FSMBX vs. LLSCX

Last updated Apr 1, 2026

Compare and contrast key facts about Tributary Small/Mid Cap Fund (FSMBX) and Longleaf Partners Small-Cap Fund (LLSCX).

FSMBX is managed by Tributary Funds. It was launched on Aug 1, 2019. LLSCX is managed by Longleaf Partners. It was launched on Feb 21, 1989.

Performance

FSMBX vs. LLSCX - Performance Comparison

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

FSMBX vs. LLSCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FSMBX Tributary Small/Mid Cap Fund	-2.81%	-5.43%	9.81%	15.38%	-13.81%	33.39%	12.72%	10.24%
LLSCX Longleaf Partners Small-Cap Fund	-3.68%	7.56%	9.69%	20.17%	-19.25%	11.18%	4.17%	16.90%

Returns By Period

In the year-to-date period, FSMBX achieves a -2.81% return, which is significantly higher than LLSCX's -3.68% return.

FSMBX

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

LLSCX

• 1D: 0.61%
• 1M: -3.81%
• YTD: -3.68%
• 6M: -2.59%
• 1Y: 2.07%
• 3Y*: 9.42%
• 5Y*: 1.87%
• 10Y*: 6.69%

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

FSMBX vs. LLSCX - Expense Ratio Comparison

FSMBX has a 0.90% expense ratio, which is lower than LLSCX's 0.95% expense ratio.

LLSCX

Longleaf Partners Small-Cap Fund

FSMBX

Tributary Small/Mid Cap Fund

Return for Risk

FSMBX vs. LLSCX — Risk / Return Rank

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

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

LLSCX

LLSCX Risk / Return Rank: 8
LLSCX Sharpe Ratio Rank: 8
LLSCX Sortino Ratio Rank: 7
LLSCX Omega Ratio Rank: 7
LLSCX Calmar Ratio Rank: 8
LLSCX Martin Ratio Rank: 8

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.

FSMBX vs. LLSCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tributary Small/Mid Cap Fund (FSMBX) and Longleaf Partners Small-Cap Fund (LLSCX). 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.

	FSMBX	LLSCX	Difference
Sharpe ratio Return per unit of total volatility	-0.00	0.15	-0.15
Sortino ratio Return per unit of downside risk	0.15	0.32	-0.18
Omega ratio Gain probability vs. loss probability	1.02	1.04	-0.02
Calmar ratio Return relative to maximum drawdown	-0.14	0.10	-0.24
Martin ratio Return relative to average drawdown	-0.40	0.30	-0.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMBX vs. LLSCX - Sharpe Ratio Comparison

The current FSMBX Sharpe Ratio is -0.00, which is lower than the LLSCX Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of FSMBX and LLSCX, 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

	FSMBX	LLSCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	0.15	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.11	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.51	-0.15

Correlation

The correlation between FSMBX and LLSCX is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FSMBX vs. LLSCX - Dividend Comparison

FSMBX's dividend yield for the trailing twelve months is around 0.63%, less than LLSCX's 1.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
LLSCX Longleaf Partners Small-Cap Fund	1.22%	1.17%	0.11%	0.94%	1.20%	0.82%	5.85%	14.89%	18.13%	8.43%	18.01%	5.91%

Drawdowns

FSMBX vs. LLSCX - Drawdown Comparison

The maximum FSMBX drawdown since its inception was -37.37%, smaller than the maximum LLSCX drawdown of -63.97%. Use the drawdown chart below to compare losses from any high point for FSMBX and LLSCX.

Drawdown Indicators

	FSMBX	LLSCX	Difference
Max Drawdown Largest peak-to-trough decline	-37.37%	-63.97%	+26.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-10.47%	-3.24%
Max Drawdown (5Y) Largest decline over 5 years	-25.22%	-28.37%	+3.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.23%	—
Current Drawdown Current decline from peak	-15.10%	-7.92%	-7.18%
Average Drawdown Average peak-to-trough decline	-7.71%	-8.90%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.64%	3.68%	+0.96%

Volatility

FSMBX vs. LLSCX - Volatility Comparison

Tributary Small/Mid Cap Fund (FSMBX) has a higher volatility of 4.34% compared to Longleaf Partners Small-Cap Fund (LLSCX) at 3.90%. This indicates that FSMBX's price experiences larger fluctuations and is considered to be riskier than LLSCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMBX	LLSCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	3.90%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	11.09%	9.23%	+1.86%
Volatility (1Y) Calculated over the trailing 1-year period	20.52%	15.42%	+5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	17.00%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.09%	24.58%	-2.49%