FTMSX vs. FTVNX

Last updated Jun 24, 2026

FTMSX (Fuller & Thaler Behavioral Micro-Cap Equity Fund) and FTVNX (Fuller & Thaler Behavioral Mid-Cap Value Fund) are both mutual funds - FTMSX is a Small Cap Blend Equities fund managed by Fuller & Thaler Asset Mgmt, while FTVNX is a Mid Cap Value Equities fund managed by Fuller & Thaler Asset Mgmt. Over the past 5 years, FTMSX returned -0.76%/yr vs 4.05%/yr for FTVNX. A 0.75 correlation means they provide meaningful diversification when combined. FTMSX charges 2.30%/yr vs 1.31%/yr for FTVNX.

Performance

FTMSX vs. FTVNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fuller & Thaler Behavioral Micro-Cap Equity Fund (FTMSX) and Fuller & Thaler Behavioral Mid-Cap Value Fund (FTVNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTMSX achieves a 24.50% return, which is significantly higher than FTVNX's 0.40% return.

FTMSX

• 1D: -0.53%
• 1M: 8.02%
• YTD: 24.50%
• 6M: 22.86%
• 1Y: 40.28%
• 3Y*: 12.22%
• 5Y*: -0.76%
• 10Y*: —

FTVNX

• 1D: -0.82%
• 1M: -1.15%
• YTD: 0.40%
• 6M: 0.48%
• 1Y: -0.24%
• 3Y*: 7.80%
• 5Y*: 4.05%
• 10Y*: —

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

FTMSX vs. FTVNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FTMSX Fuller & Thaler Behavioral Micro-Cap Equity Fund	24.50%	0.30%	3.88%	13.11%	-31.07%	37.45%	15.58%	17.82%
FTVNX Fuller & Thaler Behavioral Mid-Cap Value Fund	0.40%	-1.98%	9.77%	12.04%	-7.49%	32.93%	6.32%	27.19%

Correlation

The correlation between FTMSX and FTVNX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.75

The correlation between FTMSX and FTVNX shifts across timeframes, from 0.62 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FTMSX vs. FTVNX — Risk / Return Rank

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

FTMSX

FTMSX Risk / Return Rank: 35
FTMSX Sharpe Ratio Rank: 34
FTMSX Sortino Ratio Rank: 32
FTMSX Omega Ratio Rank: 29
FTMSX Calmar Ratio Rank: 40
FTMSX Martin Ratio Rank: 41

FTVNX

FTVNX Risk / Return Rank: 3
FTVNX Sharpe Ratio Rank: 3
FTVNX Sortino Ratio Rank: 3
FTVNX Omega Ratio Rank: 3
FTVNX Calmar Ratio Rank: 3
FTVNX Martin Ratio Rank: 3

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.

FTMSX vs. FTVNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fuller & Thaler Behavioral Micro-Cap Equity Fund (FTMSX) and Fuller & Thaler Behavioral Mid-Cap Value Fund (FTVNX). 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.

	FTMSX	FTVNX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	0.04	+1.52
Sortino ratio: Return per unit of downside risk	2.16	0.18	+1.98
Omega ratio: Gain probability vs. loss probability	1.26	1.02	+0.24
Calmar ratio: Return relative to maximum drawdown	2.28	0.05	+2.24
Martin ratio: Return relative to average drawdown	8.41	0.11	+8.30

FTMSX vs. FTVNX - Sharpe Ratio Comparison

The current FTMSX Sharpe Ratio is 1.56, which is higher than the FTVNX Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of FTMSX and FTVNX, 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

FTMSX vs. FTVNX - Drawdown Comparison

The maximum FTMSX drawdown since its inception was -53.12%, which is greater than FTVNX's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for FTMSX and FTVNX.

Drawdown Indicators

	FTMSX	FTVNX	Difference
Max Drawdown Largest peak-to-trough decline	-53.12%	-42.81%	-10.31%
Max Drawdown (1Y) Largest decline over 1 year	-17.52%	-14.52%	-3.00%
Max Drawdown (3Y) Largest decline over 3 years	-35.01%	-20.46%	-14.55%
Max Drawdown (5Y) Largest decline over 5 years	-48.67%	-20.46%	-28.21%
Current Drawdown Current decline from peak	-7.54%	-7.65%	+0.11%
Average Drawdown Average peak-to-trough decline	-22.21%	-6.33%	-15.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.75%	6.11%	-1.36%

Volatility

FTMSX vs. FTVNX - Volatility Comparison

Fuller & Thaler Behavioral Micro-Cap Equity Fund (FTMSX) has a higher volatility of 8.56% compared to Fuller & Thaler Behavioral Mid-Cap Value Fund (FTVNX) at 4.54%. This indicates that FTMSX's price experiences larger fluctuations and is considered to be riskier than FTVNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTMSX	FTVNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	4.54%	+4.02%
Volatility (6M) Calculated over the trailing 6-month period	17.29%	11.47%	+5.82%
Volatility (1Y) Calculated over the trailing 1-year period	25.74%	16.55%	+9.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.12%	18.31%	+9.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.50%	21.62%	+8.88%

FTMSX vs. FTVNX - Expense Ratio Comparison

FTMSX has a 2.30% expense ratio, which is higher than FTVNX's 1.31% expense ratio.

Dividends

FTMSX vs. FTVNX - Dividend Comparison

FTMSX has not paid dividends to shareholders, while FTVNX's dividend yield for the trailing twelve months is around 1.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FTMSX Fuller & Thaler Behavioral Micro-Cap Equity Fund	0.00%	0.00%	0.12%	0.00%	0.00%	8.27%	0.37%	4.90%	0.00%
FTVNX Fuller & Thaler Behavioral Mid-Cap Value Fund	1.59%	1.59%	1.08%	1.31%	2.13%	1.41%	0.14%	1.03%	0.51%

Frequently Asked Questions

Can I hold both FTMSX and FTVNX in my portfolio?

FTMSX and FTVNX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTMSX or FTVNX?

FTMSX has higher volatility (8.56%) compared to FTVNX (4.54%). In terms of maximum drawdown, FTMSX dropped -53.12% vs FTVNX's -42.81%.

Which has better risk-adjusted returns?

FTMSX currently has the higher Sharpe Ratio (1.56 vs 0.04), 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.