ALIL vs. FGSM

Last updated Jun 4, 2026

ALIL (Argent Focused Small Cap ETF) and FGSM (Frontier Asset Global Small Cap Equity ETF) are both exchange-traded funds - ALIL is a Small Cap Blend Equities fund actively managed by Argent, while FGSM is a Global Equities fund actively managed by Frontier. Both are actively managed. Over the past year, ALIL returned 12.05% vs 32.27% for FGSM. Their correlation of 0.88 suggests significant overlap in exposure. ALIL charges 0.74%/yr vs 0.90%/yr for FGSM.

Performance

ALIL vs. FGSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Argent Focused Small Cap ETF (ALIL) and Frontier Asset Global Small Cap Equity ETF (FGSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALIL achieves a 7.70% return, which is significantly lower than FGSM's 13.99% return.

ALIL

• 1D: -0.32%
• 1M: 2.83%
• YTD: 7.70%
• 6M: 7.61%
• 1Y: 12.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FGSM

• 1D: -0.71%
• 1M: 2.97%
• YTD: 13.99%
• 6M: 14.77%
• 1Y: 32.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ALIL vs. FGSM - Yearly Performance Comparison

	2026 (YTD)	2025
ALIL Argent Focused Small Cap ETF	7.70%	6.88%
FGSM Frontier Asset Global Small Cap Equity ETF	13.99%	30.74%

Correlation

The correlation between ALIL and FGSM is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Apr 10, 2025	0.88

The correlation between ALIL and FGSM has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

Return for Risk

ALIL vs. FGSM — Risk / Return Rank

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

ALIL

ALIL Risk / Return Rank: 21
ALIL Sharpe Ratio Rank: 21
ALIL Sortino Ratio Rank: 21
ALIL Omega Ratio Rank: 20
ALIL Calmar Ratio Rank: 22
ALIL Martin Ratio Rank: 23

FGSM

FGSM Risk / Return Rank: 68
FGSM Sharpe Ratio Rank: 67
FGSM Sortino Ratio Rank: 69
FGSM Omega Ratio Rank: 64
FGSM Calmar Ratio Rank: 68
FGSM Martin Ratio Rank: 70

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.

ALIL vs. FGSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Argent Focused Small Cap ETF (ALIL) and Frontier Asset Global Small Cap Equity ETF (FGSM). 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.

	ALIL	FGSM	Difference
Sharpe ratio: Return per unit of total volatility	0.66	2.19	-1.54
Sortino ratio: Return per unit of downside risk	1.10	3.11	-2.01
Omega ratio: Gain probability vs. loss probability	1.12	1.38	-0.26
Calmar ratio: Return relative to maximum drawdown	0.96	3.29	-2.33
Martin ratio: Return relative to average drawdown	2.80	12.79	-9.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALIL vs. FGSM - Sharpe Ratio Comparison

The current ALIL Sharpe Ratio is 0.66, which is lower than the FGSM Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of ALIL and FGSM, 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

	ALIL	FGSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	2.19	-1.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	1.44	-0.75

Drawdowns

ALIL vs. FGSM - Drawdown Comparison

The maximum ALIL drawdown since its inception was -12.60%, smaller than the maximum FGSM drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for ALIL and FGSM.

Drawdown Indicators

	ALIL	FGSM	Difference
Max Drawdown Largest peak-to-trough decline	-12.60%	-17.72%	+5.12%
Max Drawdown (1Y) Largest decline over 1 year	-12.60%	-9.84%	-2.76%
Current Drawdown Current decline from peak	-0.32%	-0.80%	+0.48%
Average Drawdown Average peak-to-trough decline	-3.18%	-2.21%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	2.53%	+1.79%

Volatility

ALIL vs. FGSM - Volatility Comparison

Argent Focused Small Cap ETF (ALIL) has a higher volatility of 5.63% compared to Frontier Asset Global Small Cap Equity ETF (FGSM) at 4.40%. This indicates that ALIL's price experiences larger fluctuations and is considered to be riskier than FGSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALIL	FGSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	4.40%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	13.50%	11.03%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	18.50%	14.80%	+3.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	17.81%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	17.81%	+1.11%

ALIL vs. FGSM - Expense Ratio Comparison

ALIL has a 0.74% expense ratio, which is lower than FGSM's 0.90% expense ratio.

Dividends

ALIL vs. FGSM - Dividend Comparison

ALIL's dividend yield for the trailing twelve months is around 0.44%, less than FGSM's 1.36% yield.

Position	TTM	2025
ALIL Argent Focused Small Cap ETF	0.44%	0.47%
FGSM Frontier Asset Global Small Cap Equity ETF	1.36%	1.56%

Frequently Asked Questions

Can I hold both ALIL and FGSM in my portfolio?

ALIL and FGSM have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALIL or FGSM?

ALIL has higher volatility (5.63%) compared to FGSM (4.40%). In terms of maximum drawdown, ALIL dropped -12.60% vs FGSM's -17.72%.

Which ETF is better, ALIL or FGSM?

On 1-year performance, FGSM leads with 32.27% vs 12.05% for ALIL. On fees, ALIL is cheaper at 0.74% per year. On volatility, FGSM has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALIL or FGSM?

Over the 1-year period, FGSM has performed better with a 32.27% return vs 12.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALIL or FGSM?

ALIL is cheaper with a 0.74% expense ratio, compared with 0.90% for FGSM.

Which ETF pays a higher dividend yield, ALIL or FGSM?

FGSM has the higher dividend yield at 1.36%, compared with 0.44% for ALIL.

What is the main difference between ALIL and FGSM?

ALIL is categorized as Small Cap Blend Equities, while FGSM is Global Equities. They also come from different issuers: Argent and Frontier. Their fees differ too: 0.74% for ALIL and 0.90% for FGSM.

Which has better risk-adjusted returns?

FGSM currently has the higher Sharpe Ratio (2.19 vs 0.66), 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.