MRFOX vs. FUMIX

Last updated Jun 24, 2026

MRFOX (Marshfield Concentrated Opportunity Fund) and FUMIX (Fidelity SAI U.S. Momentum Index Fund) are both Large Cap Growth Equities funds. Over the past 5 years, MRFOX returned 11.31%/yr vs 17.37%/yr for FUMIX. A 0.66 correlation means they provide meaningful diversification when combined. MRFOX charges 1.05%/yr vs 0.11%/yr for FUMIX.

Performance

MRFOX vs. FUMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Marshfield Concentrated Opportunity Fund (MRFOX) and Fidelity SAI U.S. Momentum Index Fund (FUMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRFOX achieves a 0.96% return, which is significantly lower than FUMIX's 32.63% return.

MRFOX

• 1D: -0.43%
• 1M: -0.75%
• YTD: 0.96%
• 6M: 0.26%
• 1Y: 9.04%
• 3Y*: 13.81%
• 5Y*: 11.31%
• 10Y*: 16.16%

FUMIX

• 1D: 1.37%
• 1M: 9.64%
• YTD: 32.63%
• 6M: 30.51%
• 1Y: 40.33%
• 3Y*: 33.62%
• 5Y*: 17.37%
• 10Y*: —

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

MRFOX vs. FUMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MRFOX Marshfield Concentrated Opportunity Fund	0.96%	10.05%	17.10%	17.68%	5.06%	17.71%	15.19%	36.26%	1.89%	20.25%
FUMIX Fidelity SAI U.S. Momentum Index Fund	32.63%	17.01%	33.39%	14.67%	-15.79%	22.56%	29.92%	24.16%	-1.41%	22.71%

Correlation

The correlation between MRFOX and FUMIX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.66

Over the past year, the correlation between MRFOX and FUMIX has dropped to 0.25 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

MRFOX vs. FUMIX — Risk / Return Rank

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

MRFOX

MRFOX Risk / Return Rank: 16
MRFOX Sharpe Ratio Rank: 15
MRFOX Sortino Ratio Rank: 16
MRFOX Omega Ratio Rank: 14
MRFOX Calmar Ratio Rank: 18
MRFOX Martin Ratio Rank: 17

FUMIX

FUMIX Risk / Return Rank: 78
FUMIX Sharpe Ratio Rank: 75
FUMIX Sortino Ratio Rank: 68
FUMIX Omega Ratio Rank: 68
FUMIX Calmar Ratio Rank: 86
FUMIX Martin Ratio Rank: 92

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.

MRFOX vs. FUMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Marshfield Concentrated Opportunity Fund (MRFOX) and Fidelity SAI U.S. Momentum Index Fund (FUMIX). 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.

	MRFOX	FUMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	2.31	-1.29
Sortino ratio: Return per unit of downside risk	1.57	3.13	-1.56
Omega ratio: Gain probability vs. loss probability	1.18	1.42	-0.24
Calmar ratio: Return relative to maximum drawdown	1.43	3.89	-2.46
Martin ratio: Return relative to average drawdown	4.23	17.44	-13.21

MRFOX vs. FUMIX - Sharpe Ratio Comparison

The current MRFOX Sharpe Ratio is 1.03, which is lower than the FUMIX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of MRFOX and FUMIX, 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

MRFOX vs. FUMIX - Drawdown Comparison

The maximum MRFOX drawdown since its inception was -29.10%, smaller than the maximum FUMIX drawdown of -33.36%. Use the drawdown chart below to compare losses from any high point for MRFOX and FUMIX.

Drawdown Indicators

	MRFOX	FUMIX	Difference
Max Drawdown Largest peak-to-trough decline	-29.10%	-33.36%	+4.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-10.99%	+3.96%
Max Drawdown (3Y) Largest decline over 3 years	-7.91%	-19.90%	+11.99%
Max Drawdown (5Y) Largest decline over 5 years	-12.98%	-27.66%	+14.68%
Max Drawdown (10Y) Largest decline over 10 years	-29.10%	—	—
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-2.36%	-6.29%	+3.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	2.44%	-0.07%

Volatility

MRFOX vs. FUMIX - Volatility Comparison

The current volatility for Marshfield Concentrated Opportunity Fund (MRFOX) is 2.88%, while Fidelity SAI U.S. Momentum Index Fund (FUMIX) has a volatility of 7.70%. This indicates that MRFOX experiences smaller price fluctuations and is considered to be less risky than FUMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRFOX	FUMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	7.70%	-4.82%
Volatility (6M) Calculated over the trailing 6-month period	6.89%	16.10%	-9.21%
Volatility (1Y) Calculated over the trailing 1-year period	9.84%	18.50%	-8.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.07%	21.38%	-9.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.25%	21.83%	-7.58%

MRFOX vs. FUMIX - Expense Ratio Comparison

MRFOX has a 1.05% expense ratio, which is higher than FUMIX's 0.11% expense ratio.

Dividends

MRFOX vs. FUMIX - Dividend Comparison

MRFOX's dividend yield for the trailing twelve months is around 1.60%, less than FUMIX's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FUMIX Fidelity SAI U.S. Momentum Index Fund	2.09%	2.77%	5.89%	18.09%	2.10%	20.67%	8.68%	2.09%	3.84%	0.88%	0.00%
MRFOX Marshfield Concentrated Opportunity Fund	1.60%	1.62%	4.59%	0.46%	0.35%	6.78%	2.68%	1.39%	1.94%	2.06%	0.60%

Frequently Asked Questions

Can I hold both MRFOX and FUMIX in my portfolio?

MRFOX and FUMIX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRFOX or FUMIX?

FUMIX has higher volatility (7.70%) compared to MRFOX (2.88%). In terms of maximum drawdown, MRFOX dropped -29.10% vs FUMIX's -33.36%.

Which has better risk-adjusted returns?

FUMIX currently has the higher Sharpe Ratio (2.31 vs 1.03), 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.