42

Correlation

The correlation between VNJTX and FMNDX is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VNJTX vs. FMNDX - Dividend Comparison

VNJTX's dividend yield for the trailing twelve months is around 3.60%, more than FMNDX's 2.64% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	3.60%	4.42%	3.97%	3.26%	3.14%	2.84%	3.71%	4.06%	3.93%	4.03%	4.51%	3.70%
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class	2.64%	2.95%	2.99%	2.60%	0.61%	0.23%	0.85%	1.58%	1.46%	1.00%	0.75%	0.38%

Drawdowns

VNJTX vs. FMNDX - Drawdown Comparison

The maximum VNJTX drawdown since its inception was -15.71%, which is greater than FMNDX's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for VNJTX and FMNDX.

Drawdown Indicators

	VNJTX	FMNDX	Difference
Max Drawdown Largest peak-to-trough decline	-15.71%	-1.69%	-14.02%
Max Drawdown (1Y) Largest decline over 1 year	-5.12%	-0.40%	-4.72%
Max Drawdown (5Y) Largest decline over 5 years	-15.71%	-1.09%	-14.62%
Max Drawdown (10Y) Largest decline over 10 years	-15.71%	-1.69%	-14.02%
Current Drawdown Current decline from peak	-2.16%	-0.30%	-1.86%
Average Drawdown Average peak-to-trough decline	-1.86%	-0.10%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.11%	+1.52%

Volatility

VNJTX vs. FMNDX - Volatility Comparison

Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) has a higher volatility of 1.21% compared to Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) at 0.14%. This indicates that VNJTX's price experiences larger fluctuations and is considered to be riskier than FMNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNJTX	FMNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	0.14%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	1.89%	0.57%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	0.98%	+4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.51%	1.05%	+3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	0.90%	+3.65%