JEMUX vs. FMUEX

Last updated Jun 23, 2026

JEMUX (John Hancock Variable Insurance Trust Mid Value Trust) and FMUEX (RBB Free Market U.S. Equity Fund) are both Mid Cap Value Equities funds. Over the past 5 years, JEMUX returned 11.83%/yr vs 10.63%/yr for FMUEX. Their correlation of 0.90 suggests significant overlap in exposure. JEMUX charges 0.93%/yr vs 0.78%/yr for FMUEX.

Performance

JEMUX vs. FMUEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Variable Insurance Trust Mid Value Trust (JEMUX) and RBB Free Market U.S. Equity Fund (FMUEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with JEMUX having a 17.65% return and FMUEX slightly higher at 17.89%.

JEMUX

• 1D: 1.57%
• 1M: 3.00%
• YTD: 17.65%
• 6M: 16.16%
• 1Y: 30.39%
• 3Y*: 17.04%
• 5Y*: 11.83%
• 10Y*: —

FMUEX

• 1D: 1.00%
• 1M: 2.76%
• YTD: 17.89%
• 6M: 16.17%
• 1Y: 35.75%
• 3Y*: 16.79%
• 5Y*: 10.63%
• 10Y*: 11.66%

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

JEMUX vs. FMUEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JEMUX John Hancock Variable Insurance Trust Mid Value Trust	17.65%	6.04%	16.23%	18.67%	-4.01%	24.30%	9.50%	19.52%	-11.45%	-0.17%
FMUEX RBB Free Market U.S. Equity Fund	17.89%	12.79%	8.09%	17.10%	-10.47%	31.75%	5.65%	22.44%	-11.62%	13.12%

Correlation

The correlation between JEMUX and FMUEX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.90

The correlation between JEMUX and FMUEX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

JEMUX vs. FMUEX — Risk / Return Rank

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

JEMUX

JEMUX Risk / Return Rank: 73
JEMUX Sharpe Ratio Rank: 72
JEMUX Sortino Ratio Rank: 73
JEMUX Omega Ratio Rank: 59
JEMUX Calmar Ratio Rank: 82
JEMUX Martin Ratio Rank: 77

FMUEX

FMUEX Risk / Return Rank: 84
FMUEX Sharpe Ratio Rank: 83
FMUEX Sortino Ratio Rank: 80
FMUEX Omega Ratio Rank: 74
FMUEX Calmar Ratio Rank: 93
FMUEX Martin Ratio Rank: 91

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.

JEMUX vs. FMUEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Variable Insurance Trust Mid Value Trust (JEMUX) and RBB Free Market U.S. Equity Fund (FMUEX). 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.

	JEMUX	FMUEX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.49	-0.23
Sortino ratio: Return per unit of downside risk	3.25	3.49	-0.23
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	3.61	4.73	-1.12
Martin ratio: Return relative to average drawdown	13.45	17.06	-3.62

JEMUX vs. FMUEX - Sharpe Ratio Comparison

The current JEMUX Sharpe Ratio is 2.26, which is comparable to the FMUEX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of JEMUX and FMUEX, 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

JEMUX vs. FMUEX - Drawdown Comparison

The maximum JEMUX drawdown since its inception was -39.41%, smaller than the maximum FMUEX drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for JEMUX and FMUEX.

Drawdown Indicators

	JEMUX	FMUEX	Difference
Max Drawdown Largest peak-to-trough decline	-39.41%	-58.03%	+18.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.60%	-7.61%	-1.99%
Max Drawdown (3Y) Largest decline over 3 years	-21.96%	-25.49%	+3.53%
Max Drawdown (5Y) Largest decline over 5 years	-21.96%	-25.49%	+3.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.31%	—
Current Drawdown Current decline from peak	0.00%	-0.76%	+0.76%
Average Drawdown Average peak-to-trough decline	-5.73%	-8.05%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.10%	+0.37%

Volatility

JEMUX vs. FMUEX - Volatility Comparison

John Hancock Variable Insurance Trust Mid Value Trust (JEMUX) has a higher volatility of 4.91% compared to RBB Free Market U.S. Equity Fund (FMUEX) at 4.44%. This indicates that JEMUX's price experiences larger fluctuations and is considered to be riskier than FMUEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEMUX	FMUEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	4.44%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	10.24%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	14.46%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.03%	18.41%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.64%	19.76%	-0.12%

JEMUX vs. FMUEX - Expense Ratio Comparison

JEMUX has a 0.93% expense ratio, which is higher than FMUEX's 0.78% expense ratio.

Dividends

JEMUX vs. FMUEX - Dividend Comparison

JEMUX's dividend yield for the trailing twelve months is around 19.25%, more than FMUEX's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUEX RBB Free Market U.S. Equity Fund	1.59%	1.87%	0.00%	4.12%	8.26%	4.38%	1.61%	5.57%	5.88%	3.80%	4.80%	8.51%
JEMUX John Hancock Variable Insurance Trust Mid Value Trust	19.25%	22.65%	5.67%	16.50%	14.45%	5.72%	3.65%	15.29%	10.03%	0.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JEMUX and FMUEX in my portfolio?

JEMUX and FMUEX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JEMUX or FMUEX?

JEMUX has higher volatility (4.91%) compared to FMUEX (4.44%). In terms of maximum drawdown, JEMUX dropped -39.41% vs FMUEX's -58.03%.

Which has better risk-adjusted returns?

FMUEX currently has the higher Sharpe Ratio (2.49 vs 2.26), 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.