FMILX vs. TORYX

Last updated Jun 24, 2026

FMILX (Fidelity New Millennium Fund) and TORYX (Torray Fund) are both Large Cap Value Equities funds. Over the past 10 years, FMILX returned 15.72%/yr vs 9.76%/yr for TORYX. A 0.80 correlation means they provide meaningful diversification when combined. FMILX charges 0.59%/yr vs 1.07%/yr for TORYX.

Performance

FMILX vs. TORYX - Performance Comparison

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

Returns By Period

In the year-to-date period, FMILX achieves a 13.91% return, which is significantly higher than TORYX's 10.28% return. Over the past 10 years, FMILX has outperformed TORYX with an annualized return of 15.72%, while TORYX has yielded a comparatively lower 9.76% annualized return.

FMILX

• 1D: -1.28%
• 1M: 3.62%
• YTD: 13.91%
• 6M: 7.44%
• 1Y: 24.16%
• 3Y*: 22.66%
• 5Y*: 16.14%
• 10Y*: 15.72%

TORYX

• 1D: 0.34%
• 1M: -1.43%
• YTD: 10.28%
• 6M: 9.63%
• 1Y: 20.96%
• 3Y*: 17.21%
• 5Y*: 11.16%
• 10Y*: 9.76%

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

FMILX vs. TORYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMILX Fidelity New Millennium Fund	13.91%	12.97%	28.83%	25.37%	-1.56%	23.92%	5.73%	26.17%	-6.31%	19.00%
TORYX Torray Fund	10.28%	14.89%	13.77%	12.57%	-0.69%	21.40%	-2.45%	19.89%	-10.59%	12.07%

Correlation

The correlation between FMILX and TORYX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 28, 1992	0.80

Over the past year, the correlation between FMILX and TORYX has dropped to 0.47 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

FMILX vs. TORYX — Risk / Return Rank

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

FMILX

FMILX Risk / Return Rank: 37
FMILX Sharpe Ratio Rank: 39
FMILX Sortino Ratio Rank: 33
FMILX Omega Ratio Rank: 40
FMILX Calmar Ratio Rank: 36
FMILX Martin Ratio Rank: 37

TORYX

TORYX Risk / Return Rank: 64
TORYX Sharpe Ratio Rank: 50
TORYX Sortino Ratio Rank: 55
TORYX Omega Ratio Rank: 46
TORYX Calmar Ratio Rank: 92
TORYX Martin Ratio Rank: 79

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. TORYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Millennium Fund (FMILX) and Torray Fund (TORYX). 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.

	FMILX	TORYX	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.92	-0.25
Sortino ratio: Return per unit of downside risk	2.22	2.84	-0.62
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.14	4.72	-2.57
Martin ratio: Return relative to average drawdown	7.69	13.67	-5.98

FMILX vs. TORYX - Sharpe Ratio Comparison

The current FMILX Sharpe Ratio is 1.67, which is comparable to the TORYX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of FMILX and TORYX, 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

FMILX vs. TORYX - Drawdown Comparison

The maximum FMILX drawdown since its inception was -58.56%, roughly equal to the maximum TORYX drawdown of -56.55%. Use the drawdown chart below to compare losses from any high point for FMILX and TORYX.

Drawdown Indicators

	FMILX	TORYX	Difference
Max Drawdown Largest peak-to-trough decline	-58.56%	-56.55%	-2.01%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-4.50%	-7.36%
Max Drawdown (3Y) Largest decline over 3 years	-20.48%	-14.64%	-5.84%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-16.53%	-3.95%
Max Drawdown (10Y) Largest decline over 10 years	-38.92%	-38.31%	-0.61%
Current Drawdown Current decline from peak	-1.80%	-3.03%	+1.23%
Average Drawdown Average peak-to-trough decline	-12.43%	-7.33%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	1.55%	+1.74%

Volatility

FMILX vs. TORYX - Volatility Comparison

Fidelity New Millennium Fund (FMILX) has a higher volatility of 5.98% compared to Torray Fund (TORYX) at 3.75%. This indicates that FMILX's price experiences larger fluctuations and is considered to be riskier than TORYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMILX	TORYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	3.75%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	7.78%	+5.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	11.05%	+4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	15.13%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	17.63%	+0.45%

FMILX vs. TORYX - Expense Ratio Comparison

FMILX has a 0.59% expense ratio, which is lower than TORYX's 1.07% expense ratio.

Dividends

FMILX vs. TORYX - Dividend Comparison

FMILX has not paid dividends to shareholders, while TORYX's dividend yield for the trailing twelve months is around 29.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TORYX Torray Fund	29.97%	32.38%	7.32%	6.47%	10.55%	10.80%	3.22%	2.66%	2.21%	7.34%	8.93%	4.30%

Frequently Asked Questions

Can I hold both FMILX and TORYX in my portfolio?

FMILX and TORYX have a correlation of 0.47, 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 TORYX?

FMILX has higher volatility (5.98%) compared to TORYX (3.75%). In terms of maximum drawdown, FMILX dropped -58.56% vs TORYX's -56.55%.

Which has better risk-adjusted returns?

TORYX currently has the higher Sharpe Ratio (1.92 vs 1.67), 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.