FONPX vs. FSMBX

Last updated Apr 1, 2026

Compare and contrast key facts about Tributary Nebraska Tax-Free Fund (FONPX) and Tributary Small/Mid Cap Fund (FSMBX).

FONPX is managed by Tributary Funds. It was launched on Dec 30, 2015. FSMBX is managed by Tributary Funds. It was launched on Aug 1, 2019.

Performance

FONPX vs. FSMBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tributary Nebraska Tax-Free Fund (FONPX) and Tributary Small/Mid Cap Fund (FSMBX). The values are adjusted to include any dividend payments, if applicable.

FONPX vs. FSMBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FONPX Tributary Nebraska Tax-Free Fund	-0.75%	5.26%	0.63%	4.76%	-6.17%	0.01%	4.68%	1.10%
FSMBX Tributary Small/Mid Cap Fund	-2.81%	-5.43%	9.81%	15.38%	-13.81%	33.39%	12.72%	10.24%

Returns By Period

In the year-to-date period, FONPX achieves a -0.75% return, which is significantly higher than FSMBX's -2.81% return.

FONPX

• 1D: 0.11%
• 1M: -2.44%
• YTD: -0.75%
• 6M: 0.66%
• 1Y: 4.20%
• 3Y*: 2.48%
• 5Y*: 0.85%
• 10Y*: 1.65%

FSMBX

• 1D: -0.32%
• 1M: -7.82%
• YTD: -2.81%
• 6M: -5.08%
• 1Y: -0.55%
• 3Y*: 4.59%
• 5Y*: 3.62%
• 10Y*: —

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

FONPX vs. FSMBX - Expense Ratio Comparison

FONPX has a 0.45% expense ratio, which is lower than FSMBX's 0.90% expense ratio.

FSMBX

Tributary Small/Mid Cap Fund

FONPX

Tributary Nebraska Tax-Free Fund

Return for Risk

FONPX vs. FSMBX — Risk / Return Rank

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

FONPX

FONPX Risk / Return Rank: 67
FONPX Sharpe Ratio Rank: 72
FONPX Sortino Ratio Rank: 67
FONPX Omega Ratio Rank: 86
FONPX Calmar Ratio Rank: 55
FONPX Martin Ratio Rank: 53

FSMBX

FSMBX Risk / Return Rank: 5
FSMBX Sharpe Ratio Rank: 5
FSMBX Sortino Ratio Rank: 5
FSMBX Omega Ratio Rank: 5
FSMBX Calmar Ratio Rank: 4
FSMBX Martin Ratio Rank: 4

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.

FONPX vs. FSMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tributary Nebraska Tax-Free Fund (FONPX) and Tributary Small/Mid Cap Fund (FSMBX). 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.

	FONPX	FSMBX	Difference
Sharpe ratio Return per unit of total volatility	1.29	-0.00	+1.29
Sortino ratio Return per unit of downside risk	1.70	0.15	+1.55
Omega ratio Gain probability vs. loss probability	1.36	1.02	+0.34
Calmar ratio Return relative to maximum drawdown	1.32	-0.14	+1.45
Martin ratio Return relative to average drawdown	5.16	-0.40	+5.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FONPX vs. FSMBX - Sharpe Ratio Comparison

The current FONPX Sharpe Ratio is 1.29, which is higher than the FSMBX Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of FONPX and FSMBX, 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

	FONPX	FSMBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	-0.00	+1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.19	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.36	+0.18

Correlation

The correlation between FONPX and FSMBX is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FONPX vs. FSMBX - Dividend Comparison

FONPX's dividend yield for the trailing twelve months is around 2.36%, more than FSMBX's 0.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FONPX Tributary Nebraska Tax-Free Fund	2.36%	2.47%	2.39%	2.39%	1.81%	1.84%	1.92%	2.69%	3.36%	3.55%	3.10%
FSMBX Tributary Small/Mid Cap Fund	0.63%	0.61%	0.14%	0.28%	1.83%	3.47%	0.23%	0.21%	0.00%	0.00%	0.00%

Drawdowns

FONPX vs. FSMBX - Drawdown Comparison

The maximum FONPX drawdown since its inception was -10.92%, smaller than the maximum FSMBX drawdown of -37.37%. Use the drawdown chart below to compare losses from any high point for FONPX and FSMBX.

Drawdown Indicators

	FONPX	FSMBX	Difference
Max Drawdown Largest peak-to-trough decline	-10.92%	-37.37%	+26.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-13.71%	+10.00%
Max Drawdown (5Y) Largest decline over 5 years	-10.92%	-25.22%	+14.30%
Max Drawdown (10Y) Largest decline over 10 years	-10.92%	—	—
Current Drawdown Current decline from peak	-2.44%	-15.10%	+12.66%
Average Drawdown Average peak-to-trough decline	-1.93%	-7.71%	+5.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	4.64%	-3.69%

Volatility

FONPX vs. FSMBX - Volatility Comparison

The current volatility for Tributary Nebraska Tax-Free Fund (FONPX) is 0.91%, while Tributary Small/Mid Cap Fund (FSMBX) has a volatility of 4.34%. This indicates that FONPX experiences smaller price fluctuations and is considered to be less risky than FSMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FONPX	FSMBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	4.34%	-3.43%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	11.09%	-9.66%
Volatility (1Y) Calculated over the trailing 1-year period	3.63%	20.52%	-16.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	18.72%	-15.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	22.09%	-18.81%