FSMBX vs. BIGTX

Last updated Aug 1, 2026

FSMBX (Tributary Small/Mid Cap Fund) and BIGTX (The Texas Fund) are both Mid Cap Blend Equities funds. Over the past 5 years, FSMBX returned 5.25%/yr vs 9.15%/yr for BIGTX. Their correlation of 0.84 means they have usually moved in the same direction. FSMBX charges 0.90%/yr vs 1.67%/yr for BIGTX.

Performance

FSMBX vs. BIGTX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSMBX achieves a 12.87% return, which is significantly lower than BIGTX's 17.83% return.

FSMBX

• 1D: 0.28%
• 1M: 0.73%
• 6M: 6.49%
• YTD: 12.87%
• 1Y: 13.27%
• 3Y*: 6.44%
• 5Y*: 5.25%
• 10Y*: —
• ALL TIME*: 9.87%

BIGTX

• 1D: 2.35%
• 1M: -1.53%
• 6M: 9.80%
• YTD: 17.83%
• 1Y: 22.58%
• 3Y*: 14.23%
• 5Y*: 9.15%
• 10Y*: 9.98%
• ALL TIME*: 6.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BIGTX The Texas Fund	$0.00	$0.00	$0.00
FSMBX Tributary Small/Mid Cap Fund	$0.00	$0.00	$0.00

FSMBX vs. BIGTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FSMBX Tributary Small/Mid Cap Fund	12.87%	-5.43%	9.81%	15.38%	-13.81%	33.39%	12.72%	10.24%
BIGTX The Texas Fund	17.83%	5.98%	15.76%	11.32%	-6.93%	23.90%	13.11%	1.79%

Correlation

The correlation between FSMBX and BIGTX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.84

The correlation between FSMBX and BIGTX shifts across timeframes, from 0.67 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSMBX vs. BIGTX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSMBX

FSMBX Risk / Return Rank: 18
FSMBX Sharpe Ratio Rank: 17
FSMBX Sortino Ratio Rank: 19
FSMBX Omega Ratio Rank: 17
FSMBX Calmar Ratio Rank: 19
FSMBX Martin Ratio Rank: 17

BIGTX

BIGTX Risk / Return Rank: 48
BIGTX Sharpe Ratio Rank: 46
BIGTX Sortino Ratio Rank: 45
BIGTX Omega Ratio Rank: 39
BIGTX Calmar Ratio Rank: 64
BIGTX Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSMBX vs. BIGTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tributary Small/Mid Cap Fund (FSMBX) and The Texas Fund (BIGTX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FSMBX	BIGTX	Difference
Sharpe ratio: Return per unit of total volatility	0.69	1.27	-0.58
Sortino ratio: Return per unit of downside risk	1.12	1.82	-0.71
Omega ratio: Gain probability vs. loss probability	1.13	1.22	-0.09
Calmar ratio: Return relative to maximum drawdown	0.97	2.13	-1.16
Martin ratio: Return relative to average drawdown	2.52	6.69	-4.17

FSMBX vs. BIGTX - Sharpe Ratio Comparison

The current FSMBX Sharpe Ratio is 0.69, which is lower than the BIGTX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FSMBX and BIGTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FSMBX vs. BIGTX - Drawdown Comparison

The maximum FSMBX drawdown since its inception was -37.37%, smaller than the maximum BIGTX drawdown of -77.89%. Use the drawdown chart below to compare losses from any high point for FSMBX and BIGTX.

Drawdown Indicators

	FSMBX	BIGTX	Difference
Max Drawdown Largest peak-to-trough decline	-37.37%	-77.89%	+40.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-8.92%	-1.87%
Max Drawdown (3Y) Largest decline over 3 years	-25.22%	-77.89%	+52.67%
Max Drawdown (5Y) Largest decline over 5 years	-25.22%	-77.89%	+52.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.89%	—
Current Drawdown Current decline from peak	-1.40%	-67.25%	+65.85%
Average Drawdown Average peak-to-trough decline	-7.60%	-17.78%	+10.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.85%	+1.28%

Volatility

FSMBX vs. BIGTX - Volatility Comparison

The current volatility for Tributary Small/Mid Cap Fund (FSMBX) is 3.40%, while The Texas Fund (BIGTX) has a volatility of 4.80%. This indicates that FSMBX experiences smaller price fluctuations and is considered to be less risky than BIGTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMBX	BIGTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	4.80%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	10.34%	11.16%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	15.16%	14.95%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	126.71%	-108.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.76%	90.64%	-68.88%

FSMBX vs. BIGTX - Expense Ratio Comparison

FSMBX has a 0.90% expense ratio, which is lower than BIGTX's 1.67% expense ratio.

Dividends

FSMBX vs. BIGTX - Dividend Comparison

FSMBX's dividend yield for the trailing twelve months is around 0.54%, less than BIGTX's 6.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BIGTX The Texas Fund	6.29%	7.38%	3.52%	2.51%	3.06%	5.27%	0.07%	0.08%	2.27%
FSMBX Tributary Small/Mid Cap Fund	0.54%	0.61%	0.14%	0.28%	1.83%	3.47%	0.23%	0.21%	0.00%

Frequently Asked Questions

Can I hold both FSMBX and BIGTX in my portfolio?

FSMBX and BIGTX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMBX or BIGTX?

BIGTX has higher volatility (4.80%) compared to FSMBX (3.40%). In terms of maximum drawdown, FSMBX dropped -37.37% vs BIGTX's -77.89%.

Which has better risk-adjusted returns?

BIGTX currently has the higher Sharpe Ratio (1.27 vs 0.69), 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.