FMILX vs. TOWFX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity New Millennium Fund (FMILX) and Towpath Focus Fund (TOWFX).

FMILX is managed by Fidelity. It was launched on Dec 28, 1992. TOWFX is managed by Oelschlager Investments. It was launched on Dec 31, 2019.

Performance

FMILX vs. TOWFX - Performance Comparison

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

FMILX vs. TOWFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FMILX Fidelity New Millennium Fund	-6.28%	12.97%	28.83%	25.37%	-1.56%	23.92%	5.73%
TOWFX Towpath Focus Fund	2.10%	23.51%	13.22%	12.33%	-2.06%	26.52%	19.46%

Returns By Period

In the year-to-date period, FMILX achieves a -6.28% return, which is significantly lower than TOWFX's 2.10% return.

FMILX

• 1D: -0.77%
• 1M: -8.21%
• YTD: -6.28%
• 6M: -7.44%
• 1Y: 12.57%
• 3Y*: 16.97%
• 5Y*: 12.86%
• 10Y*: 13.47%

TOWFX

• 1D: 0.15%
• 1M: -4.47%
• YTD: 2.10%
• 6M: 9.07%
• 1Y: 20.28%
• 3Y*: 17.02%
• 5Y*: 11.64%
• 10Y*: —

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

FMILX vs. TOWFX - Expense Ratio Comparison

FMILX has a 0.59% expense ratio, which is lower than TOWFX's 1.11% expense ratio.

TOWFX

Towpath Focus Fund

FMILX

Fidelity New Millennium Fund

Return for Risk

FMILX vs. TOWFX — Risk / Return Rank

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

FMILX

FMILX Risk / Return Rank: 29
FMILX Sharpe Ratio Rank: 29
FMILX Sortino Ratio Rank: 30
FMILX Omega Ratio Rank: 33
FMILX Calmar Ratio Rank: 29
FMILX Martin Ratio Rank: 26

TOWFX

TOWFX Risk / Return Rank: 87
TOWFX Sharpe Ratio Rank: 88
TOWFX Sortino Ratio Rank: 88
TOWFX Omega Ratio Rank: 85
TOWFX Calmar Ratio Rank: 84
TOWFX Martin Ratio Rank: 91

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. TOWFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Millennium Fund (FMILX) and Towpath Focus Fund (TOWFX). 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	TOWFX	Difference
Sharpe ratio Return per unit of total volatility	0.67	1.76	-1.09
Sortino ratio Return per unit of downside risk	1.04	2.42	-1.38
Omega ratio Gain probability vs. loss probability	1.16	1.35	-0.19
Calmar ratio Return relative to maximum drawdown	0.81	2.07	-1.25
Martin ratio Return relative to average drawdown	2.83	10.75	-7.92
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. TOWFX - Sharpe Ratio Comparison

The current FMILX Sharpe Ratio is 0.67, which is lower than the TOWFX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of FMILX and TOWFX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FMILX	TOWFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	1.76	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.01	+0.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.02	+0.59

Correlation

The correlation between FMILX and TOWFX is 0.84, 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

FMILX vs. TOWFX - Dividend Comparison

FMILX has not paid dividends to shareholders, while TOWFX's dividend yield for the trailing twelve months is around 1.79%.

	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%
TOWFX Towpath Focus Fund	1.79%	1.82%	1.49%	2.81%	2.05%	5.69%	5.94%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FMILX vs. TOWFX - Drawdown Comparison

The maximum FMILX drawdown since its inception was -58.56%, smaller than the maximum TOWFX drawdown of -96.18%. Use the drawdown chart below to compare losses from any high point for FMILX and TOWFX.

Drawdown Indicators

	FMILX	TOWFX	Difference
Max Drawdown Largest peak-to-trough decline	-58.56%	-96.18%	+37.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-9.39%	-2.72%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-96.18%	+75.70%
Max Drawdown (10Y) Largest decline over 10 years	-38.92%	—	—
Current Drawdown Current decline from peak	-11.86%	-94.95%	+83.09%
Average Drawdown Average peak-to-trough decline	-12.51%	-21.04%	+8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	1.81%	+1.70%

Volatility

FMILX vs. TOWFX - Volatility Comparison

Fidelity New Millennium Fund (FMILX) has a higher volatility of 4.89% compared to Towpath Focus Fund (TOWFX) at 2.60%. This indicates that FMILX's price experiences larger fluctuations and is considered to be riskier than TOWFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMILX	TOWFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	2.60%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	6.60%	+4.81%
Volatility (1Y) Calculated over the trailing 1-year period	19.57%	11.95%	+7.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	1,084.26%	-1,067.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	971.53%	-953.57%