ACIO vs FMCX
Aptus Collared Investment Opportunity ETF vs FM Focus Equity ETF
Which is better, ACIO or FMCX?
ACIO has been ahead.
FMCX has a lower expense ratio. ACIO led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.94. ACIO is less concentrated, with 40.8% of the fund in its ten largest positions against 54.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ACIO | FMCX |
|---|---|---|
| Expense Ratio | 0.79% | 0.72%Best |
| AUM | $2.4B | $118M |
| Dividend Yield | 0.39% | 0.29% |
| Holdings | 524 | 32 |
| YTD Return | +8.01%Best | +5.03% |
| 1Y Return | +8.79%Best | +3.97% |
| 3Y Return (annualized) | +15.63%Best | +15.01% |
| 5Y Return (annualized) | +9.74% | - |
| Volatility (annualized) | 10.3%Best | 15.4% |
| Max Drawdown | -12.1%Best | -18.5% |
| $10,000 over 4.5 years | $15,968Best | $14,878 |
| Top 10 Weight | 40.8%Best | 54.3% |
| Fund Family | Aptus ETFs | First Manhattan |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 9, 2019 | Apr 22, 2022 |
Volatility and max drawdown, and the $10,000 over 4.5 years row, are measured over the window both funds cover: Apr 25, 2022 to Oct 14, 2026 (4.5 years).
ACIO vs FMCX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 4.5 years both funds cover.
ACIO vs FMCX Performance
Aptus Collared Investment Opportunity ETF (ACIO) is an ETF from Aptus ETFs and FM Focus Equity ETF (FMCX) is an ETF from First Manhattan. Over the past year ACIO returned +8.79% while FMCX returned +3.97%. Year to date, ACIO is up 8.01% versus a gain of 5.03% for FMCX.
Over three years, ACIO compounded at +15.63% per year against +15.01% for FMCX.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMCX has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 10.3% for ACIO. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -12.1% for ACIO and -18.5% for FMCX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
ACIO charges 0.79% per year while FMCX charges 0.72%. On a $10,000 position that is $79 vs $72 annually, a gap of $7 per year that compounds over a long holding period. On income, ACIO currently yields 0.39% against 0.29% for FMCX.
Holdings Overlap
37.0% of ACIO's money is in holdings FMCX also owns. 73.3% of FMCX's money is in holdings ACIO also owns.
Most of FMCX is already inside ACIO. Owning both mostly buys the same companies twice.
The two holdings books were reported 123 days apart, ACIO as of Oct 1, 2026 and FMCX as of May 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
24 positions in common, counted across the 167 positions we hold weights for in ACIO and 32 in FMCX, against full books of 524 and 32.
What only one of them owns
Our book lists 6 positions for FMCX that do not appear in our book for ACIO (23.5% of the fund), and 142 for ACIO that do not appear in FMCX (62.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in ACIO | Weight in FMCX | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 5.75% | 6.63% | 0.88% |
| NVDANvidia Corp | 8.44% | 1.93% | 6.51% |
| AMZNAmazon.Com Inc | 3.69% | 4.87% | 1.18% |
| GOOGAlphabet Inc. C | 5.39% | 1.61% | 3.78% |
| GEGeneral Electric Co. | 0.70% | 5.69% | 4.99% |
| AVGOBroadcom Inc | 2.46% | 3.83% | 1.37% |
| INTCIntel Corporation | 0.87% | 5.38% | 4.51% |
| HONHoneywell International Inc | 0.17% | 4.41% | 4.24% |
| METAMeta Platforms Inc | 2.42% | 1.79% | 0.63% |
| LINLinde Plc Ordinary Shares | 0.85% | 3.25% | 2.40% |
73.3% of FMCX is already inside ACIO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ACIO or FMCX?
ACIO has an expense ratio of 0.79% while FMCX charges 0.72%. FMCX is the cheaper option, by $7 a year on a $10,000 investment.
Which performed better, ACIO or FMCX?
Over the past year ACIO returned +8.79% vs +3.97% for FMCX, so ACIO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ACIO or FMCX?
FMCX has been the more volatile fund at 15.4% annualized versus 10.3% for ACIO. Worst drawdown: ACIO -12.1% vs FMCX -18.5%.
Should I hold both ACIO and FMCX?
ACIO and FMCX have a monthly-return correlation of 0.94, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between ACIO and FMCX?
73.3% of FMCX's money is in holdings ACIO also owns. 73.3% of FMCX's is in holdings ACIO also owns. They hold 24 positions in common, counted across the 167 positions we hold weights for in ACIO and 32 in FMCX.
Which pays a higher dividend, ACIO or FMCX?
ACIO yields 0.39% while FMCX yields 0.29%, so ACIO currently pays the higher dividend yield.
Is FMCX better than ACIO?
FMCX has a lower expense ratio. ACIO led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.94. ACIO is less concentrated, with 40.8% of the fund in its ten largest positions against 54.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.