FUMIX vs. TVRIX

Last updated Jun 4, 2026

FUMIX (Fidelity SAI U.S. Momentum Index Fund) and TVRIX (Guggenheim Directional Allocation Fund) are both Large Cap Growth Equities funds. Over the past 5 years, FUMIX returned 17.10%/yr vs 7.68%/yr for TVRIX. Their correlation of 0.83 suggests significant overlap in exposure. FUMIX charges 0.11%/yr vs 1.09%/yr for TVRIX.

Performance

FUMIX vs. TVRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI U.S. Momentum Index Fund (FUMIX) and Guggenheim Directional Allocation Fund (TVRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FUMIX achieves a 26.12% return, which is significantly higher than TVRIX's 12.11% return.

FUMIX

• 1D: 1.48%
• 1M: 12.10%
• YTD: 26.12%
• 6M: 26.26%
• 1Y: 33.30%
• 3Y*: 32.20%
• 5Y*: 17.10%
• 10Y*: —

TVRIX

• 1D: 0.45%
• 1M: 7.76%
• YTD: 12.11%
• 6M: 12.09%
• 1Y: 26.74%
• 3Y*: 14.67%
• 5Y*: 7.68%
• 10Y*: 10.27%

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

FUMIX vs. TVRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUMIX Fidelity SAI U.S. Momentum Index Fund	26.12%	17.01%	33.39%	14.67%	-15.79%	22.56%	29.92%	24.16%	-1.41%	22.71%
TVRIX Guggenheim Directional Allocation Fund	12.11%	13.83%	7.87%	11.00%	-17.53%	27.30%	5.08%	30.45%	-7.53%	18.00%

Correlation

The correlation between FUMIX and TVRIX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 10, 2017	0.83

The correlation between FUMIX and TVRIX has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

Return for Risk

FUMIX vs. TVRIX — Risk / Return Rank

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

FUMIX

FUMIX Risk / Return Rank: 55
FUMIX Sharpe Ratio Rank: 46
FUMIX Sortino Ratio Rank: 44
FUMIX Omega Ratio Rank: 45
FUMIX Calmar Ratio Rank: 65
FUMIX Martin Ratio Rank: 74

TVRIX

TVRIX Risk / Return Rank: 77
TVRIX Sharpe Ratio Rank: 84
TVRIX Sortino Ratio Rank: 79
TVRIX Omega Ratio Rank: 75
TVRIX Calmar Ratio Rank: 69
TVRIX Martin Ratio Rank: 79

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.

FUMIX vs. TVRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI U.S. Momentum Index Fund (FUMIX) and Guggenheim Directional Allocation Fund (TVRIX). 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.

	FUMIX	TVRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.71	-0.72
Sortino ratio: Return per unit of downside risk	2.79	3.75	-0.96
Omega ratio: Gain probability vs. loss probability	1.36	1.49	-0.13
Calmar ratio: Return relative to maximum drawdown	3.10	3.23	-0.13
Martin ratio: Return relative to average drawdown	14.10	14.83	-0.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FUMIX vs. TVRIX - Sharpe Ratio Comparison

The current FUMIX Sharpe Ratio is 1.99, which is comparable to the TVRIX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of FUMIX and TVRIX, 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

	FUMIX	TVRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.71	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.53	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.62	+0.20

Drawdowns

FUMIX vs. TVRIX - Drawdown Comparison

The maximum FUMIX drawdown since its inception was -33.36%, smaller than the maximum TVRIX drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for FUMIX and TVRIX.

Drawdown Indicators

	FUMIX	TVRIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.36%	-39.36%	+6.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-8.45%	-2.54%
Max Drawdown (3Y) Largest decline over 3 years	-19.90%	-24.87%	+4.97%
Max Drawdown (5Y) Largest decline over 5 years	-27.66%	-24.87%	-2.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.36%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.32%	-6.05%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	1.84%	+0.57%

Volatility

FUMIX vs. TVRIX - Volatility Comparison

Fidelity SAI U.S. Momentum Index Fund (FUMIX) has a higher volatility of 6.51% compared to Guggenheim Directional Allocation Fund (TVRIX) at 3.19%. This indicates that FUMIX's price experiences larger fluctuations and is considered to be riskier than TVRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUMIX	TVRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	3.19%	+3.32%
Volatility (6M) Calculated over the trailing 6-month period	14.70%	7.90%	+6.80%
Volatility (1Y) Calculated over the trailing 1-year period	17.12%	10.07%	+7.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	14.43%	+6.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	17.82%	+3.95%

FUMIX vs. TVRIX - Expense Ratio Comparison

FUMIX has a 0.11% expense ratio, which is lower than TVRIX's 1.09% expense ratio.

Dividends

FUMIX vs. TVRIX - Dividend Comparison

FUMIX's dividend yield for the trailing twelve months is around 2.20%, less than TVRIX's 8.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUMIX Fidelity SAI U.S. Momentum Index Fund	2.20%	2.77%	5.89%	18.09%	2.10%	20.67%	8.68%	2.09%	3.84%	0.88%
TVRIX Guggenheim Directional Allocation Fund	8.60%	9.64%	0.00%	2.03%	0.71%	14.34%	0.30%	16.62%	14.33%	0.00%

Frequently Asked Questions

Can I hold both FUMIX and TVRIX in my portfolio?

FUMIX and TVRIX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUMIX or TVRIX?

FUMIX has higher volatility (6.51%) compared to TVRIX (3.19%). In terms of maximum drawdown, FUMIX dropped -33.36% vs TVRIX's -39.36%.

Which has better risk-adjusted returns?

TVRIX currently has the higher Sharpe Ratio (2.71 vs 1.99), 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.