FMNEX vs. MECIX

Last updated Jun 4, 2026

FMNEX (RBB Free Market International Equity Fund) and MECIX (AMG GW&K International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, FMNEX returned 9.94%/yr vs 5.62%/yr for MECIX. A 0.72 correlation means they provide meaningful diversification when combined. FMNEX charges 0.56%/yr vs 0.99%/yr for MECIX.

Performance

FMNEX vs. MECIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RBB Free Market International Equity Fund (FMNEX) and AMG GW&K International Small Cap Fund (MECIX). 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 higher than MECIX's 7.56% return. Over the past 10 years, FMNEX has outperformed MECIX with an annualized return of 9.94%, while MECIX has yielded a comparatively lower 5.62% 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%

MECIX

• 1D: -0.37%
• 1M: 1.10%
• YTD: 7.56%
• 6M: 7.66%
• 1Y: 13.17%
• 3Y*: 9.28%
• 5Y*: 1.14%
• 10Y*: 5.62%

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

FMNEX vs. MECIX - 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%
MECIX AMG GW&K International Small Cap Fund	7.56%	16.57%	2.15%	6.23%	-20.34%	2.33%	1.72%	9.90%	-6.00%	22.41%

Correlation

The correlation between FMNEX and MECIX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 3, 2008	0.72

The correlation between FMNEX and MECIX shifts across timeframes, from 0.72 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMNEX vs. MECIX — 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

MECIX

MECIX Risk / Return Rank: 12
MECIX Sharpe Ratio Rank: 12
MECIX Sortino Ratio Rank: 11
MECIX Omega Ratio Rank: 12
MECIX Calmar Ratio Rank: 12
MECIX Martin Ratio Rank: 14

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. MECIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RBB Free Market International Equity Fund (FMNEX) and AMG GW&K International Small Cap Fund (MECIX). 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	MECIX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	0.91	+1.65
Sortino ratio: Return per unit of downside risk	3.46	1.32	+2.13
Omega ratio: Gain probability vs. loss probability	1.47	1.17	+0.30
Calmar ratio: Return relative to maximum drawdown	3.06	1.18	+1.88
Martin ratio: Return relative to average drawdown	11.71	3.97	+7.74
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. MECIX - Sharpe Ratio Comparison

The current FMNEX Sharpe Ratio is 2.56, which is higher than the MECIX Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of FMNEX and MECIX, 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	MECIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	0.91	+1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.08	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.29	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.43	-0.12

Drawdowns

FMNEX vs. MECIX - Drawdown Comparison

The maximum FMNEX drawdown since its inception was -59.76%, smaller than the maximum MECIX drawdown of -68.42%. Use the drawdown chart below to compare losses from any high point for FMNEX and MECIX.

Drawdown Indicators

	FMNEX	MECIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.76%	-68.42%	+8.66%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-10.60%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	-17.72%	+4.26%
Max Drawdown (5Y) Largest decline over 5 years	-26.61%	-37.38%	+10.77%
Max Drawdown (10Y) Largest decline over 10 years	-47.35%	-51.20%	+3.85%
Current Drawdown Current decline from peak	-0.11%	-2.60%	+2.49%
Average Drawdown Average peak-to-trough decline	-12.19%	-14.21%	+2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	3.12%	-0.15%

Volatility

FMNEX vs. MECIX - Volatility Comparison

RBB Free Market International Equity Fund (FMNEX) has a higher volatility of 4.02% compared to AMG GW&K International Small Cap Fund (MECIX) at 3.12%. This indicates that FMNEX's price experiences larger fluctuations and is considered to be riskier than MECIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMNEX	MECIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	3.12%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	11.12%	11.17%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	13.65%	13.68%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.53%	14.83%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.15%	19.31%	-3.16%

FMNEX vs. MECIX - Expense Ratio Comparison

FMNEX has a 0.56% expense ratio, which is lower than MECIX's 0.99% expense ratio.

Dividends

FMNEX vs. MECIX - Dividend Comparison

FMNEX's dividend yield for the trailing twelve months is around 4.15%, while MECIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MECIX AMG GW&K International Small Cap Fund	0.00%	0.00%	2.06%	1.51%	1.34%	0.68%	0.00%	0.02%	9.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMNEX and MECIX in my portfolio?

FMNEX and MECIX have a correlation of 0.85, 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 MECIX?

FMNEX has higher volatility (4.02%) compared to MECIX (3.12%). In terms of maximum drawdown, FMNEX dropped -59.76% vs MECIX's -68.42%.

Which has better risk-adjusted returns?

FMNEX currently has the higher Sharpe Ratio (2.56 vs 0.91), 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.