ZVNBX vs. FUMIX

Last updated Jul 3, 2026

ZVNBX (Zevenbergen Growth Fund) and FUMIX (Fidelity SAI U.S. Momentum Index Fund) are both Large Cap Growth Equities funds. Over the past 5 years, ZVNBX returned 0.72%/yr vs 15.48%/yr for FUMIX. A 0.76 correlation means they provide meaningful diversification when combined. ZVNBX charges 1.30%/yr vs 0.11%/yr for FUMIX.

Performance

ZVNBX vs. FUMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zevenbergen Growth Fund (ZVNBX) 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, ZVNBX achieves a -0.07% return, which is significantly lower than FUMIX's 25.64% return.

ZVNBX

• 1D: 0.00%
• 1M: -5.66%
• 6M: -0.07%
• YTD: -0.07%
• 1Y: 0.11%
• 3Y*: 17.10%
• 5Y*: 0.72%
• 10Y*: 16.57%

FUMIX

• 1D: -2.25%
• 1M: -0.62%
• 6M: 24.99%
• YTD: 25.64%
• 1Y: 30.26%
• 3Y*: 30.30%
• 5Y*: 15.48%
• 10Y*: —

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

ZVNBX vs. FUMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZVNBX Zevenbergen Growth Fund	-0.07%	9.93%	34.10%	63.92%	-54.79%	-9.19%	123.87%	37.73%	5.88%	23.03%
FUMIX Fidelity SAI U.S. Momentum Index Fund	25.64%	17.01%	33.39%	14.67%	-15.79%	22.56%	29.92%	24.16%	-1.41%	22.71%

Correlation

The correlation between ZVNBX and FUMIX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.76

The correlation between ZVNBX and FUMIX shifts across timeframes, from 0.67 (1 year) to 0.77 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ZVNBX vs. FUMIX — Risk / Return Rank

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

ZVNBX

ZVNBX Risk / Return Rank: 4
ZVNBX Sharpe Ratio Rank: 4
ZVNBX Sortino Ratio Rank: 5
ZVNBX Omega Ratio Rank: 5
ZVNBX Calmar Ratio Rank: 4
ZVNBX Martin Ratio Rank: 4

FUMIX

FUMIX Risk / Return Rank: 62
FUMIX Sharpe Ratio Rank: 51
FUMIX Sortino Ratio Rank: 46
FUMIX Omega Ratio Rank: 50
FUMIX Calmar Ratio Rank: 79
FUMIX Martin Ratio Rank: 86

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.

ZVNBX vs. FUMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zevenbergen Growth Fund (ZVNBX) 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.

	ZVNBX	FUMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.14	1.63	-1.49
Sortino ratio: Return per unit of downside risk	0.35	2.25	-1.90
Omega ratio: Gain probability vs. loss probability	1.04	1.30	-0.26
Calmar ratio: Return relative to maximum drawdown	0.13	2.91	-2.79
Martin ratio: Return relative to average drawdown	0.32	12.76	-12.44

ZVNBX vs. FUMIX - Sharpe Ratio Comparison

The current ZVNBX Sharpe Ratio is 0.14, which is lower than the FUMIX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of ZVNBX 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

ZVNBX vs. FUMIX - Drawdown Comparison

The maximum ZVNBX drawdown since its inception was -66.30%, which is greater than FUMIX's maximum drawdown of -33.36%. Use the drawdown chart below to compare losses from any high point for ZVNBX and FUMIX.

Drawdown Indicators

	ZVNBX	FUMIX	Difference
Max Drawdown Largest peak-to-trough decline	-66.30%	-33.36%	-32.94%
Max Drawdown (1Y) Largest decline over 1 year	-26.79%	-10.99%	-15.80%
Max Drawdown (3Y) Largest decline over 3 years	-30.14%	-19.90%	-10.24%
Max Drawdown (5Y) Largest decline over 5 years	-63.28%	-27.66%	-35.62%
Max Drawdown (10Y) Largest decline over 10 years	-66.30%	—	—
Current Drawdown Current decline from peak	-15.70%	-5.31%	-10.39%
Average Drawdown Average peak-to-trough decline	-19.80%	-6.28%	-13.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.56%	2.50%	+8.06%

Volatility

ZVNBX vs. FUMIX - Volatility Comparison

The current volatility for Zevenbergen Growth Fund (ZVNBX) is 8.80%, while Fidelity SAI U.S. Momentum Index Fund (FUMIX) has a volatility of 10.46%. This indicates that ZVNBX 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

	ZVNBX	FUMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	10.46%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	19.12%	17.46%	+1.66%
Volatility (1Y) Calculated over the trailing 1-year period	24.04%	19.67%	+4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.57%	21.62%	+13.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.43%	21.92%	+10.51%

ZVNBX vs. FUMIX - Expense Ratio Comparison

ZVNBX has a 1.30% expense ratio, which is higher than FUMIX's 0.11% expense ratio.

Dividends

ZVNBX vs. FUMIX - Dividend Comparison

ZVNBX's dividend yield for the trailing twelve months is around 1.27%, less than FUMIX's 2.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUMIX Fidelity SAI U.S. Momentum Index Fund	2.21%	2.77%	5.89%	18.09%	2.10%	20.67%	8.68%	2.09%	3.84%	0.88%
ZVNBX Zevenbergen Growth Fund	1.27%	1.26%	0.00%	0.00%	0.00%	1.95%	0.07%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZVNBX and FUMIX in my portfolio?

ZVNBX and FUMIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZVNBX or FUMIX?

FUMIX has higher volatility (10.46%) compared to ZVNBX (8.80%). In terms of maximum drawdown, ZVNBX dropped -66.30% vs FUMIX's -33.36%.

Which has better risk-adjusted returns?

FUMIX currently has the higher Sharpe Ratio (1.63 vs 0.14), 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.