VTES vs. FMSDX
VTES (Vanguard Short-Term Tax-Exempt Bond ETF) and FMSDX (Fidelity Multi-Asset Income Fund) are both funds - VTES is a Municipal Bonds fund tracking the S&P 0-7 Year National AMT-Free Municipal Bond Index, while FMSDX is a Diversified Portfolio fund managed by Fidelity. Over the past 3 years, VTES returned 3.18%/yr vs 12.02%/yr for FMSDX. At a 0.30 correlation, their price movements are largely independent. VTES charges 0.07%/yr vs 0.78%/yr for FMSDX.
Performance
VTES vs. FMSDX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VTES achieves a 0.67% return, which is significantly lower than FMSDX's 6.10% return.
VTES
- 1D
- -0.03%
- 1M
- 0.59%
- YTD
- 0.67%
- 6M
- 0.96%
- 1Y
- 3.39%
- 3Y*
- 3.18%
- 5Y*
- —
- 10Y*
- —
FMSDX
- 1D
- 1.76%
- 1M
- -1.39%
- YTD
- 6.10%
- 6M
- 5.35%
- 1Y
- 17.44%
- 3Y*
- 12.02%
- 5Y*
- 5.70%
- 10Y*
- —
VTES vs. FMSDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 0.67% | 4.19% | 1.85% | 3.32% |
FMSDX Fidelity Multi-Asset Income Fund | 6.10% | 14.10% | 9.95% | 5.51% |
Correlation
The correlation between VTES and FMSDX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2023 | 0.30 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VTES vs. FMSDX — Risk / Return Rank
VTES
FMSDX
VTES vs. FMSDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Tax-Exempt Bond ETF (VTES) and Fidelity Multi-Asset Income Fund (FMSDX). 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.
| VTES | FMSDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.30 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.73 | -0.45 |
| Martin ratioReturn relative to average drawdown | 6.62 | 9.14 | -2.52 |
Loading charts...
Drawdowns
VTES vs. FMSDX - Drawdown Comparison
The maximum VTES drawdown since its inception was -2.42%, smaller than the maximum FMSDX drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for VTES and FMSDX.
Loading charts...
Drawdown Indicators
| VTES | FMSDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.42% | -21.64% | +19.22% |
Max Drawdown (1Y)Largest decline over 1 year | -1.47% | -6.47% | +5.00% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -13.17% | +11.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.12% | — |
Current DrawdownCurrent decline from peak | -0.60% | -2.86% | +2.26% |
Average DrawdownAverage peak-to-trough decline | -0.50% | -3.81% | +3.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 1.93% | -1.43% |
Volatility
VTES vs. FMSDX - Volatility Comparison
The current volatility for Vanguard Short-Term Tax-Exempt Bond ETF (VTES) is 0.35%, while Fidelity Multi-Asset Income Fund (FMSDX) has a volatility of 3.98%. This indicates that VTES experiences smaller price fluctuations and is considered to be less risky than FMSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VTES | FMSDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 3.98% | -3.63% |
Volatility (6M)Calculated over the trailing 6-month period | 0.98% | 8.02% | -7.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.24% | 10.42% | -9.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.71% | 9.91% | -8.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.71% | 10.64% | -8.93% |
VTES vs. FMSDX - Expense Ratio Comparison
VTES has a 0.07% expense ratio, which is lower than FMSDX's 0.78% expense ratio.
Dividends
VTES vs. FMSDX - Dividend Comparison
VTES's dividend yield for the trailing twelve months is around 2.75%, less than FMSDX's 3.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FMSDX Fidelity Multi-Asset Income Fund | 3.55% | 3.81% | 3.84% | 4.23% | 3.74% | 2.81% | 1.79% | 2.82% | 4.36% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 2.75% | 2.77% | 2.99% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VTES and FMSDX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMSDX has higher volatility (3.98%) compared to VTES (0.35%). In terms of maximum drawdown, VTES dropped -2.42% vs FMSDX's -21.64%.
VTES currently has the higher Sharpe Ratio (2.70 vs 1.70), 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.
Find the right allocation for VTES and FMSDX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer