MISEX vs. FULVX

Last updated Jun 4, 2026

MISEX (Midas Magic) and FULVX (Fidelity U.S. Low Volatility Equity Fund) are both Large Cap Blend Equities funds. Over the past 5 years, MISEX returned 15.60%/yr vs 5.24%/yr for FULVX. A 0.73 correlation means they provide meaningful diversification when combined. MISEX charges 2.95%/yr vs 0.66%/yr for FULVX.

Performance

MISEX vs. FULVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Midas Magic (MISEX) and Fidelity U.S. Low Volatility Equity Fund (FULVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MISEX achieves a 10.91% return, which is significantly higher than FULVX's -0.01% return.

MISEX

• 1D: -1.68%
• 1M: 2.10%
• YTD: 10.91%
• 6M: 10.18%
• 1Y: 44.16%
• 3Y*: 29.26%
• 5Y*: 15.60%
• 10Y*: 16.31%

FULVX

• 1D: 0.00%
• 1M: -0.52%
• YTD: -0.01%
• 6M: -0.55%
• 1Y: 0.65%
• 3Y*: 9.47%
• 5Y*: 5.24%
• 10Y*: —

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

MISEX vs. FULVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MISEX Midas Magic	10.91%	29.83%	26.58%	32.71%	-23.29%	38.28%	13.69%	5.71%
FULVX Fidelity U.S. Low Volatility Equity Fund	-0.01%	5.23%	17.76%	6.38%	-10.43%	17.79%	3.83%	4.30%

Correlation

The correlation between MISEX and FULVX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 6, 2019	0.73

Over the past year, the correlation between MISEX and FULVX has dropped to 0.48 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

MISEX vs. FULVX — Risk / Return Rank

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

MISEX

MISEX Risk / Return Rank: 57
MISEX Sharpe Ratio Rank: 69
MISEX Sortino Ratio Rank: 67
MISEX Omega Ratio Rank: 56
MISEX Calmar Ratio Rank: 46
MISEX Martin Ratio Rank: 48

FULVX

FULVX Risk / Return Rank: 3
FULVX Sharpe Ratio Rank: 3
FULVX Sortino Ratio Rank: 2
FULVX Omega Ratio Rank: 2
FULVX Calmar Ratio Rank: 2
FULVX Martin Ratio Rank: 2

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.

MISEX vs. FULVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Midas Magic (MISEX) and Fidelity U.S. Low Volatility Equity Fund (FULVX). 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.

	MISEX	FULVX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	0.00	+2.43
Sortino ratio: Return per unit of downside risk	3.43	0.06	+3.37
Omega ratio: Gain probability vs. loss probability	1.41	1.01	+0.41
Calmar ratio: Return relative to maximum drawdown	2.60	0.00	+2.60
Martin ratio: Return relative to average drawdown	10.00	0.00	+10.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MISEX vs. FULVX - Sharpe Ratio Comparison

The current MISEX Sharpe Ratio is 2.43, which is higher than the FULVX Sharpe Ratio of 0.00. The chart below compares the historical Sharpe Ratios of MISEX and FULVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MISEX	FULVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	0.00	+2.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.43	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.40	-0.09

Drawdowns

MISEX vs. FULVX - Drawdown Comparison

The maximum MISEX drawdown since its inception was -71.80%, which is greater than FULVX's maximum drawdown of -33.24%. Use the drawdown chart below to compare losses from any high point for MISEX and FULVX.

Drawdown Indicators

	MISEX	FULVX	Difference
Max Drawdown Largest peak-to-trough decline	-71.80%	-33.24%	-38.56%
Max Drawdown (1Y) Largest decline over 1 year	-16.98%	-6.33%	-10.65%
Max Drawdown (3Y) Largest decline over 3 years	-20.02%	-10.31%	-9.71%
Max Drawdown (5Y) Largest decline over 5 years	-31.37%	-18.64%	-12.73%
Max Drawdown (10Y) Largest decline over 10 years	-43.11%	—	—
Current Drawdown Current decline from peak	-2.25%	-3.95%	+1.70%
Average Drawdown Average peak-to-trough decline	-21.42%	-5.09%	-16.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	2.16%	+2.24%

Volatility

MISEX vs. FULVX - Volatility Comparison

Midas Magic (MISEX) has a higher volatility of 4.92% compared to Fidelity U.S. Low Volatility Equity Fund (FULVX) at 1.84%. This indicates that MISEX's price experiences larger fluctuations and is considered to be riskier than FULVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MISEX	FULVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	1.84%	+3.08%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	5.81%	+8.30%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	8.38%	+9.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.72%	12.19%	+9.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.49%	16.22%	+7.27%

MISEX vs. FULVX - Expense Ratio Comparison

MISEX has a 2.95% expense ratio, which is higher than FULVX's 0.66% expense ratio.

Dividends

MISEX vs. FULVX - Dividend Comparison

MISEX's dividend yield for the trailing twelve months is around 8.07%, less than FULVX's 13.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FULVX Fidelity U.S. Low Volatility Equity Fund	13.25%	6.82%	5.76%	1.65%	4.98%	5.35%	0.62%	0.28%	0.00%	0.00%	0.00%	0.00%
MISEX Midas Magic	8.07%	8.95%	2.03%	2.17%	5.23%	6.96%	2.81%	4.69%	4.49%	2.79%	23.93%	23.05%

Frequently Asked Questions

Can I hold both MISEX and FULVX in my portfolio?

MISEX and FULVX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MISEX or FULVX?

MISEX has higher volatility (4.92%) compared to FULVX (1.84%). In terms of maximum drawdown, MISEX dropped -71.80% vs FULVX's -33.24%.

Which has better risk-adjusted returns?

MISEX currently has the higher Sharpe Ratio (2.43 vs 0.00), 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.