FMUEX vs. MCMVX

Last updated Jun 3, 2026

FMUEX (RBB Free Market U.S. Equity Fund) and MCMVX (Monongahela All Cap Value Fund) are both Mid Cap Value Equities funds. Over the past 10 years, FMUEX returned 11.49%/yr vs 12.77%/yr for MCMVX. Their correlation of 0.91 suggests significant overlap in exposure. FMUEX charges 0.78%/yr vs 0.85%/yr for MCMVX.

Performance

FMUEX vs. MCMVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RBB Free Market U.S. Equity Fund (FMUEX) and Monongahela All Cap Value Fund (MCMVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMUEX achieves a 16.57% return, which is significantly higher than MCMVX's 13.24% return. Over the past 10 years, FMUEX has underperformed MCMVX with an annualized return of 11.49%, while MCMVX has yielded a comparatively higher 12.77% annualized return.

FMUEX

• 1D: 0.26%
• 1M: 3.66%
• YTD: 16.57%
• 6M: 18.19%
• 1Y: 36.56%
• 3Y*: 17.51%
• 5Y*: 9.32%
• 10Y*: 11.49%

MCMVX

• 1D: -0.94%
• 1M: 4.35%
• YTD: 13.24%
• 6M: 14.03%
• 1Y: 27.40%
• 3Y*: 17.24%
• 5Y*: 8.75%
• 10Y*: 12.77%

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

FMUEX vs. MCMVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMUEX RBB Free Market U.S. Equity Fund	16.57%	12.79%	8.09%	17.10%	-10.47%	31.75%	5.65%	22.44%	-11.62%	13.44%
MCMVX Monongahela All Cap Value Fund	13.24%	9.74%	15.38%	12.18%	-7.73%	22.57%	13.24%	26.98%	-8.15%	20.85%

Correlation

The correlation between FMUEX and MCMVX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jul 5, 2013	0.91

The correlation between FMUEX and MCMVX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

FMUEX vs. MCMVX — Risk / Return Rank

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

FMUEX

FMUEX Risk / Return Rank: 80
FMUEX Sharpe Ratio Rank: 79
FMUEX Sortino Ratio Rank: 75
FMUEX Omega Ratio Rank: 67
FMUEX Calmar Ratio Rank: 91
FMUEX Martin Ratio Rank: 88

MCMVX

MCMVX Risk / Return Rank: 48
MCMVX Sharpe Ratio Rank: 41
MCMVX Sortino Ratio Rank: 43
MCMVX Omega Ratio Rank: 37
MCMVX Calmar Ratio Rank: 64
MCMVX Martin Ratio Rank: 57

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.

FMUEX vs. MCMVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RBB Free Market U.S. Equity Fund (FMUEX) and Monongahela All Cap Value Fund (MCMVX). 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.

	FMUEX	MCMVX	Difference
Sharpe ratio Return per unit of total volatility	2.57	1.88	+0.70
Sortino ratio Return per unit of downside risk	3.63	2.73	+0.90
Omega ratio Gain probability vs. loss probability	1.46	1.32	+0.13
Calmar ratio Return relative to maximum drawdown	4.74	3.10	+1.63
Martin ratio Return relative to average drawdown	17.15	11.38	+5.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMUEX vs. MCMVX - Sharpe Ratio Comparison

The current FMUEX Sharpe Ratio is 2.57, which is higher than the MCMVX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of FMUEX and MCMVX, 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

	FMUEX	MCMVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	1.88	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.53	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.71	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.68	-0.24

Drawdowns

FMUEX vs. MCMVX - Drawdown Comparison

The maximum FMUEX drawdown since its inception was -58.03%, which is greater than MCMVX's maximum drawdown of -36.75%. Use the drawdown chart below to compare losses from any high point for FMUEX and MCMVX.

Drawdown Indicators

	FMUEX	MCMVX	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-36.75%	-21.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-8.56%	+0.95%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	-21.06%	-4.43%
Max Drawdown (5Y) Largest decline over 5 years	-25.49%	-21.06%	-4.43%
Max Drawdown (10Y) Largest decline over 10 years	-42.31%	-36.75%	-5.56%
Current Drawdown Current decline from peak	0.00%	-1.61%	+1.61%
Average Drawdown Average peak-to-trough decline	-8.07%	-4.08%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.33%	-0.23%

Volatility

FMUEX vs. MCMVX - Volatility Comparison

The current volatility for RBB Free Market U.S. Equity Fund (FMUEX) is 3.74%, while Monongahela All Cap Value Fund (MCMVX) has a volatility of 4.33%. This indicates that FMUEX experiences smaller price fluctuations and is considered to be less risky than MCMVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUEX	MCMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	4.33%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	10.42%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.25%	14.45%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	16.68%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	18.05%	+1.69%

FMUEX vs. MCMVX - Expense Ratio Comparison

FMUEX has a 0.78% expense ratio, which is lower than MCMVX's 0.85% expense ratio.

Dividends

FMUEX vs. MCMVX - Dividend Comparison

FMUEX's dividend yield for the trailing twelve months is around 1.61%, less than MCMVX's 5.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUEX RBB Free Market U.S. Equity Fund	1.61%	1.87%	0.00%	4.12%	8.26%	4.38%	1.61%	5.57%	5.88%	3.80%	4.80%	8.51%
MCMVX Monongahela All Cap Value Fund	5.75%	6.51%	5.41%	3.23%	4.79%	7.61%	1.25%	3.09%	6.87%	10.44%	2.13%	1.75%

Frequently Asked Questions

Can I hold both FMUEX and MCMVX in my portfolio?

With a correlation of 0.91, FMUEX and MCMVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FMUEX or MCMVX?

MCMVX has higher volatility (4.33%) compared to FMUEX (3.74%). In terms of maximum drawdown, FMUEX dropped -58.03% vs MCMVX's -36.75%.

Which has better risk-adjusted returns?

FMUEX currently has the higher Sharpe Ratio (2.57 vs 1.88), 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.