KSMIX vs. FSLSX

Last updated Jun 26, 2026

KSMIX (Keeley Small-Mid Cap Value Fund) and FSLSX (Fidelity Value Strategies Fund) are both Mid Cap Value Equities funds. Over the past 10 years, KSMIX returned 11.34%/yr vs 12.13%/yr for FSLSX. Their correlation of 0.95 suggests significant overlap in exposure. KSMIX charges 1.18%/yr vs 0.86%/yr for FSLSX.

Performance

KSMIX vs. FSLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Keeley Small-Mid Cap Value Fund (KSMIX) and Fidelity Value Strategies Fund (FSLSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSMIX achieves a 16.08% return, which is significantly lower than FSLSX's 23.71% return. Over the past 10 years, KSMIX has underperformed FSLSX with an annualized return of 11.34%, while FSLSX has yielded a comparatively higher 12.13% annualized return.

KSMIX

• 1D: 0.76%
• 1M: 2.13%
• YTD: 16.08%
• 6M: 14.32%
• 1Y: 27.39%
• 3Y*: 18.75%
• 5Y*: 9.04%
• 10Y*: 11.34%

FSLSX

• 1D: 0.79%
• 1M: 2.82%
• YTD: 23.71%
• 6M: 12.78%
• 1Y: 29.52%
• 3Y*: 16.69%
• 5Y*: 9.90%
• 10Y*: 12.13%

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

KSMIX vs. FSLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KSMIX Keeley Small-Mid Cap Value Fund	16.08%	9.86%	14.18%	19.43%	-12.85%	26.28%	0.79%	31.89%	-17.49%	18.26%
FSLSX Fidelity Value Strategies Fund	23.71%	0.24%	9.25%	20.54%	-7.37%	33.32%	8.24%	34.54%	-16.90%	17.49%

Correlation

The correlation between KSMIX and FSLSX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 16, 2007	0.95

The correlation between KSMIX and FSLSX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

KSMIX vs. FSLSX — Risk / Return Rank

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

KSMIX

KSMIX Risk / Return Rank: 56
KSMIX Sharpe Ratio Rank: 49
KSMIX Sortino Ratio Rank: 52
KSMIX Omega Ratio Rank: 45
KSMIX Calmar Ratio Rank: 72
KSMIX Martin Ratio Rank: 63

FSLSX

FSLSX Risk / Return Rank: 47
FSLSX Sharpe Ratio Rank: 37
FSLSX Sortino Ratio Rank: 33
FSLSX Omega Ratio Rank: 38
FSLSX Calmar Ratio Rank: 74
FSLSX Martin Ratio Rank: 54

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.

KSMIX vs. FSLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Keeley Small-Mid Cap Value Fund (KSMIX) and Fidelity Value Strategies Fund (FSLSX). 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.

	KSMIX	FSLSX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.50	+0.19
Sortino ratio: Return per unit of downside risk	2.48	2.03	+0.45
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.02
Calmar ratio: Return relative to maximum drawdown	2.80	2.92	-0.13
Martin ratio: Return relative to average drawdown	10.30	9.51	+0.79

KSMIX vs. FSLSX - Sharpe Ratio Comparison

The current KSMIX Sharpe Ratio is 1.69, which is comparable to the FSLSX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of KSMIX and FSLSX, 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

KSMIX vs. FSLSX - Drawdown Comparison

The maximum KSMIX drawdown since its inception was -67.52%, roughly equal to the maximum FSLSX drawdown of -69.87%. Use the drawdown chart below to compare losses from any high point for KSMIX and FSLSX.

Drawdown Indicators

	KSMIX	FSLSX	Difference
Max Drawdown Largest peak-to-trough decline	-67.52%	-69.87%	+2.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.49%	-9.79%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-29.45%	-26.81%	-2.64%
Max Drawdown (5Y) Largest decline over 5 years	-29.45%	-26.81%	-2.64%
Max Drawdown (10Y) Largest decline over 10 years	-52.10%	-47.98%	-4.12%
Current Drawdown Current decline from peak	0.00%	-0.78%	+0.78%
Average Drawdown Average peak-to-trough decline	-11.01%	-8.26%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	3.00%	-0.43%

Volatility

KSMIX vs. FSLSX - Volatility Comparison

The current volatility for Keeley Small-Mid Cap Value Fund (KSMIX) is 3.96%, while Fidelity Value Strategies Fund (FSLSX) has a volatility of 5.14%. This indicates that KSMIX experiences smaller price fluctuations and is considered to be less risky than FSLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSMIX	FSLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	5.14%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	11.19%	14.86%	-3.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	19.11%	-3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	20.52%	+1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.01%	21.91%	+2.10%

KSMIX vs. FSLSX - Expense Ratio Comparison

KSMIX has a 1.18% expense ratio, which is higher than FSLSX's 0.86% expense ratio.

Dividends

KSMIX vs. FSLSX - Dividend Comparison

KSMIX's dividend yield for the trailing twelve months is around 8.73%, while FSLSX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSLSX Fidelity Value Strategies Fund	0.00%	0.00%	10.41%	2.49%	2.13%	7.29%	0.84%	4.84%	14.59%	6.57%	19.71%	1.26%
KSMIX Keeley Small-Mid Cap Value Fund	8.73%	10.14%	14.14%	9.24%	15.42%	28.48%	5.46%	18.92%	14.34%	11.18%	8.70%	4.14%

Frequently Asked Questions

Can I hold both KSMIX and FSLSX in my portfolio?

With a correlation of 0.90, KSMIX and FSLSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KSMIX or FSLSX?

FSLSX has higher volatility (5.14%) compared to KSMIX (3.96%). In terms of maximum drawdown, KSMIX dropped -67.52% vs FSLSX's -69.87%.

Which has better risk-adjusted returns?

KSMIX currently has the higher Sharpe Ratio (1.69 vs 1.50), 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.