RPMMX vs. FMUEX

Last updated Jun 23, 2026

RPMMX (Reinhart Mid Cap PMV Fund) and FMUEX (RBB Free Market U.S. Equity Fund) are both Mid Cap Value Equities funds. Over the past 10 years, RPMMX returned 6.06%/yr vs 11.66%/yr for FMUEX. Their correlation of 0.91 suggests significant overlap in exposure. RPMMX charges 1.30%/yr vs 0.78%/yr for FMUEX.

Performance

RPMMX vs. FMUEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reinhart Mid Cap PMV Fund (RPMMX) and RBB Free Market U.S. Equity Fund (FMUEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPMMX achieves a 3.47% return, which is significantly lower than FMUEX's 17.89% return. Over the past 10 years, RPMMX has underperformed FMUEX with an annualized return of 6.06%, while FMUEX has yielded a comparatively higher 11.66% annualized return.

RPMMX

• 1D: 0.35%
• 1M: 0.77%
• YTD: 3.47%
• 6M: 1.86%
• 1Y: 6.07%
• 3Y*: 5.52%
• 5Y*: 3.62%
• 10Y*: 6.06%

FMUEX

• 1D: 1.00%
• 1M: 2.76%
• YTD: 17.89%
• 6M: 16.17%
• 1Y: 35.75%
• 3Y*: 16.79%
• 5Y*: 10.63%
• 10Y*: 11.66%

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

RPMMX vs. FMUEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPMMX Reinhart Mid Cap PMV Fund	3.47%	-0.92%	8.55%	5.57%	-7.50%	25.92%	-0.83%	24.40%	-11.68%	10.55%
FMUEX RBB Free Market U.S. Equity Fund	17.89%	12.79%	8.09%	17.10%	-10.47%	31.75%	5.65%	22.44%	-11.62%	13.44%

Correlation

The correlation between RPMMX and FMUEX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.91

The correlation between RPMMX and FMUEX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

Return for Risk

RPMMX vs. FMUEX — Risk / Return Rank

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

RPMMX

RPMMX Risk / Return Rank: 6
RPMMX Sharpe Ratio Rank: 6
RPMMX Sortino Ratio Rank: 6
RPMMX Omega Ratio Rank: 6
RPMMX Calmar Ratio Rank: 7
RPMMX Martin Ratio Rank: 7

FMUEX

FMUEX Risk / Return Rank: 84
FMUEX Sharpe Ratio Rank: 83
FMUEX Sortino Ratio Rank: 80
FMUEX Omega Ratio Rank: 74
FMUEX Calmar Ratio Rank: 93
FMUEX Martin Ratio Rank: 91

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.

RPMMX vs. FMUEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reinhart Mid Cap PMV Fund (RPMMX) and RBB Free Market U.S. Equity Fund (FMUEX). 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.

	RPMMX	FMUEX	Difference
Sharpe ratio: Return per unit of total volatility	0.43	2.49	-2.06
Sortino ratio: Return per unit of downside risk	0.73	3.49	-2.76
Omega ratio: Gain probability vs. loss probability	1.08	1.44	-0.35
Calmar ratio: Return relative to maximum drawdown	0.63	4.73	-4.10
Martin ratio: Return relative to average drawdown	1.60	17.06	-15.46

RPMMX vs. FMUEX - Sharpe Ratio Comparison

The current RPMMX Sharpe Ratio is 0.43, which is lower than the FMUEX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of RPMMX and FMUEX, 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

RPMMX vs. FMUEX - Drawdown Comparison

The maximum RPMMX drawdown since its inception was -44.47%, smaller than the maximum FMUEX drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for RPMMX and FMUEX.

Drawdown Indicators

	RPMMX	FMUEX	Difference
Max Drawdown Largest peak-to-trough decline	-44.47%	-58.03%	+13.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	-7.61%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-18.65%	-25.49%	+6.84%
Max Drawdown (5Y) Largest decline over 5 years	-22.02%	-25.49%	+3.47%
Max Drawdown (10Y) Largest decline over 10 years	-44.47%	-42.31%	-2.16%
Current Drawdown Current decline from peak	-4.85%	-0.76%	-4.09%
Average Drawdown Average peak-to-trough decline	-5.77%	-8.05%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	2.10%	+1.73%

Volatility

RPMMX vs. FMUEX - Volatility Comparison

The current volatility for Reinhart Mid Cap PMV Fund (RPMMX) is 3.60%, while RBB Free Market U.S. Equity Fund (FMUEX) has a volatility of 4.44%. This indicates that RPMMX experiences smaller price fluctuations and is considered to be less risky than FMUEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPMMX	FMUEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	4.44%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	10.24%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	14.46%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	18.41%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.91%	19.76%	+0.15%

RPMMX vs. FMUEX - Expense Ratio Comparison

RPMMX has a 1.30% expense ratio, which is higher than FMUEX's 0.78% expense ratio.

Dividends

RPMMX vs. FMUEX - Dividend Comparison

RPMMX's dividend yield for the trailing twelve months is around 6.37%, more than FMUEX's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUEX RBB Free Market U.S. Equity Fund	1.59%	1.87%	0.00%	4.12%	8.26%	4.38%	1.61%	5.57%	5.88%	3.80%	4.80%	8.51%
RPMMX Reinhart Mid Cap PMV Fund	6.37%	6.59%	3.00%	5.65%	5.04%	0.74%	0.73%	0.50%	9.52%	8.84%	2.67%	3.29%

Frequently Asked Questions

Can I hold both RPMMX and FMUEX in my portfolio?

RPMMX and FMUEX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPMMX or FMUEX?

FMUEX has higher volatility (4.44%) compared to RPMMX (3.60%). In terms of maximum drawdown, RPMMX dropped -44.47% vs FMUEX's -58.03%.

Which has better risk-adjusted returns?

FMUEX currently has the higher Sharpe Ratio (2.49 vs 0.43), 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.