FMIHX vs. SPY
Compare and contrast key facts about FMI Large Cap Fund (FMIHX) and State Street SPDR S&P 500 ETF (SPY).
FMIHX is managed by FMI Funds. It was launched on Dec 31, 2001. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
FMIHX vs. SPY - Performance Comparison
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FMIHX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMIHX FMI Large Cap Fund | -6.83% | 6.21% | 10.17% | 21.03% | -14.73% | 18.40% | 10.23% | 23.66% | -4.10% | 19.25% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, FMIHX achieves a -6.83% return, which is significantly lower than SPY's -4.37% return. Over the past 10 years, FMIHX has underperformed SPY with an annualized return of 8.58%, while SPY has yielded a comparatively higher 13.98% annualized return.
FMIHX
- 1D
- -0.16%
- 1M
- -10.26%
- YTD
- -6.83%
- 6M
- -7.05%
- 1Y
- -2.18%
- 3Y*
- 8.27%
- 5Y*
- 4.67%
- 10Y*
- 8.58%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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FMIHX vs. SPY - Expense Ratio Comparison
FMIHX has a 0.82% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
FMIHX vs. SPY — Risk / Return Rank
FMIHX
SPY
FMIHX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FMI Large Cap Fund (FMIHX) 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.
| FMIHX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.09 | 0.93 | -1.02 |
Sortino ratioReturn per unit of downside risk | -0.01 | 1.45 | -1.47 |
Omega ratioGain probability vs. loss probability | 1.00 | 1.22 | -0.23 |
Calmar ratioReturn relative to maximum drawdown | -0.24 | 1.53 | -1.76 |
Martin ratioReturn relative to average drawdown | -0.78 | 7.30 | -8.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMIHX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.09 | 0.93 | -1.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.69 | -0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.78 | -0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.56 | -0.08 |
Correlation
The correlation between FMIHX and SPY is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FMIHX vs. SPY - Dividend Comparison
FMIHX's dividend yield for the trailing twelve months is around 17.00%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMIHX FMI Large Cap Fund | 17.00% | 15.84% | 13.22% | 10.54% | 22.62% | 17.10% | 11.56% | 7.77% | 20.37% | 9.27% | 7.48% | 11.02% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
FMIHX vs. SPY - Drawdown Comparison
The maximum FMIHX drawdown since its inception was -47.80%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FMIHX and SPY.
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Drawdown Indicators
| FMIHX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.80% | -55.19% | +7.39% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | -12.05% | +0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -24.99% | -24.50% | -0.49% |
Max Drawdown (10Y)Largest decline over 10 years | -34.15% | -33.72% | -0.43% |
Current DrawdownCurrent decline from peak | -11.91% | -6.24% | -5.67% |
Average DrawdownAverage peak-to-trough decline | -5.90% | -9.09% | +3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.66% | 2.52% | +1.14% |
Volatility
FMIHX vs. SPY - Volatility Comparison
The current volatility for FMI Large Cap Fund (FMIHX) is 3.98%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that FMIHX 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.
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Volatility by Period
| FMIHX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.98% | 5.31% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 9.57% | 9.47% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.36% | 19.05% | -2.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.42% | 17.06% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.57% | 17.92% | -0.35% |