FMNEX vs. ALOIX

Last updated Jun 4, 2026

FMNEX (RBB Free Market International Equity Fund) and ALOIX (Virtus International Small-Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, FMNEX returned 9.94%/yr vs 7.84%/yr for ALOIX. Their correlation of 0.86 suggests significant overlap in exposure. FMNEX charges 0.56%/yr vs 1.04%/yr for ALOIX.

Performance

FMNEX vs. ALOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RBB Free Market International Equity Fund (FMNEX) and Virtus International Small-Cap Fund (ALOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMNEX achieves a 12.93% return, which is significantly lower than ALOIX's 15.15% return. Over the past 10 years, FMNEX has outperformed ALOIX with an annualized return of 9.94%, while ALOIX has yielded a comparatively lower 7.84% annualized return.

FMNEX

• 1D: 0.40%
• 1M: 4.03%
• YTD: 12.93%
• 6M: 16.49%
• 1Y: 35.47%
• 3Y*: 21.60%
• 5Y*: 10.87%
• 10Y*: 9.94%

ALOIX

• 1D: -0.04%
• 1M: 2.16%
• YTD: 15.15%
• 6M: 18.70%
• 1Y: 36.38%
• 3Y*: 21.31%
• 5Y*: 6.72%
• 10Y*: 7.84%

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

FMNEX vs. ALOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMNEX RBB Free Market International Equity Fund	12.93%	42.81%	2.15%	16.13%	-10.54%	14.50%	2.74%	17.72%	-19.58%	27.74%
ALOIX Virtus International Small-Cap Fund	15.15%	36.22%	2.65%	19.43%	-26.96%	6.02%	15.92%	24.57%	-22.78%	37.59%

Correlation

The correlation between FMNEX and ALOIX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 3, 2008	0.86

The correlation between FMNEX and ALOIX has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

Return for Risk

FMNEX vs. ALOIX — Risk / Return Rank

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

FMNEX

FMNEX Risk / Return Rank: 68
FMNEX Sharpe Ratio Rank: 79
FMNEX Sortino Ratio Rank: 69
FMNEX Omega Ratio Rank: 70
FMNEX Calmar Ratio Rank: 63
FMNEX Martin Ratio Rank: 59

ALOIX

ALOIX Risk / Return Rank: 79
ALOIX Sharpe Ratio Rank: 87
ALOIX Sortino Ratio Rank: 81
ALOIX Omega Ratio Rank: 80
ALOIX Calmar Ratio Rank: 79
ALOIX Martin Ratio Rank: 69

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. ALOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RBB Free Market International Equity Fund (FMNEX) and Virtus International Small-Cap Fund (ALOIX). 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	ALOIX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.85	-0.29
Sortino ratio: Return per unit of downside risk	3.46	3.83	-0.38
Omega ratio: Gain probability vs. loss probability	1.47	1.52	-0.06
Calmar ratio: Return relative to maximum drawdown	3.06	3.56	-0.50
Martin ratio: Return relative to average drawdown	11.71	13.40	-1.69
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. ALOIX - Sharpe Ratio Comparison

The current FMNEX Sharpe Ratio is 2.56, which is comparable to the ALOIX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of FMNEX and ALOIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMNEX	ALOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.85	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.45	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.47	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.31	0.00

Drawdowns

FMNEX vs. ALOIX - Drawdown Comparison

The maximum FMNEX drawdown since its inception was -59.76%, smaller than the maximum ALOIX drawdown of -79.29%. Use the drawdown chart below to compare losses from any high point for FMNEX and ALOIX.

Drawdown Indicators

	FMNEX	ALOIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.76%	-79.29%	+19.53%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-10.07%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	-14.03%	+0.57%
Max Drawdown (5Y) Largest decline over 5 years	-26.61%	-39.41%	+12.80%
Max Drawdown (10Y) Largest decline over 10 years	-47.35%	-42.79%	-4.56%
Current Drawdown Current decline from peak	-0.11%	-0.49%	+0.38%
Average Drawdown Average peak-to-trough decline	-12.19%	-34.87%	+22.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.67%	+0.30%

Volatility

FMNEX vs. ALOIX - Volatility Comparison

RBB Free Market International Equity Fund (FMNEX) and Virtus International Small-Cap Fund (ALOIX) have volatilities of 4.02% and 3.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMNEX	ALOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	3.96%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	11.12%	10.25%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	13.65%	12.59%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.53%	14.96%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.15%	16.65%	-0.50%

FMNEX vs. ALOIX - Expense Ratio Comparison

FMNEX has a 0.56% expense ratio, which is lower than ALOIX's 1.04% expense ratio.

Dividends

FMNEX vs. ALOIX - Dividend Comparison

FMNEX's dividend yield for the trailing twelve months is around 4.15%, more than ALOIX's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALOIX Virtus International Small-Cap Fund	3.94%	4.54%	3.50%	4.93%	1.25%	19.08%	1.38%	1.62%	18.17%	1.52%	1.04%	0.54%
FMNEX RBB Free Market International Equity Fund	4.15%	4.69%	0.00%	2.49%	3.46%	1.31%	3.03%	2.56%	4.12%	3.30%	3.17%	3.60%

Frequently Asked Questions

Can I hold both FMNEX and ALOIX in my portfolio?

FMNEX and ALOIX 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, FMNEX or ALOIX?

FMNEX has higher volatility (4.02%) compared to ALOIX (3.96%). In terms of maximum drawdown, FMNEX dropped -59.76% vs ALOIX's -79.29%.

Which has better risk-adjusted returns?

ALOIX currently has the higher Sharpe Ratio (2.85 vs 2.56), 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.