GWSAX vs. FSMBX

Last updated Apr 3, 2026

Compare and contrast key facts about Gabelli Focused Growth and Income Fund (GWSAX) and Tributary Small/Mid Cap Fund (FSMBX).

GWSAX is managed by Gabelli. It was launched on Dec 31, 2002. FSMBX is managed by Tributary Funds. It was launched on Aug 1, 2019.

Performance

GWSAX vs. FSMBX - Performance Comparison

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

GWSAX vs. FSMBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GWSAX Gabelli Focused Growth and Income Fund	4.92%	2.11%	13.19%	11.90%	-13.71%	27.12%	8.69%	7.74%
FSMBX Tributary Small/Mid Cap Fund	-0.38%	-5.43%	9.81%	15.38%	-13.81%	33.39%	12.72%	10.24%

Returns By Period

In the year-to-date period, GWSAX achieves a 4.92% return, which is significantly higher than FSMBX's -0.38% return.

GWSAX

• 1D: -0.45%
• 1M: -3.38%
• YTD: 4.92%
• 6M: 5.44%
• 1Y: 4.94%
• 3Y*: 10.23%
• 5Y*: 6.04%
• 10Y*: 5.98%

FSMBX

• 1D: 0.44%
• 1M: -5.18%
• YTD: -0.38%
• 6M: -2.93%
• 1Y: 0.41%
• 3Y*: 5.46%
• 5Y*: 3.87%
• 10Y*: —

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

GWSAX vs. FSMBX - Expense Ratio Comparison

GWSAX has a 1.25% expense ratio, which is higher than FSMBX's 0.90% expense ratio.

GWSAX

Gabelli Focused Growth and Income Fund

FSMBX

Tributary Small/Mid Cap Fund

Return for Risk

GWSAX vs. FSMBX — Risk / Return Rank

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

GWSAX

GWSAX Risk / Return Rank: 9
GWSAX Sharpe Ratio Rank: 9
GWSAX Sortino Ratio Rank: 8
GWSAX Omega Ratio Rank: 10
GWSAX Calmar Ratio Rank: 9
GWSAX Martin Ratio Rank: 9

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: 5
FSMBX Martin Ratio Rank: 5

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.

GWSAX vs. FSMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Focused Growth and Income Fund (GWSAX) 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.

	GWSAX	FSMBX	Difference
Sharpe ratio Return per unit of total volatility	0.35	0.09	+0.25
Sortino ratio Return per unit of downside risk	0.54	0.29	+0.25
Omega ratio Gain probability vs. loss probability	1.09	1.04	+0.05
Calmar ratio Return relative to maximum drawdown	0.39	0.14	+0.25
Martin ratio Return relative to average drawdown	1.31	0.41	+0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GWSAX vs. FSMBX - Sharpe Ratio Comparison

The current GWSAX Sharpe Ratio is 0.35, which is higher than the FSMBX Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of GWSAX 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

	GWSAX	FSMBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	0.09	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.21	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.38	-0.04

Correlation

The correlation between GWSAX and FSMBX is 0.83, 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

GWSAX vs. FSMBX - Dividend Comparison

GWSAX's dividend yield for the trailing twelve months is around 4.97%, more than FSMBX's 0.61% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GWSAX Gabelli Focused Growth and Income Fund	4.97%	5.11%	4.39%	4.57%	5.00%	3.90%	0.00%	0.00%	0.09%	0.49%	1.16%
FSMBX Tributary Small/Mid Cap Fund	0.61%	0.61%	0.14%	0.28%	1.83%	3.47%	0.23%	0.21%	0.00%	0.00%	0.00%

Drawdowns

GWSAX vs. FSMBX - Drawdown Comparison

The maximum GWSAX drawdown since its inception was -55.75%, which is greater than FSMBX's maximum drawdown of -37.37%. Use the drawdown chart below to compare losses from any high point for GWSAX and FSMBX.

Drawdown Indicators

	GWSAX	FSMBX	Difference
Max Drawdown Largest peak-to-trough decline	-55.75%	-37.37%	-18.38%
Max Drawdown (1Y) Largest decline over 1 year	-10.19%	-10.79%	+0.60%
Max Drawdown (5Y) Largest decline over 5 years	-18.91%	-25.22%	+6.31%
Max Drawdown (10Y) Largest decline over 10 years	-50.67%	—	—
Current Drawdown Current decline from peak	-3.80%	-12.98%	+9.18%
Average Drawdown Average peak-to-trough decline	-9.31%	-7.71%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	4.71%	-0.76%

Volatility

GWSAX vs. FSMBX - Volatility Comparison

The current volatility for Gabelli Focused Growth and Income Fund (GWSAX) is 3.05%, while Tributary Small/Mid Cap Fund (FSMBX) has a volatility of 4.94%. This indicates that GWSAX 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

	GWSAX	FSMBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	4.94%	-1.89%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	11.28%	-4.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.07%	20.58%	-4.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.43%	18.73%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.05%	22.09%	-2.04%