VWITX vs. FDMMX
Compare and contrast key facts about Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) and Fidelity Massachusetts Municipal Income Fund (FDMMX).
VWITX is managed by Vanguard. It was launched on Sep 1, 1977. FDMMX is managed by Fidelity. It was launched on Nov 10, 1983.
Performance
VWITX vs. FDMMX - Performance Comparison
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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 | -0.48% | 5.89% | 2.23% | 5.82% | -6.90% | 0.74% | 5.14% | 7.01% | 1.26% | 4.54% |
FDMMX Fidelity Massachusetts Municipal Income Fund | -0.72% | 5.24% | 1.27% | 5.76% | -9.67% | 1.11% | 4.27% | 7.09% | -0.13% | 5.48% |
Returns By Period
In the year-to-date period, VWITX achieves a -0.48% return, which is significantly higher than FDMMX's -0.72% return. Over the past 10 years, VWITX has outperformed FDMMX with an annualized return of 2.29%, while FDMMX has yielded a comparatively lower 1.67% annualized return.
VWITX
- 1D
- 0.22%
- 1M
- -2.36%
- YTD
- -0.48%
- 6M
- 1.07%
- 1Y
- 4.47%
- 3Y*
- 3.64%
- 5Y*
- 1.49%
- 10Y*
- 2.29%
FDMMX
- 1D
- 0.18%
- 1M
- -2.40%
- YTD
- -0.72%
- 6M
- 1.03%
- 1Y
- 3.78%
- 3Y*
- 3.08%
- 5Y*
- 0.62%
- 10Y*
- 1.67%
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VWITX vs. FDMMX - Expense Ratio Comparison
VWITX has a 0.17% expense ratio, which is lower than FDMMX's 0.45% expense ratio.
Return for Risk
VWITX vs. FDMMX — Risk / Return Rank
VWITX
FDMMX
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 ratioReturn per unit of total volatility | 1.25 | 1.15 | +0.10 |
Sortino ratioReturn per unit of downside risk | 1.66 | 1.54 | +0.12 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.32 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.43 | 1.23 | +0.20 |
Martin ratioReturn relative to average drawdown | 5.48 | 4.44 | +1.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VWITX | FDMMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 1.15 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.17 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.44 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 1.11 | -0.35 |
Correlation
The correlation between VWITX and FDMMX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VWITX vs. FDMMX - Dividend Comparison
VWITX's dividend yield for the trailing twelve months is around 3.25%, more than FDMMX's 2.72% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FDMMX Fidelity Massachusetts Municipal Income Fund | 2.72% | 3.54% | 2.67% | 2.43% | 1.46% | 2.31% | 2.23% | 2.63% | 2.76% | 2.99% | 4.56% | 3.20% |
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.
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Drawdown Indicators
| VWITX | FDMMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.13% | -18.98% | -10.15% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -4.14% | +0.25% |
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 DrawdownCurrent decline from peak | -2.64% | -2.74% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -3.58% | -2.36% | -1.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.15% | -0.13% |
Volatility
VWITX vs. FDMMX - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) is 1.01%, while Fidelity Massachusetts Municipal Income Fund (FDMMX) has a volatility of 1.12%. 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.
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Volatility by Period
| VWITX | FDMMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.12% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 1.57% | 1.67% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 4.22% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.22% | 3.62% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.41% | 3.83% | -0.42% |