FMNEX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about RBB Free Market International Equity Fund (FMNEX) and S&P 500 Index (^GSPC).

FMNEX is managed by RBB Funds. It was launched on Dec 30, 2007.

Performance

FMNEX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RBB Free Market International Equity Fund (FMNEX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

FMNEX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMNEX RBB Free Market International Equity Fund	3.54%	42.81%	2.15%	16.13%	-10.54%	14.50%	2.74%	17.72%	-19.58%	27.74%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, FMNEX achieves a 3.54% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, FMNEX has underperformed ^GSPC with an annualized return of 9.37%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

FMNEX

• 1D: 2.81%
• 1M: -7.05%
• YTD: 3.54%
• 6M: 9.86%
• 1Y: 35.93%
• 3Y*: 18.32%
• 5Y*: 10.36%
• 10Y*: 9.37%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

FMNEX vs. ^GSPC — Risk / Return Rank

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

FMNEX

FMNEX Risk / Return Rank: 93
FMNEX Sharpe Ratio Rank: 95
FMNEX Sortino Ratio Rank: 93
FMNEX Omega Ratio Rank: 93
FMNEX Calmar Ratio Rank: 93
FMNEX Martin Ratio Rank: 93

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

FMNEX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RBB Free Market International Equity Fund (FMNEX) and S&P 500 Index (^GSPC). 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.

	FMNEX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	2.30	0.92	+1.39
Sortino ratio Return per unit of downside risk	2.89	1.41	+1.47
Omega ratio Gain probability vs. loss probability	1.47	1.21	+0.25
Calmar ratio Return relative to maximum drawdown	3.06	1.41	+1.65
Martin ratio Return relative to average drawdown	11.90	6.61	+5.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMNEX vs. ^GSPC - Sharpe Ratio Comparison

The current FMNEX Sharpe Ratio is 2.30, which is higher than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of FMNEX and ^GSPC, 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

	FMNEX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	0.92	+1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.61	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.68	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.46	-0.18

Correlation

The correlation between FMNEX and ^GSPC is 0.77, 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.

Drawdowns

FMNEX vs. ^GSPC - Drawdown Comparison

The maximum FMNEX drawdown since its inception was -59.76%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for FMNEX and ^GSPC.

Drawdown Indicators

	FMNEX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-59.76%	-56.78%	-2.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-12.14%	+0.76%
Max Drawdown (5Y) Largest decline over 5 years	-26.61%	-25.43%	-1.18%
Max Drawdown (10Y) Largest decline over 10 years	-47.35%	-33.92%	-13.43%
Current Drawdown Current decline from peak	-8.42%	-5.78%	-2.64%
Average Drawdown Average peak-to-trough decline	-12.28%	-10.75%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.60%	+0.33%

Volatility

FMNEX vs. ^GSPC - Volatility Comparison

RBB Free Market International Equity Fund (FMNEX) has a higher volatility of 7.07% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that FMNEX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMNEX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	5.37%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	9.55%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	15.85%	18.33%	-2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	16.90%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	18.05%	-1.93%