FIUSX vs. KSMIX

Last updated Jun 5, 2026

FIUSX (Delaware Opportunity Fund) and KSMIX (Keeley Small-Mid Cap Value Fund) are both Mid Cap Value Equities funds. Over the past 10 years, FIUSX returned 11.07%/yr vs 10.55%/yr for KSMIX. Their correlation of 0.94 suggests significant overlap in exposure. FIUSX charges 1.15%/yr vs 1.18%/yr for KSMIX.

Performance

FIUSX vs. KSMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Opportunity Fund (FIUSX) and Keeley Small-Mid Cap Value Fund (KSMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIUSX achieves a 18.90% return, which is significantly higher than KSMIX's 12.67% return. Both investments have delivered pretty close results over the past 10 years, with FIUSX having a 11.07% annualized return and KSMIX not far behind at 10.55%.

FIUSX

• 1D: 0.08%
• 1M: 1.41%
• YTD: 18.90%
• 6M: 18.41%
• 1Y: 34.96%
• 3Y*: 20.09%
• 5Y*: 10.63%
• 10Y*: 11.07%

KSMIX

• 1D: -0.68%
• 1M: -1.06%
• YTD: 12.67%
• 6M: 11.51%
• 1Y: 25.02%
• 3Y*: 17.48%
• 5Y*: 8.05%
• 10Y*: 10.55%

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

FIUSX vs. KSMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIUSX Delaware Opportunity Fund	18.90%	12.60%	14.07%	11.68%	-9.62%	30.95%	0.88%	29.58%	-15.71%	18.67%
KSMIX Keeley Small-Mid Cap Value Fund	12.67%	9.86%	14.18%	19.43%	-12.85%	26.28%	0.79%	31.89%	-17.49%	18.26%

Correlation

The correlation between FIUSX and KSMIX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 17, 2007	0.94

The correlation between FIUSX and KSMIX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

FIUSX vs. KSMIX — Risk / Return Rank

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

FIUSX

FIUSX Risk / Return Rank: 80
FIUSX Sharpe Ratio Rank: 75
FIUSX Sortino Ratio Rank: 74
FIUSX Omega Ratio Rank: 65
FIUSX Calmar Ratio Rank: 93
FIUSX Martin Ratio Rank: 92

KSMIX

KSMIX Risk / Return Rank: 37
KSMIX Sharpe Ratio Rank: 31
KSMIX Sortino Ratio Rank: 32
KSMIX Omega Ratio Rank: 29
KSMIX Calmar Ratio Rank: 46
KSMIX Martin Ratio Rank: 46

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.

FIUSX vs. KSMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Opportunity Fund (FIUSX) and Keeley Small-Mid Cap Value Fund (KSMIX). 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.

	FIUSX	KSMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	1.55	+0.96
Sortino ratio: Return per unit of downside risk	3.60	2.29	+1.31
Omega ratio: Gain probability vs. loss probability	1.45	1.27	+0.17
Calmar ratio: Return relative to maximum drawdown	5.12	2.55	+2.57
Martin ratio: Return relative to average drawdown	19.10	9.41	+9.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIUSX vs. KSMIX - Sharpe Ratio Comparison

The current FIUSX Sharpe Ratio is 2.51, which is higher than the KSMIX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of FIUSX and KSMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FIUSX	KSMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	1.55	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.37	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.44	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.34	+0.12

Drawdowns

FIUSX vs. KSMIX - Drawdown Comparison

The maximum FIUSX drawdown since its inception was -56.30%, smaller than the maximum KSMIX drawdown of -67.52%. Use the drawdown chart below to compare losses from any high point for FIUSX and KSMIX.

Drawdown Indicators

	FIUSX	KSMIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.30%	-67.52%	+11.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-9.49%	+2.74%
Max Drawdown (3Y) Largest decline over 3 years	-21.69%	-29.45%	+7.76%
Max Drawdown (5Y) Largest decline over 5 years	-21.69%	-29.45%	+7.76%
Max Drawdown (10Y) Largest decline over 10 years	-46.38%	-52.10%	+5.72%
Current Drawdown Current decline from peak	0.00%	-2.11%	+2.11%
Average Drawdown Average peak-to-trough decline	-9.45%	-11.04%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.56%	-0.76%

Volatility

FIUSX vs. KSMIX - Volatility Comparison

Delaware Opportunity Fund (FIUSX) and Keeley Small-Mid Cap Value Fund (KSMIX) have volatilities of 4.21% and 4.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIUSX	KSMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	4.14%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	10.96%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	13.81%	15.67%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	21.72%	-3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	24.04%	-3.47%

FIUSX vs. KSMIX - Expense Ratio Comparison

FIUSX has a 1.15% expense ratio, which is lower than KSMIX's 1.18% expense ratio.

Dividends

FIUSX vs. KSMIX - Dividend Comparison

FIUSX's dividend yield for the trailing twelve months is around 9.70%, more than KSMIX's 9.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIUSX Delaware Opportunity Fund	9.70%	11.53%	12.68%	2.85%	8.96%	5.62%	1.60%	40.65%	12.11%	6.00%	4.23%	1.14%
KSMIX Keeley Small-Mid Cap Value Fund	9.00%	10.14%	14.14%	9.24%	15.42%	28.48%	5.46%	18.92%	14.34%	11.18%	8.70%	4.14%

Frequently Asked Questions

Can I hold both FIUSX and KSMIX in my portfolio?

FIUSX and KSMIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIUSX or KSMIX?

FIUSX has higher volatility (4.21%) compared to KSMIX (4.14%). In terms of maximum drawdown, FIUSX dropped -56.30% vs KSMIX's -67.52%.

Which has better risk-adjusted returns?

FIUSX currently has the higher Sharpe Ratio (2.51 vs 1.55), 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.