FMILX vs. AQGIX

Last updated Jun 5, 2026

FMILX (Fidelity New Millennium Fund) and AQGIX (AQR Global Equity Fund) are both mutual funds - FMILX is a Large Cap Value Equities fund managed by Fidelity, while AQGIX is a Global Equities fund managed by AQR Funds. Over the past 10 years, FMILX returned 15.17%/yr vs 13.41%/yr for AQGIX. Their correlation of 0.89 suggests significant overlap in exposure. FMILX charges 0.59%/yr vs 0.80%/yr for AQGIX.

Performance

FMILX vs. AQGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity New Millennium Fund (FMILX) and AQR Global Equity Fund (AQGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FMILX having a 13.16% return and AQGIX slightly lower at 12.94%. Over the past 10 years, FMILX has outperformed AQGIX with an annualized return of 15.17%, while AQGIX has yielded a comparatively lower 13.41% annualized return.

FMILX

• 1D: 0.40%
• 1M: 5.31%
• YTD: 13.16%
• 6M: 9.62%
• 1Y: 24.54%
• 3Y*: 22.92%
• 5Y*: 15.35%
• 10Y*: 15.17%

AQGIX

• 1D: -0.86%
• 1M: 5.43%
• YTD: 12.94%
• 6M: 14.39%
• 1Y: 32.98%
• 3Y*: 28.11%
• 5Y*: 15.31%
• 10Y*: 13.41%

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

FMILX vs. AQGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMILX Fidelity New Millennium Fund	13.16%	12.97%	28.83%	25.37%	-1.56%	23.92%	5.73%	26.17%	-6.31%	19.00%
AQGIX AQR Global Equity Fund	12.94%	31.64%	24.56%	22.92%	-14.14%	18.32%	9.33%	22.55%	-14.50%	25.44%

Correlation

The correlation between FMILX and AQGIX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	0.89

The correlation between FMILX and AQGIX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

FMILX vs. AQGIX — Risk / Return Rank

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

FMILX

FMILX Risk / Return Rank: 35
FMILX Sharpe Ratio Rank: 37
FMILX Sortino Ratio Rank: 31
FMILX Omega Ratio Rank: 38
FMILX Calmar Ratio Rank: 32
FMILX Martin Ratio Rank: 34

AQGIX

AQGIX Risk / Return Rank: 72
AQGIX Sharpe Ratio Rank: 72
AQGIX Sortino Ratio Rank: 68
AQGIX Omega Ratio Rank: 62
AQGIX Calmar Ratio Rank: 74
AQGIX Martin Ratio Rank: 83

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.

FMILX vs. AQGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Millennium Fund (FMILX) and AQR Global Equity Fund (AQGIX). 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.

	FMILX	AQGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.48	-0.71
Sortino ratio: Return per unit of downside risk	2.34	3.46	-1.12
Omega ratio: Gain probability vs. loss probability	1.33	1.44	-0.11
Calmar ratio: Return relative to maximum drawdown	2.12	3.34	-1.22
Martin ratio: Return relative to average drawdown	7.69	15.34	-7.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMILX vs. AQGIX - Sharpe Ratio Comparison

The current FMILX Sharpe Ratio is 1.77, which is comparable to the AQGIX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FMILX and AQGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMILX	AQGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.48	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.84	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.75	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.63	+0.01

Drawdowns

FMILX vs. AQGIX - Drawdown Comparison

The maximum FMILX drawdown since its inception was -58.56%, which is greater than AQGIX's maximum drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for FMILX and AQGIX.

Drawdown Indicators

	FMILX	AQGIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.56%	-35.47%	-23.09%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-9.88%	-1.98%
Max Drawdown (3Y) Largest decline over 3 years	-20.48%	-18.50%	-1.98%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-29.62%	+9.14%
Max Drawdown (10Y) Largest decline over 10 years	-38.92%	-35.47%	-3.45%
Current Drawdown Current decline from peak	0.00%	-0.86%	+0.86%
Average Drawdown Average peak-to-trough decline	-12.45%	-6.55%	-5.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.15%	+1.11%

Volatility

FMILX vs. AQGIX - Volatility Comparison

Fidelity New Millennium Fund (FMILX) and AQR Global Equity Fund (AQGIX) have volatilities of 3.56% and 3.46%, 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

	FMILX	AQGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.46%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	10.26%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	14.24%	13.34%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	18.24%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	17.96%	+0.06%

FMILX vs. AQGIX - Expense Ratio Comparison

FMILX has a 0.59% expense ratio, which is lower than AQGIX's 0.80% expense ratio.

Dividends

FMILX vs. AQGIX - Dividend Comparison

FMILX has not paid dividends to shareholders, while AQGIX's dividend yield for the trailing twelve months is around 11.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQGIX AQR Global Equity Fund	11.67%	13.18%	13.59%	5.97%	4.39%	12.17%	1.16%	1.41%	4.72%	5.05%	10.34%	0.09%
FMILX Fidelity New Millennium Fund	0.00%	0.00%	3.64%	3.87%	4.19%	8.25%	8.60%	4.72%	18.25%	7.84%	6.65%	11.99%

Frequently Asked Questions

Can I hold both FMILX and AQGIX in my portfolio?

FMILX and AQGIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMILX or AQGIX?

FMILX has higher volatility (3.56%) compared to AQGIX (3.46%). In terms of maximum drawdown, FMILX dropped -58.56% vs AQGIX's -35.47%.

Which has better risk-adjusted returns?

AQGIX currently has the higher Sharpe Ratio (2.48 vs 1.77), 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.