FMIEX vs. SPY

Last updated Jun 11, 2026

FMIEX (Wasatch Global Value Fund Investor Class Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - FMIEX is a Global Equities fund managed by Wasatch, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FMIEX returned 11.39%/yr vs 15.05%/yr for SPY. Their correlation of 0.83 suggests significant overlap in exposure. FMIEX charges 1.10%/yr vs 0.09%/yr for SPY.

Performance

FMIEX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Global Value Fund Investor Class Shares (FMIEX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMIEX achieves a 12.18% return, which is significantly higher than SPY's 6.67% return. Over the past 10 years, FMIEX has underperformed SPY with an annualized return of 11.39%, while SPY has yielded a comparatively higher 15.05% annualized return.

FMIEX

• 1D: 1.06%
• 1M: -0.80%
• YTD: 12.18%
• 6M: 14.02%
• 1Y: 26.59%
• 3Y*: 18.89%
• 5Y*: 11.24%
• 10Y*: 11.39%

SPY

• 1D: -1.58%
• 1M: -1.88%
• YTD: 6.67%
• 6M: 6.11%
• 1Y: 21.67%
• 3Y*: 20.59%
• 5Y*: 12.85%
• 10Y*: 15.05%

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

FMIEX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMIEX Wasatch Global Value Fund Investor Class Shares	12.18%	30.93%	8.66%	5.67%	-0.12%	25.11%	2.04%	17.27%	-5.67%	11.21%
SPY State Street SPDR S&P 500 ETF	6.67%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FMIEX and SPY is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 25, 1996	0.83

Over the past year, the correlation between FMIEX and SPY has dropped to 0.56 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

FMIEX vs. SPY — Risk / Return Rank

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

FMIEX

FMIEX Risk / Return Rank: 90
FMIEX Sharpe Ratio Rank: 94
FMIEX Sortino Ratio Rank: 91
FMIEX Omega Ratio Rank: 84
FMIEX Calmar Ratio Rank: 89
FMIEX Martin Ratio Rank: 90

SPY

SPY Risk / Return Rank: 62
SPY Sharpe Ratio Rank: 62
SPY Sortino Ratio Rank: 59
SPY Omega Ratio Rank: 61
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 70

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.

FMIEX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Global Value Fund Investor Class Shares (FMIEX) and State Street SPDR S&P 500 ETF (SPY). 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.

	FMIEX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.92	1.79	+1.13
Sortino ratio: Return per unit of downside risk	4.22	2.43	+1.79
Omega ratio: Gain probability vs. loss probability	1.50	1.32	+0.18
Calmar ratio: Return relative to maximum drawdown	3.90	2.45	+1.45
Martin ratio: Return relative to average drawdown	15.56	11.13	+4.43

FMIEX vs. SPY - Sharpe Ratio Comparison

The current FMIEX Sharpe Ratio is 2.92, which is higher than the SPY Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of FMIEX and SPY, 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

FMIEX vs. SPY - Drawdown Comparison

The maximum FMIEX drawdown since its inception was -49.85%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FMIEX and SPY.

Drawdown Indicators

	FMIEX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-49.85%	-55.19%	+5.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-8.88%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-9.52%	-18.76%	+9.24%
Max Drawdown (5Y) Largest decline over 5 years	-18.63%	-24.50%	+5.87%
Max Drawdown (10Y) Largest decline over 10 years	-39.33%	-33.72%	-5.61%
Current Drawdown Current decline from peak	-2.13%	-4.49%	+2.36%
Average Drawdown Average peak-to-trough decline	-6.58%	-9.04%	+2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	1.95%	-0.19%

Volatility

FMIEX vs. SPY - Volatility Comparison

The current volatility for Wasatch Global Value Fund Investor Class Shares (FMIEX) is 2.77%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.96%. This indicates that FMIEX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMIEX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	3.96%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	7.34%	9.45%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	9.41%	12.19%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.74%	17.11%	-4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	17.96%	-2.23%

FMIEX vs. SPY - Expense Ratio Comparison

FMIEX has a 1.10% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FMIEX vs. SPY - Dividend Comparison

FMIEX's dividend yield for the trailing twelve months is around 5.09%, more than SPY's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMIEX Wasatch Global Value Fund Investor Class Shares	5.09%	5.76%	9.02%	3.27%	8.54%	4.34%	1.74%	3.82%	18.46%	16.45%	5.16%	11.75%
SPY State Street SPDR S&P 500 ETF	1.02%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FMIEX and SPY in my portfolio?

FMIEX and SPY have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMIEX or SPY?

SPY has higher volatility (3.96%) compared to FMIEX (2.77%). In terms of maximum drawdown, FMIEX dropped -49.85% vs SPY's -55.19%.

Which has better risk-adjusted returns?

FMIEX currently has the higher Sharpe Ratio (2.92 vs 1.79), 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.