FMIJX vs. RWIIX

Last updated Jun 26, 2026

FMIJX (FMI International Fund) and RWIIX (Redwood AlphaFactor Tactical International Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, FMIJX returned 4.12%/yr vs 0.83%/yr for RWIIX. A 0.50 correlation means they provide meaningful diversification when combined. FMIJX charges 0.94%/yr vs 1.22%/yr for RWIIX.

Performance

FMIJX vs. RWIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FMI International Fund (FMIJX) and Redwood AlphaFactor Tactical International Fund (RWIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMIJX achieves a 4.85% return, which is significantly higher than RWIIX's 4.55% return.

FMIJX

• 1D: 1.87%
• 1M: 3.57%
• YTD: 4.85%
• 6M: 4.25%
• 1Y: 10.84%
• 3Y*: 9.07%
• 5Y*: 4.12%
• 10Y*: 6.17%

RWIIX

• 1D: -0.29%
• 1M: -4.30%
• YTD: 4.55%
• 6M: 4.71%
• 1Y: 15.60%
• 3Y*: 3.82%
• 5Y*: 0.83%
• 10Y*: —

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

FMIJX vs. RWIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMIJX FMI International Fund	4.85%	8.57%	6.99%	21.81%	-18.67%	13.82%	0.06%	17.11%	-9.54%	0.41%
RWIIX Redwood AlphaFactor Tactical International Fund	4.55%	7.87%	-6.03%	9.07%	-11.57%	10.68%	14.57%	4.58%	-2.46%	0.62%

Correlation

The correlation between FMIJX and RWIIX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Dec 26, 2017	0.50

The correlation between FMIJX and RWIIX shifts across timeframes, from 0.50 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FMIJX vs. RWIIX — Risk / Return Rank

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

FMIJX

FMIJX Risk / Return Rank: 11
FMIJX Sharpe Ratio Rank: 11
FMIJX Sortino Ratio Rank: 12
FMIJX Omega Ratio Rank: 11
FMIJX Calmar Ratio Rank: 10
FMIJX Martin Ratio Rank: 11

RWIIX

RWIIX Risk / Return Rank: 33
RWIIX Sharpe Ratio Rank: 30
RWIIX Sortino Ratio Rank: 28
RWIIX Omega Ratio Rank: 33
RWIIX Calmar Ratio Rank: 45
RWIIX Martin Ratio Rank: 29

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.

FMIJX vs. RWIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FMI International Fund (FMIJX) and Redwood AlphaFactor Tactical International Fund (RWIIX). 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.

	FMIJX	RWIIX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	1.32	-0.60
Sortino ratio: Return per unit of downside risk	1.16	1.82	-0.66
Omega ratio: Gain probability vs. loss probability	1.13	1.25	-0.12
Calmar ratio: Return relative to maximum drawdown	0.77	2.22	-1.45
Martin ratio: Return relative to average drawdown	2.49	5.72	-3.23

FMIJX vs. RWIIX - Sharpe Ratio Comparison

The current FMIJX Sharpe Ratio is 0.71, which is lower than the RWIIX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of FMIJX and RWIIX, 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

FMIJX vs. RWIIX - Drawdown Comparison

The maximum FMIJX drawdown since its inception was -37.45%, which is greater than RWIIX's maximum drawdown of -20.34%. Use the drawdown chart below to compare losses from any high point for FMIJX and RWIIX.

Drawdown Indicators

	FMIJX	RWIIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.45%	-20.34%	-17.11%
Max Drawdown (1Y) Largest decline over 1 year	-13.46%	-6.94%	-6.52%
Max Drawdown (3Y) Largest decline over 3 years	-15.88%	-20.34%	+4.46%
Max Drawdown (5Y) Largest decline over 5 years	-21.77%	-20.34%	-1.43%
Max Drawdown (10Y) Largest decline over 10 years	-37.45%	—	—
Current Drawdown Current decline from peak	-1.67%	-5.04%	+3.37%
Average Drawdown Average peak-to-trough decline	-4.66%	-7.78%	+3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	2.69%	+1.45%

Volatility

FMIJX vs. RWIIX - Volatility Comparison

FMI International Fund (FMIJX) and Redwood AlphaFactor Tactical International Fund (RWIIX) have volatilities of 4.68% and 4.78%, 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

	FMIJX	RWIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	4.78%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	9.43%	+2.31%
Volatility (1Y) Calculated over the trailing 1-year period	14.56%	11.77%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.48%	11.68%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	10.98%	+4.17%

FMIJX vs. RWIIX - Expense Ratio Comparison

FMIJX has a 0.94% expense ratio, which is lower than RWIIX's 1.22% expense ratio.

Dividends

FMIJX vs. RWIIX - Dividend Comparison

FMIJX's dividend yield for the trailing twelve months is around 12.48%, more than RWIIX's 8.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMIJX FMI International Fund	12.48%	13.09%	0.00%	0.00%	4.43%	3.46%	0.00%	3.55%	7.43%	0.28%	3.76%	1.84%
RWIIX Redwood AlphaFactor Tactical International Fund	8.36%	8.74%	0.00%	6.82%	1.72%	14.15%	6.51%	1.84%	0.86%	0.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMIJX and RWIIX in my portfolio?

FMIJX and RWIIX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMIJX or RWIIX?

RWIIX has higher volatility (4.78%) compared to FMIJX (4.68%). In terms of maximum drawdown, FMIJX dropped -37.45% vs RWIIX's -20.34%.

Which has better risk-adjusted returns?

RWIIX currently has the higher Sharpe Ratio (1.32 vs 0.71), 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.