FMIUX vs. FMIHX

Last updated Aug 1, 2026

FMIUX (FMI Common Stock Fund Institutional Class) and FMIHX (FMI Large Cap Fund) are both mutual funds - FMIUX is a Small Cap Value Equities fund actively managed by FMI, while FMIHX is a Large Cap Blend Equities fund managed by FMI. Over the past 5 years, FMIUX returned 10.81%/yr vs 6.79%/yr for FMIHX. Their correlation of 0.87 means they have usually moved in the same direction. FMIUX charges 0.84%/yr vs 0.82%/yr for FMIHX.

Performance

FMIUX vs. FMIHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FMI Common Stock Fund Institutional Class (FMIUX) and FMI Large Cap Fund (FMIHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMIUX achieves a 18.62% return, which is significantly higher than FMIHX's 7.43% return.

FMIUX

• 1D: -0.78%
• 1M: 2.67%
• 6M: 11.95%
• YTD: 18.62%
• 1Y: 18.01%
• 3Y*: 12.91%
• 5Y*: 10.81%
• 10Y*: —
• ALL TIME*: 11.44%

FMIHX

• 1D: -0.56%
• 1M: 2.43%
• 6M: 4.83%
• YTD: 7.43%
• 1Y: 9.29%
• 3Y*: 9.71%
• 5Y*: 6.79%
• 10Y*: 9.64%
• ALL TIME*: 8.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMIHX FMI Large Cap Fund	$0.00	$0.00	$0.00
FMIUX FMI Common Stock Fund Institutional Class	$0.00	$0.00	$0.00

FMIUX vs. FMIHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMIUX FMI Common Stock Fund Institutional Class	18.62%	2.20%	10.53%	25.01%	-5.83%	30.64%	5.91%	24.95%	-8.66%	13.17%
FMIHX FMI Large Cap Fund	7.43%	6.21%	10.17%	21.03%	-14.73%	18.40%	10.23%	23.66%	-4.10%	19.25%

Correlation

The correlation between FMIUX and FMIHX is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.87

The correlation between FMIUX and FMIHX has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

Return for Risk

FMIUX vs. FMIHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FMIUX

FMIUX Risk / Return Rank: 22
FMIUX Sharpe Ratio Rank: 22
FMIUX Sortino Ratio Rank: 25
FMIUX Omega Ratio Rank: 22
FMIUX Calmar Ratio Rank: 21
FMIUX Martin Ratio Rank: 18

FMIHX

FMIHX Risk / Return Rank: 13
FMIHX Sharpe Ratio Rank: 13
FMIHX Sortino Ratio Rank: 14
FMIHX Omega Ratio Rank: 13
FMIHX Calmar Ratio Rank: 13
FMIHX Martin Ratio Rank: 12

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FMIUX vs. FMIHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FMI Common Stock Fund Institutional Class (FMIUX) and FMI Large Cap Fund (FMIHX). 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.

	FMIUX	FMIHX	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.52	+0.34
Sortino ratio: Return per unit of downside risk	1.41	0.86	+0.55
Omega ratio: Gain probability vs. loss probability	1.16	1.10	+0.06
Calmar ratio: Return relative to maximum drawdown	1.10	0.62	+0.48
Martin ratio: Return relative to average drawdown	2.73	1.51	+1.23

FMIUX vs. FMIHX - Sharpe Ratio Comparison

The current FMIUX Sharpe Ratio is 0.86, which is higher than the FMIHX Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of FMIUX and FMIHX, 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

FMIUX vs. FMIHX - Drawdown Comparison

The maximum FMIUX drawdown since its inception was -38.04%, smaller than the maximum FMIHX drawdown of -47.80%. Use the drawdown chart below to compare losses from any high point for FMIUX and FMIHX.

Drawdown Indicators

	FMIUX	FMIHX	Difference
Max Drawdown Largest peak-to-trough decline	-38.04%	-47.80%	+9.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-11.91%	-1.87%
Max Drawdown (3Y) Largest decline over 3 years	-21.27%	-18.23%	-3.04%
Max Drawdown (5Y) Largest decline over 5 years	-21.27%	-24.99%	+3.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.15%	—
Current Drawdown Current decline from peak	-0.78%	-1.38%	+0.60%
Average Drawdown Average peak-to-trough decline	-4.88%	-5.90%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.55%	4.86%	+0.69%

Volatility

FMIUX vs. FMIHX - Volatility Comparison

FMI Common Stock Fund Institutional Class (FMIUX) has a higher volatility of 5.15% compared to FMI Large Cap Fund (FMIHX) at 4.87%. This indicates that FMIUX's price experiences larger fluctuations and is considered to be riskier than FMIHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMIUX	FMIHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	4.87%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	10.97%	+1.72%
Volatility (1Y) Calculated over the trailing 1-year period	17.60%	14.10%	+3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	17.63%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.50%	17.63%	+1.87%

FMIUX vs. FMIHX - Expense Ratio Comparison

FMIUX has a 0.84% expense ratio, which is higher than FMIHX's 0.82% expense ratio.

Dividends

FMIUX vs. FMIHX - Dividend Comparison

FMIUX's dividend yield for the trailing twelve months is around 11.31%, less than FMIHX's 14.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMIHX FMI Large Cap Fund	14.75%	15.84%	13.22%	10.54%	22.62%	17.10%	11.56%	7.77%	20.37%	9.27%	7.48%	11.02%
FMIUX FMI Common Stock Fund Institutional Class	11.31%	13.42%	2.14%	2.92%	6.76%	12.56%	0.85%	5.01%	10.33%	11.84%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMIUX and FMIHX in my portfolio?

FMIUX and FMIHX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMIUX or FMIHX?

FMIUX has higher volatility (5.15%) compared to FMIHX (4.87%). In terms of maximum drawdown, FMIUX dropped -38.04% vs FMIHX's -47.80%.

Which has better risk-adjusted returns?

FMIUX currently has the higher Sharpe Ratio (0.86 vs 0.52), 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.