VWITX vs. FDMMX

Last updated Jun 5, 2026

VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) and FDMMX (Fidelity Massachusetts Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, VWITX returned 2.38%/yr vs 1.76%/yr for FDMMX. A 0.78 correlation means they provide meaningful diversification when combined. VWITX charges 0.17%/yr vs 0.45%/yr for FDMMX.

Performance

VWITX vs. FDMMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) and Fidelity Massachusetts Municipal Income Fund (FDMMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWITX achieves a 1.23% return, which is significantly lower than FDMMX's 1.48% return. Over the past 10 years, VWITX has outperformed FDMMX with an annualized return of 2.38%, while FDMMX has yielded a comparatively lower 1.76% annualized return.

VWITX

• 1D: -0.07%
• 1M: 0.49%
• YTD: 1.23%
• 6M: 1.72%
• 1Y: 6.66%
• 3Y*: 4.44%
• 5Y*: 1.60%
• 10Y*: 2.38%

FDMMX

• 1D: 0.00%
• 1M: 0.67%
• YTD: 1.48%
• 6M: 2.08%
• 1Y: 6.86%
• 3Y*: 4.00%
• 5Y*: 0.75%
• 10Y*: 1.76%

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

VWITX vs. FDMMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares	1.23%	5.89%	2.23%	5.82%	-6.90%	0.74%	5.14%	7.01%	1.26%	4.54%
FDMMX Fidelity Massachusetts Municipal Income Fund	1.48%	5.24%	1.27%	5.76%	-9.67%	1.11%	4.27%	7.09%	-0.13%	5.48%

Correlation

The correlation between VWITX and FDMMX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 11, 1983	0.78

The correlation between VWITX and FDMMX shifts across timeframes, from 0.78 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VWITX vs. FDMMX — Risk / Return Rank

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

VWITX

VWITX Risk / Return Rank: 69
VWITX Sharpe Ratio Rank: 88
VWITX Sortino Ratio Rank: 92
VWITX Omega Ratio Rank: 95
VWITX Calmar Ratio Rank: 37
VWITX Martin Ratio Rank: 34

FDMMX

FDMMX Risk / Return Rank: 69
FDMMX Sharpe Ratio Rank: 85
FDMMX Sortino Ratio Rank: 87
FDMMX Omega Ratio Rank: 93
FDMMX Calmar Ratio Rank: 41
FDMMX Martin Ratio Rank: 38

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.

VWITX vs. FDMMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) and Fidelity Massachusetts Municipal Income Fund (FDMMX). 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.

	VWITX	FDMMX	Difference
Sharpe ratio: Return per unit of total volatility	2.93	2.77	+0.16
Sortino ratio: Return per unit of downside risk	4.68	4.20	+0.47
Omega ratio: Gain probability vs. loss probability	1.78	1.72	+0.07
Calmar ratio: Return relative to maximum drawdown	2.29	2.44	-0.15
Martin ratio: Return relative to average drawdown	7.58	8.33	-0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWITX vs. FDMMX - Sharpe Ratio Comparison

The current VWITX Sharpe Ratio is 2.93, which is comparable to the FDMMX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of VWITX and FDMMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VWITX	FDMMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.93	2.77	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.21	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.46	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.12	-0.36

Drawdowns

VWITX vs. FDMMX - Drawdown Comparison

The maximum VWITX drawdown since its inception was -29.13%, which is greater than FDMMX's maximum drawdown of -18.98%. Use the drawdown chart below to compare losses from any high point for VWITX and FDMMX.

Drawdown Indicators

	VWITX	FDMMX	Difference
Max Drawdown Largest peak-to-trough decline	-29.13%	-18.98%	-10.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-2.91%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-4.42%	-5.29%	+0.87%
Max Drawdown (5Y) Largest decline over 5 years	-11.46%	-13.70%	+2.24%
Max Drawdown (10Y) Largest decline over 10 years	-11.46%	-13.70%	+2.24%
Current Drawdown Current decline from peak	-0.97%	-0.58%	-0.39%
Average Drawdown Average peak-to-trough decline	-3.58%	-2.36%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.85%	+0.05%

Volatility

VWITX vs. FDMMX - Volatility Comparison

The current volatility for Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) is 0.88%, while Fidelity Massachusetts Municipal Income Fund (FDMMX) has a volatility of 1.06%. This indicates that VWITX experiences smaller price fluctuations and is considered to be less risky than FDMMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWITX	FDMMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	1.06%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	2.06%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	2.56%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.26%	3.66%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.42%	3.85%	-0.43%

VWITX vs. FDMMX - Expense Ratio Comparison

VWITX has a 0.17% expense ratio, which is lower than FDMMX's 0.45% expense ratio.

Dividends

VWITX vs. FDMMX - Dividend Comparison

VWITX's dividend yield for the trailing twelve months is around 3.25%, more than FDMMX's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDMMX Fidelity Massachusetts Municipal Income Fund	2.71%	3.54%	2.67%	2.43%	1.46%	2.31%	2.23%	2.63%	2.76%	2.99%	4.56%	3.20%
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares	3.25%	3.96%	3.53%	2.70%	2.43%	1.83%	2.32%	2.80%	2.80%	2.72%	2.80%	2.88%

Frequently Asked Questions

Can I hold both VWITX and FDMMX in my portfolio?

VWITX and FDMMX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWITX or FDMMX?

FDMMX has higher volatility (1.06%) compared to VWITX (0.88%). In terms of maximum drawdown, VWITX dropped -29.13% vs FDMMX's -18.98%.

Which has better risk-adjusted returns?

VWITX currently has the higher Sharpe Ratio (2.93 vs 2.77), 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.