KCEIX vs. FLSPX

Last updated Jul 14, 2026

KCEIX (Knights of Columbus Long/Short Equity Fund) and FLSPX (Meeder Spectrum Fund) are both Long-Short funds. Over the past 5 years, KCEIX returned 10.27%/yr vs 11.73%/yr for FLSPX. At a 0.34 correlation, their price movements are largely independent. KCEIX charges 1.50%/yr vs 1.52%/yr for FLSPX.

Performance

KCEIX vs. FLSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Knights of Columbus Long/Short Equity Fund (KCEIX) and Meeder Spectrum Fund (FLSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCEIX achieves a 9.39% return, which is significantly lower than FLSPX's 10.88% return.

KCEIX

• 1D: 0.22%
• 1M: 0.30%
• 6M: 9.56%
• YTD: 9.39%
• 1Y: 13.03%
• 3Y*: 10.83%
• 5Y*: 10.27%
• 10Y*: —

FLSPX

• 1D: 0.24%
• 1M: 0.78%
• 6M: 8.37%
• YTD: 10.88%
• 1Y: 23.51%
• 3Y*: 20.19%
• 5Y*: 11.73%
• 10Y*: 10.62%

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

KCEIX vs. FLSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KCEIX Knights of Columbus Long/Short Equity Fund	9.39%	5.51%	15.09%	2.84%	10.41%	16.74%	-11.05%	0.20%
FLSPX Meeder Spectrum Fund	10.88%	16.15%	27.96%	14.00%	-11.49%	20.56%	-0.23%	2.57%

Correlation

The correlation between KCEIX and FLSPX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Dec 2, 2019	0.34

Over the past year, the correlation between KCEIX and FLSPX has dropped to 0.07 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

Return for Risk

KCEIX vs. FLSPX — Risk / Return Rank

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

KCEIX

KCEIX Risk / Return Rank: 83
KCEIX Sharpe Ratio Rank: 78
KCEIX Sortino Ratio Rank: 80
KCEIX Omega Ratio Rank: 75
KCEIX Calmar Ratio Rank: 95
KCEIX Martin Ratio Rank: 89

FLSPX

FLSPX Risk / Return Rank: 67
FLSPX Sharpe Ratio Rank: 67
FLSPX Sortino Ratio Rank: 62
FLSPX Omega Ratio Rank: 60
FLSPX Calmar Ratio Rank: 72
FLSPX Martin Ratio Rank: 76

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.

KCEIX vs. FLSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Knights of Columbus Long/Short Equity Fund (KCEIX) and Meeder Spectrum Fund (FLSPX). 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.

	KCEIX	FLSPX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.80	+0.22
Sortino ratio: Return per unit of downside risk	2.99	2.47	+0.52
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.05
Calmar ratio: Return relative to maximum drawdown	4.51	2.63	+1.88
Martin ratio: Return relative to average drawdown	13.21	10.85	+2.36

KCEIX vs. FLSPX - Sharpe Ratio Comparison

The current KCEIX Sharpe Ratio is 2.02, which is comparable to the FLSPX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of KCEIX and FLSPX, 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

KCEIX vs. FLSPX - Drawdown Comparison

The maximum KCEIX drawdown since its inception was -16.07%, smaller than the maximum FLSPX drawdown of -27.07%. Use the drawdown chart below to compare losses from any high point for KCEIX and FLSPX.

Drawdown Indicators

	KCEIX	FLSPX	Difference
Max Drawdown Largest peak-to-trough decline	-16.07%	-27.07%	+11.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-8.73%	+5.91%
Max Drawdown (3Y) Largest decline over 3 years	-6.12%	-16.23%	+10.11%
Max Drawdown (5Y) Largest decline over 5 years	-7.12%	-20.01%	+12.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.07%	—
Current Drawdown Current decline from peak	0.00%	-0.83%	+0.83%
Average Drawdown Average peak-to-trough decline	-3.43%	-5.65%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	2.11%	-1.13%

Volatility

KCEIX vs. FLSPX - Volatility Comparison

The current volatility for Knights of Columbus Long/Short Equity Fund (KCEIX) is 2.52%, while Meeder Spectrum Fund (FLSPX) has a volatility of 4.17%. This indicates that KCEIX experiences smaller price fluctuations and is considered to be less risky than FLSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCEIX	FLSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	4.17%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	4.92%	10.02%	-5.10%
Volatility (1Y) Calculated over the trailing 1-year period	6.29%	12.72%	-6.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.85%	13.48%	-6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.06%	13.59%	-5.53%

KCEIX vs. FLSPX - Expense Ratio Comparison

KCEIX has a 1.50% expense ratio, which is lower than FLSPX's 1.52% expense ratio.

Dividends

KCEIX vs. FLSPX - Dividend Comparison

KCEIX's dividend yield for the trailing twelve months is around 1.51%, less than FLSPX's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLSPX Meeder Spectrum Fund	4.09%	4.32%	17.39%	8.41%	2.81%	5.55%	0.09%	0.96%	1.26%	6.78%	2.52%	1.55%
KCEIX Knights of Columbus Long/Short Equity Fund	1.51%	1.66%	2.35%	2.20%	7.60%	0.00%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KCEIX and FLSPX in my portfolio?

KCEIX and FLSPX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KCEIX or FLSPX?

FLSPX has higher volatility (4.17%) compared to KCEIX (2.52%). In terms of maximum drawdown, KCEIX dropped -16.07% vs FLSPX's -27.07%.

Which has better risk-adjusted returns?

KCEIX currently has the higher Sharpe Ratio (2.02 vs 1.80), 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.