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VTES vs. FSAHX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTES vs. FSAHX

Last updated Jun 13, 2026

VTES (Vanguard Short-Term Tax-Exempt Bond ETF) and FSAHX (Fidelity Short Duration High 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 FSAHX is a High Yield Bonds fund managed by Fidelity. Over the past 3 years, VTES returned 3.18%/yr vs 8.37%/yr for FSAHX. At a 0.33 correlation, their price movements are largely independent. VTES charges 0.07%/yr vs 0.75%/yr for FSAHX.

Performance

VTES vs. FSAHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Tax-Exempt Bond ETF (VTES) and Fidelity Short Duration High Income Fund (FSAHX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VTES achieves a 0.67% return, which is significantly lower than FSAHX's 2.74% return.

VTES

1D
-0.03%
1M
0.39%
YTD
0.67%
6M
0.96%
1Y
3.33%
3Y*
3.18%
5Y*
—
10Y*
—

FSAHX

1D
0.22%
1M
0.27%
YTD
2.74%
6M
3.27%
1Y
8.43%
3Y*
8.37%
5Y*
4.36%
10Y*
4.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTES vs. FSAHX - Yearly Performance Comparison

2026 (YTD)202520242023
VTES
Vanguard Short-Term Tax-Exempt Bond ETF		0.67%4.19%1.85%3.32%
FSAHX
Fidelity Short Duration High Income Fund		2.74%7.75%7.74%8.46%

Correlation

The correlation between VTES and FSAHX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

Correlation (3Y)
Calculated over the trailing 3-year period

0.36

Correlation (All Time)
Calculated using the full available price history since Mar 9, 2023

0.33

Compare stocks, funds, or ETFs

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Vanguard Short-Term Tax-Exempt Bond ETF

Fidelity Short Duration High Income Fund

Often compared with VTES:
VTES vs. VTEBVTES vs. SUBVTES vs. VSDMVTES vs. VGSHVTES vs. JMSTVTES vs. MUBVTES vs. VUSB
Often compared with FSAHX:
FSAHX vs. FFRHXFSAHX vs. FCBFXFSAHX vs. FIBUXFSAHX vs. FXNAXFSAHX vs. DGROFSAHX vs. FZROXFSAHX vs. PGTQX

Return for Risk

VTES vs. FSAHX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTES
VTES Risk / Return Rank: 7575
Overall Rank
VTES Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VTES Sortino Ratio Rank: 9292
Sortino Ratio Rank
VTES Omega Ratio Rank: 9494
Omega Ratio Rank
VTES Calmar Ratio Rank: 5252
Calmar Ratio Rank
VTES Martin Ratio Rank: 4646
Martin Ratio Rank
FSAHX
FSAHX Risk / Return Rank: 9595
Overall Rank
FSAHX Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
FSAHX Sortino Ratio Rank: 9797
Sortino Ratio Rank
FSAHX Omega Ratio Rank: 9494
Omega Ratio Rank
FSAHX Calmar Ratio Rank: 9494
Calmar Ratio Rank
FSAHX Martin Ratio Rank: 9797
Martin Ratio Rank
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.

VTES vs. FSAHX - 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 Short Duration High Income Fund (FSAHX). 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.

VTESFSAHXDifference
Sharpe ratioReturn per unit of total volatility
2.70
2.82

-0.13

Sortino ratioReturn per unit of downside risk
3.88
5.35

-1.47

Omega ratioGain probability vs. loss probability

1.62

1.71

-0.09

Calmar ratioReturn relative to maximum drawdown

2.28

4.75

-2.47

Martin ratioReturn relative to average drawdown

6.62

24.99

-18.37

VTES vs. FSAHX - Sharpe Ratio Comparison

The current VTES Sharpe Ratio is 2.70, which is comparable to the FSAHX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of VTES and FSAHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VTES vs. FSAHX - Drawdown Comparison

The maximum VTES drawdown since its inception was -2.42%, smaller than the maximum FSAHX drawdown of -16.77%. Use the drawdown chart below to compare losses from any high point for VTES and FSAHX.

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Drawdown Indicators

VTESFSAHXDifference

Max Drawdown

Largest peak-to-trough decline

-2.42%

-16.77%

+14.35%

Max Drawdown (1Y)

Largest decline over 1 year

-1.47%

-1.78%

+0.31%

Max Drawdown (3Y)

Largest decline over 3 years

-1.80%

-3.30%

+1.50%

Max Drawdown (5Y)

Largest decline over 5 years

—

-9.43%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-16.77%

—

Current Drawdown

Current decline from peak

-0.60%

-0.33%

-0.27%

Average Drawdown

Average peak-to-trough decline

-0.50%

-1.55%

+1.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.50%

0.34%

+0.16%

Volatility

VTES vs. FSAHX - Volatility Comparison

The current volatility for Vanguard Short-Term Tax-Exempt Bond ETF (VTES) is 0.35%, while Fidelity Short Duration High Income Fund (FSAHX) has a volatility of 0.86%. This indicates that VTES experiences smaller price fluctuations and is considered to be less risky than FSAHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTESFSAHXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.35%

0.86%

-0.51%

Volatility (6M)

Calculated over the trailing 6-month period

0.98%

2.26%

-1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

1.24%

3.00%

-1.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.71%

3.87%

-2.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.71%

4.25%

-2.54%

VTES vs. FSAHX - Expense Ratio Comparison

VTES has a 0.07% expense ratio, which is lower than FSAHX's 0.75% expense ratio.

Dividends

VTES vs. FSAHX - Dividend Comparison

VTES's dividend yield for the trailing twelve months is around 2.75%, less than FSAHX's 7.31% yield.

PositionTTM20252024202320222021202020192018201720162015
FSAHX
Fidelity Short Duration High Income Fund		7.31%7.36%6.08%5.97%3.26%2.85%3.19%4.22%4.52%4.11%4.73%4.40%
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%0.00%0.00%0.00%

Frequently Asked Questions

VTES and FSAHX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FSAHX has higher volatility (0.86%) compared to VTES (0.35%). In terms of maximum drawdown, VTES dropped -2.42% vs FSAHX's -16.77%.

FSAHX currently has the higher Sharpe Ratio (2.82 vs 2.70), 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.

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