FMCE vs. FMCX

Last updated Jun 23, 2026

FMCE (FM Compounders Equity ETF) and FMCX (FMC Excelsior Focus Equity ETF) are both Large Cap Blend Equities funds from First Manhattan. Both are actively managed. Over the past year, FMCE returned 14.54% vs 16.90% for FMCX. Their correlation of 0.83 suggests significant overlap in exposure. FMCE charges 0.72%/yr vs 0.70%/yr for FMCX.

Performance

FMCE vs. FMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FM Compounders Equity ETF (FMCE) and FMC Excelsior Focus Equity ETF (FMCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMCE achieves a 8.10% return, which is significantly higher than FMCX's 6.98% return.

FMCE

• 1D: -0.35%
• 1M: 1.07%
• YTD: 8.10%
• 6M: 7.54%
• 1Y: 14.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMCX

• 1D: -0.73%
• 1M: 0.42%
• YTD: 6.98%
• 6M: 6.49%
• 1Y: 16.90%
• 3Y*: 15.90%
• 5Y*: —
• 10Y*: —

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

FMCE vs. FMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMCE FM Compounders Equity ETF	8.10%	11.11%	-2.72%
FMCX FMC Excelsior Focus Equity ETF	6.98%	11.31%	-1.75%

Correlation

The correlation between FMCE and FMCX is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Nov 11, 2024	0.83

The correlation between FMCE and FMCX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

FMCE vs. FMCX — Risk / Return Rank

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

FMCE

FMCE Risk / Return Rank: 32
FMCE Sharpe Ratio Rank: 33
FMCE Sortino Ratio Rank: 34
FMCE Omega Ratio Rank: 31
FMCE Calmar Ratio Rank: 28
FMCE Martin Ratio Rank: 33

FMCX

FMCX Risk / Return Rank: 34
FMCX Sharpe Ratio Rank: 37
FMCX Sortino Ratio Rank: 37
FMCX Omega Ratio Rank: 34
FMCX Calmar Ratio Rank: 28
FMCX Martin Ratio Rank: 32

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.

FMCE vs. FMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FM Compounders Equity ETF (FMCE) and FMC Excelsior Focus Equity ETF (FMCX). 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.

	FMCE	FMCX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.28	-0.12
Sortino ratio: Return per unit of downside risk	1.72	1.89	-0.17
Omega ratio: Gain probability vs. loss probability	1.20	1.23	-0.02
Calmar ratio: Return relative to maximum drawdown	1.36	1.35	+0.01
Martin ratio: Return relative to average drawdown	4.74	4.68	+0.06

FMCE vs. FMCX - Sharpe Ratio Comparison

The current FMCE Sharpe Ratio is 1.15, which is comparable to the FMCX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of FMCE and FMCX, 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

FMCE vs. FMCX - Drawdown Comparison

The maximum FMCE drawdown since its inception was -11.69%, smaller than the maximum FMCX drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for FMCE and FMCX.

Drawdown Indicators

	FMCE	FMCX	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-17.70%	+6.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-12.59%	+1.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.70%	—
Current Drawdown Current decline from peak	-0.35%	-0.73%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.37%	-4.26%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.62%	-0.55%

Volatility

FMCE vs. FMCX - Volatility Comparison

FM Compounders Equity ETF (FMCE) and FMC Excelsior Focus Equity ETF (FMCX) have volatilities of 4.02% and 4.01%, 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

	FMCE	FMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	4.01%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.11%	10.95%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	13.34%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	16.24%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.38%	16.24%	-1.86%

FMCE vs. FMCX - Expense Ratio Comparison

FMCE has a 0.72% expense ratio, which is higher than FMCX's 0.70% expense ratio.

Dividends

FMCE vs. FMCX - Dividend Comparison

FMCE's dividend yield for the trailing twelve months is around 2.96%, more than FMCX's 0.33% yield.

Position	TTM	2025	2024	2023	2022
FMCE FM Compounders Equity ETF	2.96%	3.20%	0.22%	0.00%	0.00%
FMCX FMC Excelsior Focus Equity ETF	0.33%	0.35%	2.12%	1.34%	1.19%

Frequently Asked Questions

Can I hold both FMCE and FMCX in my portfolio?

With a correlation of 0.90, FMCE and FMCX 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.

Which is riskier, FMCE or FMCX?

FMCE has higher volatility (4.02%) compared to FMCX (4.01%). In terms of maximum drawdown, FMCE dropped -11.69% vs FMCX's -17.70%.

Which ETF is better, FMCE or FMCX?

On 1-year performance, FMCX leads with 16.90% vs 14.54% for FMCE. On fees, FMCX is cheaper at 0.70% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMCE or FMCX?

Over the 1-year period, FMCX has performed better with a 16.90% return vs 14.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMCE or FMCX?

FMCX is cheaper with a 0.70% expense ratio, compared with 0.72% for FMCE.

Which ETF pays a higher dividend yield, FMCE or FMCX?

FMCE has the higher dividend yield at 2.96%, compared with 0.33% for FMCX.

What is the main difference between FMCE and FMCX?

Their fees differ too: 0.72% for FMCE and 0.70% for FMCX.

Which has better risk-adjusted returns?

FMCX currently has the higher Sharpe Ratio (1.27 vs 1.15), 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.