SPILX vs. SPMFX

Last updated Jul 14, 2026

SPILX (Symmetry Panoramic International Equity Fund) and SPMFX (Symmetry Panoramic Municipal Fixed Income Fund) are both mutual funds - SPILX is a Foreign Large Cap Equities fund managed by Symmetry Partners, while SPMFX is a Municipal Bonds fund managed by Symmetry Partners. Over the past 5 years, SPILX returned 9.14%/yr vs 1.27%/yr for SPMFX. At a 0.15 correlation, their price movements are largely independent. SPILX charges 0.89%/yr vs 0.41%/yr for SPMFX.

Performance

SPILX vs. SPMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Symmetry Panoramic International Equity Fund (SPILX) and Symmetry Panoramic Municipal Fixed Income Fund (SPMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPILX achieves a 14.63% return, which is significantly higher than SPMFX's 1.47% return.

SPILX

• 1D: 0.48%
• 1M: -0.48%
• 6M: 10.75%
• YTD: 14.63%
• 1Y: 27.33%
• 3Y*: 19.39%
• 5Y*: 9.14%
• 10Y*: —

SPMFX

• 1D: 0.10%
• 1M: 0.23%
• 6M: 0.97%
• YTD: 1.47%
• 1Y: 4.61%
• 3Y*: 2.91%
• 5Y*: 1.27%
• 10Y*: —

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

SPILX vs. SPMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPILX Symmetry Panoramic International Equity Fund	14.63%	33.04%	1.61%	18.25%	-15.29%	9.49%	8.30%	16.76%	-2.40%
SPMFX Symmetry Panoramic Municipal Fixed Income Fund	1.47%	3.23%	1.81%	3.41%	-3.04%	-0.31%	1.47%	2.31%	0.88%

Correlation

The correlation between SPILX and SPMFX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018	0.15

The correlation between SPILX and SPMFX shifts across timeframes, from 0.15 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPILX vs. SPMFX — Risk / Return Rank

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

SPILX

SPILX Risk / Return Rank: 59
SPILX Sharpe Ratio Rank: 60
SPILX Sortino Ratio Rank: 53
SPILX Omega Ratio Rank: 63
SPILX Calmar Ratio Rank: 62
SPILX Martin Ratio Rank: 58

SPMFX

SPMFX Risk / Return Rank: 66
SPMFX Sharpe Ratio Rank: 79
SPMFX Sortino Ratio Rank: 77
SPMFX Omega Ratio Rank: 87
SPMFX Calmar Ratio Rank: 43
SPMFX Martin Ratio Rank: 43

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.

SPILX vs. SPMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Symmetry Panoramic International Equity Fund (SPILX) and Symmetry Panoramic Municipal Fixed Income Fund (SPMFX). 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.

	SPILX	SPMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.05	-0.32
Sortino ratio: Return per unit of downside risk	2.32	2.86	-0.55
Omega ratio: Gain probability vs. loss probability	1.33	1.49	-0.16
Calmar ratio: Return relative to maximum drawdown	2.41	2.00	+0.41
Martin ratio: Return relative to average drawdown	9.10	7.22	+1.88

SPILX vs. SPMFX - Sharpe Ratio Comparison

The current SPILX Sharpe Ratio is 1.72, which is comparable to the SPMFX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of SPILX and SPMFX, 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

SPILX vs. SPMFX - Drawdown Comparison

The maximum SPILX drawdown since its inception was -34.53%, which is greater than SPMFX's maximum drawdown of -5.39%. Use the drawdown chart below to compare losses from any high point for SPILX and SPMFX.

Drawdown Indicators

	SPILX	SPMFX	Difference
Max Drawdown Largest peak-to-trough decline	-34.53%	-5.39%	-29.14%
Max Drawdown (1Y) Largest decline over 1 year	-11.08%	-2.26%	-8.82%
Max Drawdown (3Y) Largest decline over 3 years	-12.90%	-2.86%	-10.04%
Max Drawdown (5Y) Largest decline over 5 years	-27.71%	-5.39%	-22.32%
Current Drawdown Current decline from peak	-2.68%	-0.30%	-2.38%
Average Drawdown Average peak-to-trough decline	-6.32%	-1.00%	-5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	0.63%	+2.30%

Volatility

SPILX vs. SPMFX - Volatility Comparison

Symmetry Panoramic International Equity Fund (SPILX) has a higher volatility of 6.62% compared to Symmetry Panoramic Municipal Fixed Income Fund (SPMFX) at 0.50%. This indicates that SPILX's price experiences larger fluctuations and is considered to be riskier than SPMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPILX	SPMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	0.50%	+6.12%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	1.86%	+12.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.50%	2.21%	+13.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.77%	1.97%	+12.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	1.92%	+13.63%

SPILX vs. SPMFX - Expense Ratio Comparison

SPILX has a 0.89% expense ratio, which is higher than SPMFX's 0.41% expense ratio.

Dividends

SPILX vs. SPMFX - Dividend Comparison

SPILX's dividend yield for the trailing twelve months is around 5.80%, more than SPMFX's 2.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPILX Symmetry Panoramic International Equity Fund	5.80%	6.64%	3.44%	3.50%	2.45%	2.36%	1.22%	2.96%	1.00%
SPMFX Symmetry Panoramic Municipal Fixed Income Fund	2.70%	2.05%	2.50%	1.52%	0.59%	0.27%	0.68%	1.00%	0.08%

Frequently Asked Questions

Can I hold both SPILX and SPMFX in my portfolio?

SPILX and SPMFX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPILX or SPMFX?

SPILX has higher volatility (6.62%) compared to SPMFX (0.50%). In terms of maximum drawdown, SPILX dropped -34.53% vs SPMFX's -5.39%.

Which has better risk-adjusted returns?

SPMFX currently has the higher Sharpe Ratio (2.05 vs 1.72), 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.