KMVAX vs. FSMAX

Last updated Jun 24, 2026

KMVAX (Kirr Marbach Partners Value Fund) and FSMAX (Fidelity Extended Market Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, KMVAX returned 12.10%/yr vs 12.60%/yr for FSMAX. Their correlation of 0.90 suggests significant overlap in exposure. KMVAX charges 1.45%/yr vs 0.04%/yr for FSMAX.

Performance

KMVAX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kirr Marbach Partners Value Fund (KMVAX) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMVAX achieves a 13.91% return, which is significantly lower than FSMAX's 15.43% return. Both investments have delivered pretty close results over the past 10 years, with KMVAX having a 12.10% annualized return and FSMAX not far ahead at 12.60%.

KMVAX

• 1D: 0.53%
• 1M: 1.45%
• YTD: 13.91%
• 6M: 12.22%
• 1Y: 20.02%
• 3Y*: 22.07%
• 5Y*: 13.53%
• 10Y*: 12.10%

FSMAX

• 1D: -0.11%
• 1M: 4.21%
• YTD: 15.43%
• 6M: 13.08%
• 1Y: 29.23%
• 3Y*: 20.24%
• 5Y*: 6.38%
• 10Y*: 12.60%

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

KMVAX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMVAX Kirr Marbach Partners Value Fund	13.91%	14.44%	27.82%	20.42%	-16.01%	28.83%	2.96%	27.03%	-19.72%	16.12%
FSMAX Fidelity Extended Market Index Fund	15.43%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between KMVAX and FSMAX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.90

The correlation between KMVAX and FSMAX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

KMVAX vs. FSMAX — Risk / Return Rank

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

KMVAX

KMVAX Risk / Return Rank: 27
KMVAX Sharpe Ratio Rank: 25
KMVAX Sortino Ratio Rank: 25
KMVAX Omega Ratio Rank: 24
KMVAX Calmar Ratio Rank: 35
KMVAX Martin Ratio Rank: 25

FSMAX

FSMAX Risk / Return Rank: 47
FSMAX Sharpe Ratio Rank: 41
FSMAX Sortino Ratio Rank: 38
FSMAX Omega Ratio Rank: 35
FSMAX Calmar Ratio Rank: 66
FSMAX Martin Ratio Rank: 55

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.

KMVAX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kirr Marbach Partners Value Fund (KMVAX) and Fidelity Extended Market Index Fund (FSMAX). 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.

	KMVAX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.71	-0.38
Sortino ratio: Return per unit of downside risk	1.94	2.39	-0.45
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.06
Calmar ratio: Return relative to maximum drawdown	2.09	2.97	-0.88
Martin ratio: Return relative to average drawdown	5.64	10.42	-4.78

KMVAX vs. FSMAX - Sharpe Ratio Comparison

The current KMVAX Sharpe Ratio is 1.33, which is comparable to the FSMAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of KMVAX and FSMAX, 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

KMVAX vs. FSMAX - Drawdown Comparison

The maximum KMVAX drawdown since its inception was -65.81%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for KMVAX and FSMAX.

Drawdown Indicators

	KMVAX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-65.81%	-50.55%	-15.26%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-10.26%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-21.26%	-26.82%	+5.56%
Max Drawdown (5Y) Largest decline over 5 years	-24.84%	-36.31%	+11.47%
Max Drawdown (10Y) Largest decline over 10 years	-45.41%	-50.55%	+5.14%
Current Drawdown Current decline from peak	-1.14%	-0.22%	-0.92%
Average Drawdown Average peak-to-trough decline	-9.97%	-12.13%	+2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	2.92%	+0.86%

Volatility

KMVAX vs. FSMAX - Volatility Comparison

The current volatility for Kirr Marbach Partners Value Fund (KMVAX) is 4.93%, while Fidelity Extended Market Index Fund (FSMAX) has a volatility of 6.07%. This indicates that KMVAX experiences smaller price fluctuations and is considered to be less risky than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMVAX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	6.07%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	13.28%	-1.22%
Volatility (1Y) Calculated over the trailing 1-year period	16.10%	17.83%	-1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.45%	22.43%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.17%	30.28%	-10.11%

KMVAX vs. FSMAX - Expense Ratio Comparison

KMVAX has a 1.45% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

KMVAX vs. FSMAX - Dividend Comparison

KMVAX's dividend yield for the trailing twelve months is around 4.65%, more than FSMAX's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMAX Fidelity Extended Market Index Fund	0.50%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%
KMVAX Kirr Marbach Partners Value Fund	4.65%	5.30%	7.58%	3.35%	3.57%	3.72%	1.35%	2.11%	9.38%	6.87%	5.64%	0.34%

Frequently Asked Questions

Can I hold both KMVAX and FSMAX in my portfolio?

KMVAX and FSMAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMVAX or FSMAX?

FSMAX has higher volatility (6.07%) compared to KMVAX (4.93%). In terms of maximum drawdown, KMVAX dropped -65.81% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.71 vs 1.33), 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.