FMIUX vs. HRTVX

Last updated Jun 24, 2026

FMIUX (FMI Common Stock Fund Institutional Class) and HRTVX (Heartland Value Fund) are both Small Cap Value Equities funds. Over the past 5 years, FMIUX returned 10.08%/yr vs 12.29%/yr for HRTVX. Their correlation of 0.88 suggests significant overlap in exposure. FMIUX charges 0.84%/yr vs 1.04%/yr for HRTVX.

Performance

FMIUX vs. HRTVX - Performance Comparison

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

Returns By Period

In the year-to-date period, FMIUX achieves a 10.57% return, which is significantly lower than HRTVX's 21.79% return.

FMIUX

• 1D: -0.86%
• 1M: 3.56%
• YTD: 10.57%
• 6M: 8.23%
• 1Y: 12.27%
• 3Y*: 12.54%
• 5Y*: 10.08%
• 10Y*: —

HRTVX

• 1D: 0.10%
• 1M: 3.27%
• YTD: 21.79%
• 6M: 20.20%
• 1Y: 40.05%
• 3Y*: 23.12%
• 5Y*: 12.29%
• 10Y*: 12.28%

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

FMIUX vs. HRTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMIUX FMI Common Stock Fund Institutional Class	10.57%	2.20%	10.53%	25.01%	-5.83%	30.64%	5.91%	24.95%	-8.66%	13.17%
HRTVX Heartland Value Fund	21.79%	15.94%	15.76%	17.15%	-10.04%	21.86%	13.12%	17.93%	-12.10%	8.45%

Correlation

The correlation between FMIUX and HRTVX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.88

The correlation between FMIUX and HRTVX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

FMIUX vs. HRTVX — Risk / Return Rank

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

FMIUX

FMIUX Risk / Return Rank: 11
FMIUX Sharpe Ratio Rank: 11
FMIUX Sortino Ratio Rank: 12
FMIUX Omega Ratio Rank: 10
FMIUX Calmar Ratio Rank: 12
FMIUX Martin Ratio Rank: 9

HRTVX

HRTVX Risk / Return Rank: 82
HRTVX Sharpe Ratio Rank: 82
HRTVX Sortino Ratio Rank: 81
HRTVX Omega Ratio Rank: 70
HRTVX Calmar Ratio Rank: 91
HRTVX Martin Ratio Rank: 87

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.

FMIUX vs. HRTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FMI Common Stock Fund Institutional Class (FMIUX) and Heartland Value Fund (HRTVX). 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	HRTVX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	2.48	-1.68
Sortino ratio: Return per unit of downside risk	1.32	3.54	-2.22
Omega ratio: Gain probability vs. loss probability	1.15	1.42	-0.28
Calmar ratio: Return relative to maximum drawdown	1.01	4.46	-3.45
Martin ratio: Return relative to average drawdown	2.50	15.34	-12.84

FMIUX vs. HRTVX - Sharpe Ratio Comparison

The current FMIUX Sharpe Ratio is 0.80, which is lower than the HRTVX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FMIUX and HRTVX, 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. HRTVX - Drawdown Comparison

The maximum FMIUX drawdown since its inception was -38.04%, smaller than the maximum HRTVX drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for FMIUX and HRTVX.

Drawdown Indicators

	FMIUX	HRTVX	Difference
Max Drawdown Largest peak-to-trough decline	-38.04%	-61.68%	+23.64%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-9.50%	-4.28%
Max Drawdown (3Y) Largest decline over 3 years	-21.27%	-23.17%	+1.90%
Max Drawdown (5Y) Largest decline over 5 years	-21.27%	-23.17%	+1.90%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.31%	—
Current Drawdown Current decline from peak	-3.20%	0.00%	-3.20%
Average Drawdown Average peak-to-trough decline	-4.92%	-9.03%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.55%	2.76%	+2.79%

Volatility

FMIUX vs. HRTVX - Volatility Comparison

The current volatility for FMI Common Stock Fund Institutional Class (FMIUX) is 4.30%, while Heartland Value Fund (HRTVX) has a volatility of 4.86%. This indicates that FMIUX experiences smaller price fluctuations and is considered to be less risky than HRTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMIUX	HRTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	4.86%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	11.96%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.35%	17.11%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	19.51%	-0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.52%	21.05%	-1.53%

FMIUX vs. HRTVX - Expense Ratio Comparison

FMIUX has a 0.84% expense ratio, which is lower than HRTVX's 1.04% expense ratio.

Dividends

FMIUX vs. HRTVX - Dividend Comparison

FMIUX's dividend yield for the trailing twelve months is around 12.14%, more than HRTVX's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMIUX FMI Common Stock Fund Institutional Class	12.14%	13.42%	2.14%	2.92%	6.76%	12.56%	0.85%	5.01%	10.33%	11.84%	0.00%	0.00%
HRTVX Heartland Value Fund	7.63%	9.29%	8.91%	5.65%	3.01%	13.50%	0.76%	3.12%	7.26%	6.43%	3.56%	8.25%

Frequently Asked Questions

Can I hold both FMIUX and HRTVX in my portfolio?

FMIUX and HRTVX have a correlation of 0.84, 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 HRTVX?

HRTVX has higher volatility (4.86%) compared to FMIUX (4.30%). In terms of maximum drawdown, FMIUX dropped -38.04% vs HRTVX's -61.68%.

Which has better risk-adjusted returns?

HRTVX currently has the higher Sharpe Ratio (2.48 vs 0.80), 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.