FMIHX vs. FMIUX

Last updated Aug 5, 2026

FMIHX (FMI Large Cap Fund) and FMIUX (FMI Common Stock Fund Institutional Class) are both mutual funds - FMIHX is a Large Cap Blend Equities fund managed by FMI, while FMIUX is a Small Cap Value Equities fund actively managed by FMI. Over the past 5 years, FMIHX returned 7.10%/yr vs 11.42%/yr for FMIUX. Their correlation of 0.87 means they have usually moved in the same direction. FMIHX charges 0.82%/yr vs 0.84%/yr for FMIUX.

Performance

FMIHX vs. FMIUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FMI Large Cap Fund (FMIHX) and FMI Common Stock Fund Institutional Class (FMIUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMIHX achieves a 8.78% return, which is significantly lower than FMIUX's 20.20% return.

FMIHX

• 1D: 1.40%
• 1M: 3.72%
• 6M: 5.84%
• YTD: 8.78%
• 1Y: 9.79%
• 3Y*: 10.56%
• 5Y*: 7.10%
• 10Y*: 9.64%
• ALL TIME*: 8.90%

FMIUX

• 1D: 1.41%
• 1M: 4.04%
• 6M: 12.65%
• YTD: 20.20%
• 1Y: 18.28%
• 3Y*: 13.60%
• 5Y*: 11.42%
• 10Y*: —
• ALL TIME*: 11.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMIHX FMI Large Cap Fund	$0.00	$0.00	$0.00
FMIUX FMI Common Stock Fund Institutional Class	$0.00	$0.00	$0.00

FMIHX vs. FMIUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMIHX FMI Large Cap Fund	8.78%	6.21%	10.17%	21.03%	-14.73%	18.40%	10.23%	23.66%	-4.10%	19.25%
FMIUX FMI Common Stock Fund Institutional Class	20.20%	2.20%	10.53%	25.01%	-5.83%	30.64%	5.91%	24.95%	-8.66%	13.17%

Correlation

The correlation between FMIHX and FMIUX is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.87

The correlation between FMIHX and FMIUX has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

Return for Risk

FMIHX vs. FMIUX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FMIHX

FMIHX Risk / Return Rank: 17
FMIHX Sharpe Ratio Rank: 18
FMIHX Sortino Ratio Rank: 19
FMIHX Omega Ratio Rank: 17
FMIHX Calmar Ratio Rank: 17
FMIHX Martin Ratio Rank: 15

FMIUX

FMIUX Risk / Return Rank: 27
FMIUX Sharpe Ratio Rank: 27
FMIUX Sortino Ratio Rank: 31
FMIUX Omega Ratio Rank: 26
FMIUX Calmar Ratio Rank: 27
FMIUX Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FMIHX vs. FMIUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FMI Large Cap Fund (FMIHX) and FMI Common Stock Fund Institutional Class (FMIUX). 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.

	FMIHX	FMIUX	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.12	-0.36
Sortino ratio: Return per unit of downside risk	1.21	1.79	-0.58
Omega ratio: Gain probability vs. loss probability	1.14	1.20	-0.07
Calmar ratio: Return relative to maximum drawdown	0.90	1.43	-0.53
Martin ratio: Return relative to average drawdown	2.20	3.54	-1.35

FMIHX vs. FMIUX - Sharpe Ratio Comparison

The current FMIHX Sharpe Ratio is 0.76, which is lower than the FMIUX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of FMIHX and FMIUX, 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

FMIHX vs. FMIUX - Drawdown Comparison

The maximum FMIHX drawdown since its inception was -47.80%, which is greater than FMIUX's maximum drawdown of -38.04%. Use the drawdown chart below to compare losses from any high point for FMIHX and FMIUX.

Drawdown Indicators

	FMIHX	FMIUX	Difference
Max Drawdown Largest peak-to-trough decline	-47.80%	-38.04%	-9.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-13.78%	+1.87%
Max Drawdown (3Y) Largest decline over 3 years	-18.23%	-21.27%	+3.04%
Max Drawdown (5Y) Largest decline over 5 years	-24.99%	-21.27%	-3.72%
Max Drawdown (10Y) Largest decline over 10 years	-34.15%	—	—
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-5.90%	-4.87%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	5.54%	-0.68%

Volatility

FMIHX vs. FMIUX - Volatility Comparison

The current volatility for FMI Large Cap Fund (FMIHX) is 4.94%, while FMI Common Stock Fund Institutional Class (FMIUX) has a volatility of 5.25%. This indicates that FMIHX experiences smaller price fluctuations and is considered to be less risky than FMIUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMIHX	FMIUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	5.25%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	12.73%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	14.11%	17.56%	-3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	18.67%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.65%	19.50%	-1.85%

FMIHX vs. FMIUX - Expense Ratio Comparison

FMIHX has a 0.82% expense ratio, which is lower than FMIUX's 0.84% expense ratio.

Dividends

FMIHX vs. FMIUX - Dividend Comparison

FMIHX's dividend yield for the trailing twelve months is around 14.56%, more than FMIUX's 11.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMIHX FMI Large Cap Fund	14.56%	15.84%	13.22%	10.54%	22.62%	17.10%	11.56%	7.77%	20.37%	9.27%	7.48%	11.02%
FMIUX FMI Common Stock Fund Institutional Class	11.17%	13.42%	2.14%	2.92%	6.76%	12.56%	0.85%	5.01%	10.33%	11.84%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMIHX and FMIUX in my portfolio?

FMIHX and FMIUX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMIHX or FMIUX?

FMIUX has higher volatility (5.25%) compared to FMIHX (4.94%). In terms of maximum drawdown, FMIHX dropped -47.80% vs FMIUX's -38.04%.

Which has better risk-adjusted returns?

FMIUX currently has the higher Sharpe Ratio (1.12 vs 0.76), 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.