EMCAX vs. FGROX

Last updated Jun 24, 2026

EMCAX (Empiric 2500 Fund) and FGROX (Emerald Growth Fund Institutional Class) are both Small Cap Growth Equities funds. Over the past 10 years, EMCAX returned 11.31%/yr vs 16.88%/yr for FGROX. Their correlation of 0.86 suggests significant overlap in exposure. EMCAX charges 1.96%/yr vs 0.78%/yr for FGROX.

Performance

EMCAX vs. FGROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Empiric 2500 Fund (EMCAX) and Emerald Growth Fund Institutional Class (FGROX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMCAX achieves a 13.97% return, which is significantly lower than FGROX's 35.00% return. Over the past 10 years, EMCAX has underperformed FGROX with an annualized return of 11.31%, while FGROX has yielded a comparatively higher 16.88% annualized return.

EMCAX

• 1D: 0.63%
• 1M: 3.73%
• YTD: 13.97%
• 6M: 11.37%
• 1Y: 18.95%
• 3Y*: 13.56%
• 5Y*: 4.44%
• 10Y*: 11.31%

FGROX

• 1D: 1.20%
• 1M: 10.20%
• YTD: 35.00%
• 6M: 30.53%
• 1Y: 74.67%
• 3Y*: 32.48%
• 5Y*: 13.44%
• 10Y*: 16.88%

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

EMCAX vs. FGROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMCAX Empiric 2500 Fund	13.97%	2.37%	13.89%	12.43%	-16.06%	16.07%	27.81%	19.10%	-4.64%	21.82%
FGROX Emerald Growth Fund Institutional Class	35.00%	31.85%	20.04%	19.04%	-24.42%	3.91%	38.92%	28.71%	-11.85%	28.11%

Correlation

The correlation between EMCAX and FGROX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 20, 2008	0.86

The correlation between EMCAX and FGROX shifts across timeframes, from 0.74 (1 year) to 0.89 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

EMCAX vs. FGROX — Risk / Return Rank

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

EMCAX

EMCAX Risk / Return Rank: 35
EMCAX Sharpe Ratio Rank: 29
EMCAX Sortino Ratio Rank: 31
EMCAX Omega Ratio Rank: 26
EMCAX Calmar Ratio Rank: 44
EMCAX Martin Ratio Rank: 46

FGROX

FGROX Risk / Return Rank: 89
FGROX Sharpe Ratio Rank: 93
FGROX Sortino Ratio Rank: 82
FGROX Omega Ratio Rank: 77
FGROX Calmar Ratio Rank: 95
FGROX Martin Ratio Rank: 96

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.

EMCAX vs. FGROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Empiric 2500 Fund (EMCAX) and Emerald Growth Fund Institutional Class (FGROX). 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.

	EMCAX	FGROX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.94	-1.50
Sortino ratio: Return per unit of downside risk	2.15	3.59	-1.44
Omega ratio: Gain probability vs. loss probability	1.25	1.45	-0.20
Calmar ratio: Return relative to maximum drawdown	2.42	5.43	-3.01
Martin ratio: Return relative to average drawdown	9.05	22.68	-13.63

EMCAX vs. FGROX - Sharpe Ratio Comparison

The current EMCAX Sharpe Ratio is 1.44, which is lower than the FGROX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of EMCAX and FGROX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMCAX vs. FGROX - Drawdown Comparison

The maximum EMCAX drawdown since its inception was -51.81%, which is greater than FGROX's maximum drawdown of -41.48%. Use the drawdown chart below to compare losses from any high point for EMCAX and FGROX.

Drawdown Indicators

	EMCAX	FGROX	Difference
Max Drawdown Largest peak-to-trough decline	-51.81%	-41.48%	-10.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-14.36%	+5.76%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-28.61%	+9.42%
Max Drawdown (5Y) Largest decline over 5 years	-30.60%	-38.52%	+7.92%
Max Drawdown (10Y) Largest decline over 10 years	-42.79%	-41.48%	-1.31%
Current Drawdown Current decline from peak	-0.86%	0.00%	-0.86%
Average Drawdown Average peak-to-trough decline	-13.25%	-10.22%	-3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	3.42%	-1.13%

Volatility

EMCAX vs. FGROX - Volatility Comparison

The current volatility for Empiric 2500 Fund (EMCAX) is 3.86%, while Emerald Growth Fund Institutional Class (FGROX) has a volatility of 9.29%. This indicates that EMCAX experiences smaller price fluctuations and is considered to be less risky than FGROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMCAX	FGROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	9.29%	-5.43%
Volatility (6M) Calculated over the trailing 6-month period	11.51%	20.49%	-8.98%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	26.56%	-12.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	25.84%	-7.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.24%	25.31%	-5.07%

EMCAX vs. FGROX - Expense Ratio Comparison

EMCAX has a 1.96% expense ratio, which is higher than FGROX's 0.78% expense ratio.

Dividends

EMCAX vs. FGROX - Dividend Comparison

EMCAX's dividend yield for the trailing twelve months is around 0.12%, less than FGROX's 8.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EMCAX Empiric 2500 Fund	0.12%	0.13%	0.13%	0.00%	0.00%	0.51%	7.46%	0.00%	0.00%
FGROX Emerald Growth Fund Institutional Class	8.44%	11.39%	13.92%	5.91%	8.13%	17.87%	8.04%	1.38%	11.36%

Frequently Asked Questions

Can I hold both EMCAX and FGROX in my portfolio?

EMCAX and FGROX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMCAX or FGROX?

FGROX has higher volatility (9.29%) compared to EMCAX (3.86%). In terms of maximum drawdown, EMCAX dropped -51.81% vs FGROX's -41.48%.

Which has better risk-adjusted returns?

FGROX currently has the higher Sharpe Ratio (2.94 vs 1.44), 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.