FMKT vs. ITOT

Last updated Jul 14, 2026

FMKT (The Free Markets ETF) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both Large Cap Blend Equities funds. FMKT is actively managed, while ITOT is passively managed. Over the past year, FMKT returned 6.48% vs 21.72% for ITOT. A 0.74 correlation means they provide meaningful diversification when combined. FMKT charges 0.76%/yr vs 0.03%/yr for ITOT.

Performance

FMKT vs. ITOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Free Markets ETF (FMKT) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMKT achieves a 1.44% return, which is significantly lower than ITOT's 10.96% return.

FMKT

• 1D: -0.33%
• 1M: 0.05%
• 6M: -3.05%
• YTD: 1.44%
• 1Y: 6.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ITOT

• 1D: -0.82%
• 1M: 1.16%
• 6M: 8.51%
• YTD: 10.96%
• 1Y: 21.72%
• 3Y*: 19.76%
• 5Y*: 12.00%
• 10Y*: 14.63%

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

FMKT vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025
FMKT The Free Markets ETF	1.44%	10.04%
ITOT iShares Core S&P Total U.S. Stock Market ETF	10.96%	14.41%

Correlation

The correlation between FMKT and ITOT is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	0.74

The correlation between FMKT and ITOT has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.

Return for Risk

FMKT vs. ITOT — Risk / Return Rank

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

FMKT

FMKT Risk / Return Rank: 15
FMKT Sharpe Ratio Rank: 15
FMKT Sortino Ratio Rank: 15
FMKT Omega Ratio Rank: 15
FMKT Calmar Ratio Rank: 14
FMKT Martin Ratio Rank: 14

ITOT

ITOT Risk / Return Rank: 65
ITOT Sharpe Ratio Rank: 65
ITOT Sortino Ratio Rank: 63
ITOT Omega Ratio Rank: 64
ITOT Calmar Ratio Rank: 62
ITOT Martin Ratio Rank: 73

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.

FMKT vs. ITOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Free Markets ETF (FMKT) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). 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.

	FMKT	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.70	-1.36
Sortino ratio: Return per unit of downside risk	0.61	2.35	-1.74
Omega ratio: Gain probability vs. loss probability	1.07	1.31	-0.23
Calmar ratio: Return relative to maximum drawdown	0.37	2.45	-2.09
Martin ratio: Return relative to average drawdown	0.92	10.69	-9.76

FMKT vs. ITOT - Sharpe Ratio Comparison

The current FMKT Sharpe Ratio is 0.33, which is lower than the ITOT Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of FMKT and ITOT, 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

FMKT vs. ITOT - Drawdown Comparison

The maximum FMKT drawdown since its inception was -17.79%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for FMKT and ITOT.

Drawdown Indicators

	FMKT	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-55.20%	+37.41%
Max Drawdown (1Y) Largest decline over 1 year	-17.79%	-8.90%	-8.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-7.96%	-0.98%	-6.98%
Average Drawdown Average peak-to-trough decline	-5.48%	-6.95%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.04%	2.04%	+5.00%

Volatility

FMKT vs. ITOT - Volatility Comparison

The current volatility for The Free Markets ETF (FMKT) is 3.41%, while iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a volatility of 4.05%. This indicates that FMKT experiences smaller price fluctuations and is considered to be less risky than ITOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMKT	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	4.05%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	14.83%	10.15%	+4.68%
Volatility (1Y) Calculated over the trailing 1-year period	19.59%	12.87%	+6.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	17.47%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.23%	18.25%	+0.98%

FMKT vs. ITOT - Expense Ratio Comparison

FMKT has a 0.76% expense ratio, which is higher than ITOT's 0.03% expense ratio.

Dividends

FMKT vs. ITOT - Dividend Comparison

FMKT's dividend yield for the trailing twelve months is around 2.12%, more than ITOT's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMKT The Free Markets ETF	2.12%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ITOT iShares Core S&P Total U.S. Stock Market ETF	1.00%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%

Frequently Asked Questions

Can I hold both FMKT and ITOT in my portfolio?

FMKT and ITOT have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMKT or ITOT?

ITOT has higher volatility (4.05%) compared to FMKT (3.41%). In terms of maximum drawdown, FMKT dropped -17.79% vs ITOT's -55.20%.

Which ETF is better, FMKT or ITOT?

On 1-year performance, ITOT leads with 21.72% vs 6.48% for FMKT. On fees, ITOT is cheaper at 0.03% per year. On volatility, FMKT has been the lower-risk option at 3.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMKT or ITOT?

Over the 1-year period, ITOT has performed better with a 21.72% return vs 6.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMKT or ITOT?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.76% for FMKT.

Which ETF pays a higher dividend yield, FMKT or ITOT?

FMKT has the higher dividend yield at 2.12%, compared with 1.00% for ITOT.

What is the main difference between FMKT and ITOT?

Their fees differ too: 0.76% for FMKT and 0.03% for ITOT.

Which has better risk-adjusted returns?

ITOT currently has the higher Sharpe Ratio (1.70 vs 0.33), 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.