FMCX vs. FMCE

Last updated Jun 24, 2026

FMCX (FMC Excelsior Focus Equity ETF) and FMCE (FM Compounders Equity ETF) are both Large Cap Blend Equities funds from First Manhattan. Both are actively managed. Over the past year, FMCX returned 13.48% vs 12.07% for FMCE. Their correlation of 0.83 suggests significant overlap in exposure. FMCX charges 0.70%/yr vs 0.72%/yr for FMCE.

Performance

FMCX vs. FMCE - Performance Comparison

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

Returns By Period

In the year-to-date period, FMCX achieves a 5.40% return, which is significantly lower than FMCE's 6.86% return.

FMCX

• 1D: -1.48%
• 1M: -1.06%
• YTD: 5.40%
• 6M: 4.63%
• 1Y: 13.48%
• 3Y*: 15.33%
• 5Y*: —
• 10Y*: —

FMCE

• 1D: -1.15%
• 1M: -0.09%
• YTD: 6.86%
• 6M: 6.05%
• 1Y: 12.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMCX vs. FMCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMCX FMC Excelsior Focus Equity ETF	5.40%	11.31%	-1.75%
FMCE FM Compounders Equity ETF	6.86%	11.11%	-2.72%

Correlation

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

Return for Risk

FMCX vs. FMCE — Risk / Return Rank

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

FMCX

FMCX Risk / Return Rank: 28
FMCX Sharpe Ratio Rank: 30
FMCX Sortino Ratio Rank: 31
FMCX Omega Ratio Rank: 28
FMCX Calmar Ratio Rank: 24
FMCX Martin Ratio Rank: 28

FMCE

FMCE Risk / Return Rank: 28
FMCE Sharpe Ratio Rank: 28
FMCE Sortino Ratio Rank: 28
FMCE Omega Ratio Rank: 26
FMCE Calmar Ratio Rank: 25
FMCE Martin Ratio Rank: 30

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.

FMCX vs. FMCE - Risk-Adjusted Trends Comparison

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

	FMCX	FMCE	Difference
Sharpe ratio: Return per unit of total volatility	1.02	0.96	+0.06
Sortino ratio: Return per unit of downside risk	1.53	1.45	+0.08
Omega ratio: Gain probability vs. loss probability	1.18	1.17	+0.01
Calmar ratio: Return relative to maximum drawdown	1.08	1.13	-0.05
Martin ratio: Return relative to average drawdown	3.73	3.94	-0.20

FMCX vs. FMCE - Sharpe Ratio Comparison

The current FMCX Sharpe Ratio is 1.02, which is comparable to the FMCE Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of FMCX and FMCE, 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

FMCX vs. FMCE - Drawdown Comparison

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

Drawdown Indicators

	FMCX	FMCE	Difference
Max Drawdown Largest peak-to-trough decline	-17.70%	-11.69%	-6.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.59%	-10.77%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-17.70%	—	—
Current Drawdown Current decline from peak	-2.20%	-1.49%	-0.71%
Average Drawdown Average peak-to-trough decline	-4.26%	-2.37%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	3.07%	+0.55%

Volatility

FMCX vs. FMCE - Volatility Comparison

FMC Excelsior Focus Equity ETF (FMCX) and FM Compounders Equity ETF (FMCE) have volatilities of 4.29% and 4.20%, 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

	FMCX	FMCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	4.20%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	10.17%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	13.40%	12.73%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	14.39%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	14.39%	+1.86%

FMCX vs. FMCE - Expense Ratio Comparison

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

Dividends

FMCX vs. FMCE - Dividend Comparison

FMCX's dividend yield for the trailing twelve months is around 0.33%, less than FMCE's 2.99% yield.

Position	TTM	2025	2024	2023	2022
FMCE FM Compounders Equity ETF	2.99%	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 FMCX and FMCE in my portfolio?

With a correlation of 0.90, FMCX and FMCE 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, FMCX or FMCE?

FMCX has higher volatility (4.29%) compared to FMCE (4.20%). In terms of maximum drawdown, FMCX dropped -17.70% vs FMCE's -11.69%.

Which ETF is better, FMCX or FMCE?

On 1-year performance, FMCX leads with 13.48% vs 12.07% 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, FMCX or FMCE?

Over the 1-year period, FMCX has performed better with a 13.48% return vs 12.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMCX or FMCE?

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

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

FMCE has the higher dividend yield at 2.99%, compared with 0.33% for FMCX.

What is the main difference between FMCX and FMCE?

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

Which has better risk-adjusted returns?

FMCX currently has the higher Sharpe Ratio (1.02 vs 0.96), 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.