VWITX vs. FHIGX
VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) and FHIGX (Fidelity Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, VWITX returned 2.13%/yr vs 1.97%/yr for FHIGX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. VWITX charges 0.17%/yr vs 0.45%/yr for FHIGX.
Performance
VWITX vs. FHIGX - Performance Comparison
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Returns By Period
In the year-to-date period, VWITX achieves a -0.19% return, which is significantly lower than FHIGX's -0.09% return. Over the past 10 years, VWITX has outperformed FHIGX with an annualized return of 2.13%, while FHIGX has yielded a comparatively lower 1.97% annualized return.
VWITX
- 1D
- -0.07%
- 1M
- -1.88%
- 6M
- -1.10%
- YTD
- -0.19%
- 1Y
- 3.98%
- 3Y*
- 3.79%
- 5Y*
- 1.18%
- 10Y*
- 2.13%
- ALL TIME*
- 3.46%
FHIGX
- 1D
- -0.08%
- 1M
- -2.18%
- 6M
- -0.91%
- YTD
- -0.09%
- 1Y
- 4.70%
- 3Y*
- 3.57%
- 5Y*
- 0.33%
- 10Y*
- 1.97%
- ALL TIME*
- 3.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VWITX vs. FHIGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | -0.19% | 5.89% | 2.23% | 5.82% | -6.90% | 0.74% | 5.14% | 7.01% | 1.26% | 4.54% |
FHIGX Fidelity Municipal Income Fund | -0.09% | 5.37% | 1.68% | 7.14% | -10.98% | 2.43% | 4.42% | 8.51% | 0.81% | 6.69% |
Correlation
The correlation between VWITX and FHIGX is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1980 | 0.74 |
The correlation between VWITX and FHIGX shifts across timeframes, from 0.74 (all time) to 0.94 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VWITX vs. FHIGX — Risk / Return Rank
VWITX
FHIGX
VWITX vs. FHIGX - 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 Municipal Income Fund (FHIGX). 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.
| VWITX | FHIGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.39 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 1.55 | -0.12 |
| Martin ratioReturn relative to average drawdown | 4.17 | 4.86 | -0.69 |
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Drawdowns
VWITX vs. FHIGX - Drawdown Comparison
The maximum VWITX drawdown since its inception was -29.13%, smaller than the maximum FHIGX drawdown of -32.80%. Use the drawdown chart below to compare losses from any high point for VWITX and FHIGX.
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Drawdown Indicators
| VWITX | FHIGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.13% | -32.80% | +3.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -3.27% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -4.02% | -5.19% | +1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -11.46% | -16.18% | +4.72% |
Max Drawdown (10Y)Largest decline over 10 years | -11.46% | -16.18% | +4.72% |
Current DrawdownCurrent decline from peak | -2.35% | -2.32% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -4.52% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 1.04% | -0.01% |
Volatility
VWITX vs. FHIGX - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) is 0.79%, while Fidelity Municipal Income Fund (FHIGX) has a volatility of 1.00%. This indicates that VWITX experiences smaller price fluctuations and is considered to be less risky than FHIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWITX | FHIGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.00% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 2.40% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.44% | 2.96% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.28% | 4.18% | -0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 4.25% | -0.83% |
VWITX vs. FHIGX - Expense Ratio Comparison
VWITX has a 0.17% expense ratio, which is lower than FHIGX's 0.45% expense ratio.
Dividends
VWITX vs. FHIGX - Dividend Comparison
VWITX's dividend yield for the trailing twelve months is around 3.05%, more than FHIGX's 2.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHIGX Fidelity Municipal Income Fund | 2.89% | 4.00% | 2.98% | 2.83% | 1.81% | 2.64% | 2.79% | 3.16% | 3.66% | 4.45% | 4.88% | 3.65% |
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 3.05% | 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
With a correlation of 0.90, VWITX and FHIGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FHIGX has higher volatility (1.00%) compared to VWITX (0.79%). In terms of maximum drawdown, VWITX dropped -29.13% vs FHIGX's -32.80%.
VWITX currently has the higher Sharpe Ratio (1.79 vs 1.74), 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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