TMFX vs. FICEX

Last updated Jun 4, 2026

TMFX (Motley Fool Next Index ETF) and FICEX (Frost Growth Equity Fund) are both funds - TMFX is a Mid Cap Growth Equities fund tracking the Motley Fool Next Index, while FICEX is a Large Cap Growth Equities fund managed by Frost Funds. Over the past 3 years, TMFX returned 13.61%/yr vs 22.73%/yr for FICEX. A 0.77 correlation means they provide meaningful diversification when combined. TMFX charges 0.50%/yr vs 0.63%/yr for FICEX.

Performance

TMFX vs. FICEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Motley Fool Next Index ETF (TMFX) and Frost Growth Equity Fund (FICEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMFX achieves a 4.09% return, which is significantly lower than FICEX's 6.78% return.

TMFX

• 1D: -0.92%
• 1M: 5.95%
• YTD: 4.09%
• 6M: 4.52%
• 1Y: 12.73%
• 3Y*: 13.61%
• 5Y*: —
• 10Y*: —

FICEX

• 1D: 0.84%
• 1M: 6.63%
• YTD: 6.78%
• 6M: 5.40%
• 1Y: 21.31%
• 3Y*: 22.73%
• 5Y*: 13.28%
• 10Y*: 17.10%

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

TMFX vs. FICEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TMFX Motley Fool Next Index ETF	4.09%	10.41%	16.04%	17.95%	-28.16%
FICEX Frost Growth Equity Fund	6.78%	15.00%	30.28%	45.24%	-31.98%

Correlation

The correlation between TMFX and FICEX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 3, 2022	0.77

The correlation between TMFX and FICEX shifts across timeframes, from 0.66 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TMFX vs. FICEX — Risk / Return Rank

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

TMFX

TMFX Risk / Return Rank: 21
TMFX Sharpe Ratio Rank: 21
TMFX Sortino Ratio Rank: 21
TMFX Omega Ratio Rank: 20
TMFX Calmar Ratio Rank: 21
TMFX Martin Ratio Rank: 23

FICEX

FICEX Risk / Return Rank: 20
FICEX Sharpe Ratio Rank: 27
FICEX Sortino Ratio Rank: 24
FICEX Omega Ratio Rank: 25
FICEX Calmar Ratio Rank: 12
FICEX Martin Ratio Rank: 12

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.

TMFX vs. FICEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Motley Fool Next Index ETF (TMFX) and Frost Growth Equity Fund (FICEX). 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.

	TMFX	FICEX	Difference
Sharpe ratio Return per unit of total volatility	0.76	1.49	-0.73
Sortino ratio Return per unit of downside risk	1.18	2.08	-0.90
Omega ratio Gain probability vs. loss probability	1.13	1.27	-0.13
Calmar ratio Return relative to maximum drawdown	0.92	1.20	-0.29
Martin ratio Return relative to average drawdown	2.93	3.76	-0.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMFX vs. FICEX - Sharpe Ratio Comparison

The current TMFX Sharpe Ratio is 0.76, which is lower than the FICEX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of TMFX and FICEX, 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

	TMFX	FICEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	1.49	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.44	-0.32

Drawdowns

TMFX vs. FICEX - Drawdown Comparison

The maximum TMFX drawdown since its inception was -34.30%, smaller than the maximum FICEX drawdown of -50.03%. Use the drawdown chart below to compare losses from any high point for TMFX and FICEX.

Drawdown Indicators

	TMFX	FICEX	Difference
Max Drawdown Largest peak-to-trough decline	-34.30%	-50.03%	+15.73%
Max Drawdown (1Y) Largest decline over 1 year	-13.95%	-18.43%	+4.48%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	-32.32%	+8.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.13%	—
Current Drawdown Current decline from peak	-1.78%	0.00%	-1.78%
Average Drawdown Average peak-to-trough decline	-14.38%	-11.21%	-3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	5.90%	-1.55%

Volatility

TMFX vs. FICEX - Volatility Comparison

Motley Fool Next Index ETF (TMFX) has a higher volatility of 4.11% compared to Frost Growth Equity Fund (FICEX) at 3.24%. This indicates that TMFX's price experiences larger fluctuations and is considered to be riskier than FICEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMFX	FICEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	3.24%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	11.35%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	16.86%	14.88%	+1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.39%	25.30%	-1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.39%	23.05%	+0.34%

TMFX vs. FICEX - Expense Ratio Comparison

TMFX has a 0.50% expense ratio, which is lower than FICEX's 0.63% expense ratio.

Dividends

TMFX vs. FICEX - Dividend Comparison

TMFX's dividend yield for the trailing twelve months is around 0.05%, less than FICEX's 20.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FICEX Frost Growth Equity Fund	20.55%	21.94%	22.19%	16.16%	12.25%	12.50%	3.59%	10.57%	16.11%	28.09%	10.86%	12.51%
TMFX Motley Fool Next Index ETF	0.05%	0.05%	0.06%	0.16%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMFX and FICEX in my portfolio?

TMFX and FICEX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMFX or FICEX?

TMFX has higher volatility (4.11%) compared to FICEX (3.24%). In terms of maximum drawdown, TMFX dropped -34.30% vs FICEX's -50.03%.

Which has better risk-adjusted returns?

FICEX currently has the higher Sharpe Ratio (1.49 vs 0.76), 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.