- ISIN
- US89609H8117
- Issuer
- Tributary Funds
- Inception Date
- Aug 1, 2019
- Category
- Mid Cap Blend Equities
- Min. Investment
- $5,000,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
FSMBX Performance Chart
Tributary Small/Mid Cap Fund (FSMBX) is up 10.4% since the beginning of the year. FSMBX is currently trading at $18 per share. Investors who bought $1,000 worth of FSMBX shares 5 years ago would now be looking at an investment worth $1,322.
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Returns By Period
Tributary Small/Mid Cap Fund (FSMBX) has returned 10.38% so far this year and 14.40% over the past 12 months.
Tributary Small/Mid Cap Fund
- 1D
- 0.97%
- 1M
- 3.15%
- YTD
- 10.38%
- 6M
- 8.61%
- 1Y
- 14.40%
- 3Y*
- 7.78%
- 5Y*
- 5.74%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
FSMBX Monthly Returns History
Based on dividend-adjusted daily data since Aug 1, 2019, FSMBX's average daily return is +0.05%, while the average monthly return is +0.91%. At this rate, an investment would double in approximately 6.4 years.
Historically, 57% of months were positive and 43% were negative. The best month was Nov 2020 with a return of +12.7%, while the worst month was Mar 2020 at -17.7%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FSMBX closed higher 51% of trading days. The best single day was Apr 9, 2025 with a return of +8.8%, while the worst single day was Mar 16, 2020 at -9.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.00% | -0.53% | -5.93% | 7.44% | 0.94% | 2.61% | 10.38% | ||||||
| 2025 | 3.00% | -6.10% | -4.43% | -4.70% | 2.20% | 4.24% | 1.69% | 4.19% | -2.60% | -3.88% | 1.83% | -0.21% | -5.43% |
| 2024 | -1.87% | 4.33% | 3.84% | -5.70% | 5.27% | -1.28% | 7.05% | -0.06% | 0.75% | -1.61% | 6.76% | -6.93% | 9.81% |
| 2023 | 7.19% | -2.70% | -2.42% | -1.02% | -2.13% | 8.65% | 4.71% | -2.51% | -5.83% | -4.90% | 8.33% | 8.76% | 15.38% |
| 2022 | -7.28% | 0.00% | 1.22% | -6.69% | 1.58% | -5.29% | 8.42% | -4.19% | -8.97% | 10.09% | 4.94% | -6.34% | -13.81% |
| 2021 | 0.57% | 5.39% | 5.72% | 4.62% | 1.66% | -0.88% | 1.92% | 1.14% | -1.93% | 5.42% | 0.06% | 5.91% | 33.39% |
Benchmark Metrics
Tributary Small/Mid Cap Fund has an annualized alpha of -3.23%, beta of 0.97, and R2 of 0.79 versus S&P 500 Index. Calculated based on daily prices since August 01, 2019.
- This fund participated in 101.80% of S&P 500 Index downside but only 85.03% of its upside - more exposed to losses than it benefited from rallies.
- This fund had an annualized alpha of -3.23% versus S&P 500 Index - delivering less than market exposure alone would predict.
- With beta of 0.97 and R2 of 0.79, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -3.23%
- Beta
- 0.97
- R²
- 0.79
- Upside Capture
- 85.03%
- Downside Capture
- 101.80%
Expense Ratio
FSMBX has an expense ratio of 0.90%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FSMBX ranks 14 for risk / return — in the bottom 14% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Tributary Small/Mid Cap Fund (FSMBX) and compare them to S&P 500 Index.
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.
| FSMBX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.37 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 2.78 | -1.46 |
| Martin ratioReturn relative to average drawdown | 3.45 | 12.44 | -8.99 |
Dividends
Dividend History
Tributary Small/Mid Cap Fund provided a 0.55% dividend yield over the last twelve months, with an annual payout of $0.10 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.10 | $0.10 | $0.02 | $0.04 | $0.25 | $0.55 | $0.03 | $0.02 |
Dividend yield | 0.55% | 0.61% | 0.14% | 0.28% | 1.83% | 3.47% | 0.23% | 0.21% |
Monthly Dividends
The table displays the monthly dividend distributions for Tributary Small/Mid Cap Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 | $0.10 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.02 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.04 | $0.04 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.25 | $0.25 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.55 | $0.55 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Tributary Small/Mid Cap Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Tributary Small/Mid Cap Fund was 37.37%, occurring on Mar 23, 2020. Recovery took 162 trading sessions.
The current Tributary Small/Mid Cap Fund drawdown is 3.59%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -37.37%Mar 2020 | 2mo 6d | 7mo 22d | 9mo 28dJan 2020 - Nov 2020 |
2025 selloff2025 | -25.22%Apr 2025 | 4mo 13d | — | 1y 6moNov 2024 - now |
Bear market2022 | -20.61%Sep 2022 | 8mo 25d | 1y 3mo | 1y 11moJan 2022 - Dec 2023 |
2024 pullback2024 | -7.57%Aug 2024 | 6d | 1mo 13d | 1mo 19dAug 2024 - Sep 2024 |
2024 pullback2024 | -7.33%Apr 2024 | 17d | 2mo 24d | 3mo 11dApr 2024 - Jul 2024 |
Drawdown Indicators
| FSMBX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.37% | -56.78% | +19.41% |
Max Drawdown (1Y)Largest decline over 1 year | -10.79% | -9.10% | -1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -25.22% | -18.90% | -6.32% |
Max Drawdown (5Y)Largest decline over 5 years | -25.22% | -25.43% | +0.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -3.59% | -1.80% | -1.79% |
Average DrawdownAverage peak-to-trough decline | -7.68% | -10.71% | +3.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 2.03% | +2.11% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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