WITAX vs. FMBIX

Last updated Jun 3, 2026

WITAX (Segall Bryant & Hamill Municipal Opportunities Fund) and FMBIX (Fidelity Municipal Bond Index Fund) are both Municipal Bonds funds. A 0.75 correlation means they provide meaningful diversification when combined. WITAX charges 0.50%/yr vs 0.07%/yr for FMBIX.

Performance

WITAX vs. FMBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Segall Bryant & Hamill Municipal Opportunities Fund (WITAX) and Fidelity Municipal Bond Index Fund (FMBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

WITAX

• 1D: 0.00%
• 1M: 0.49%
• YTD: 1.43%
• 6M: 1.77%
• 1Y: 6.41%
• 3Y*: 4.65%
• 5Y*: 0.91%
• 10Y*: —

FMBIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WITAX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
WITAX Segall Bryant & Hamill Municipal Opportunities Fund	1.43%	5.32%	3.09%	5.50%	-11.11%	2.87%	6.71%	2.03%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	3.10%	1.48%

Correlation

The correlation between WITAX and FMBIX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019	0.75

The correlation between WITAX and FMBIX has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

Return for Risk

WITAX vs. FMBIX — Risk / Return Rank

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

WITAX

WITAX Risk / Return Rank: 82
WITAX Sharpe Ratio Rank: 95
WITAX Sortino Ratio Rank: 96
WITAX Omega Ratio Rank: 96
WITAX Calmar Ratio Rank: 65
WITAX Martin Ratio Rank: 59

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.

WITAX vs. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Segall Bryant & Hamill Municipal Opportunities Fund (WITAX) and Fidelity Municipal Bond Index Fund (FMBIX). 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.

	WITAX	FMBIX	Difference
Sharpe ratio Return per unit of total volatility	3.41	—	—
Sortino ratio Return per unit of downside risk	5.41	—	—
Omega ratio Gain probability vs. loss probability	1.84	—	—
Calmar ratio Return relative to maximum drawdown	3.11	—	—
Martin ratio Return relative to average drawdown	11.84	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	WITAX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.41	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	—	—

Drawdowns

Drawdown Indicators

	WITAX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.87%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.87%	—	—
Current Drawdown Current decline from peak	-0.35%	—	—
Average Drawdown Average peak-to-trough decline	-2.94%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	—	—

Volatility

Volatility by Period

	WITAX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.39%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.86%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.90%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.11%	—	—

WITAX vs. FMBIX - Expense Ratio Comparison

WITAX has a 0.50% expense ratio, which is higher than FMBIX's 0.07% expense ratio.

Dividends

WITAX vs. FMBIX - Dividend Comparison

WITAX's dividend yield for the trailing twelve months is around 3.19%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%	0.00%	0.00%
WITAX Segall Bryant & Hamill Municipal Opportunities Fund	3.19%	3.49%	3.68%	3.61%	3.17%	2.75%	3.30%	4.19%	3.56%	3.76%

Frequently Asked Questions

Can I hold both WITAX and FMBIX in my portfolio?

WITAX and FMBIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.