FCBD vs. FGSM

Last updated Jun 24, 2026

FCBD (Frontier Asset Core Bond ETF) and FGSM (Frontier Asset Global Small Cap Equity ETF) are both exchange-traded funds - FCBD is a Intermediate Core Bond fund actively managed by Frontier, while FGSM is a Global Equities fund actively managed by Frontier. Both are actively managed. Over the past year, FCBD returned 3.77% vs 32.10% for FGSM. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.90% expense ratio.

Performance

FCBD vs. FGSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier Asset Core Bond ETF (FCBD) 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, FCBD achieves a 0.52% return, which is significantly lower than FGSM's 14.64% return.

FCBD

• 1D: 0.12%
• 1M: 0.48%
• YTD: 0.52%
• 6M: 0.67%
• 1Y: 3.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FGSM

• 1D: -0.99%
• 1M: 1.29%
• YTD: 14.64%
• 6M: 13.20%
• 1Y: 32.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCBD vs. FGSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FCBD Frontier Asset Core Bond ETF	0.52%	6.29%	-0.02%
FGSM Frontier Asset Global Small Cap Equity ETF	14.64%	21.33%	-0.27%

Correlation

The correlation between FCBD and FGSM is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024	0.24

The correlation between FCBD and FGSM shifts across timeframes, from 0.24 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FCBD vs. FGSM — Risk / Return Rank

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

FCBD

FCBD Risk / Return Rank: 50
FCBD Sharpe Ratio Rank: 52
FCBD Sortino Ratio Rank: 55
FCBD Omega Ratio Rank: 50
FCBD Calmar Ratio Rank: 51
FCBD Martin Ratio Rank: 44

FGSM

FGSM Risk / Return Rank: 72
FGSM Sharpe Ratio Rank: 72
FGSM Sortino Ratio Rank: 74
FGSM Omega Ratio Rank: 68
FGSM Calmar Ratio Rank: 71
FGSM Martin Ratio Rank: 74

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.

FCBD vs. FGSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier Asset Core Bond ETF (FCBD) 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.

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.

	FCBD	FGSM	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.11	-0.49
Sortino ratio: Return per unit of downside risk	2.42	2.99	-0.58
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.30	3.28	-0.97
Martin ratio: Return relative to average drawdown	6.66	12.67	-6.01

FCBD vs. FGSM - Sharpe Ratio Comparison

The current FCBD Sharpe Ratio is 1.62, which is comparable to the FGSM Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FCBD 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.

Drawdowns

FCBD vs. FGSM - Drawdown Comparison

The maximum FCBD drawdown since its inception was -1.64%, smaller than the maximum FGSM drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for FCBD and FGSM.

Drawdown Indicators

	FCBD	FGSM	Difference
Max Drawdown Largest peak-to-trough decline	-1.64%	-17.72%	+16.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.64%	-9.84%	+8.20%
Current Drawdown Current decline from peak	-0.69%	-0.99%	+0.30%
Average Drawdown Average peak-to-trough decline	-0.37%	-2.16%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	2.54%	-1.97%

Volatility

FCBD vs. FGSM - Volatility Comparison

The current volatility for Frontier Asset Core Bond ETF (FCBD) is 0.75%, while Frontier Asset Global Small Cap Equity ETF (FGSM) has a volatility of 4.87%. This indicates that FCBD experiences smaller price fluctuations and is considered to be less risky than FGSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCBD	FGSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	4.87%	-4.12%
Volatility (6M) Calculated over the trailing 6-month period	1.79%	11.63%	-9.84%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	15.27%	-12.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.60%	17.84%	-15.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.60%	17.84%	-15.24%

FCBD vs. FGSM - Expense Ratio Comparison

Both FCBD and FGSM have an expense ratio of 0.90%.

Dividends

FCBD vs. FGSM - Dividend Comparison

FCBD's dividend yield for the trailing twelve months is around 4.22%, more than FGSM's 1.35% yield.

Position	TTM	2025	2024
FCBD Frontier Asset Core Bond ETF	4.22%	4.34%	0.08%
FGSM Frontier Asset Global Small Cap Equity ETF	1.35%	1.56%	0.00%

Frequently Asked Questions

Can I hold both FCBD and FGSM in my portfolio?

FCBD and FGSM have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCBD or FGSM?

FGSM has higher volatility (4.87%) compared to FCBD (0.75%). In terms of maximum drawdown, FCBD dropped -1.64% vs FGSM's -17.72%.

Which ETF is better, FCBD or FGSM?

On 1-year performance, FGSM leads with 32.10% vs 3.77% for FCBD. Both ETFs have the same 0.90% expense ratio. On volatility, FCBD has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCBD or FGSM?

Over the 1-year period, FGSM has performed better with a 32.10% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCBD or FGSM?

FCBD and FGSM have the same expense ratio: 0.90% per year.

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

FCBD has the higher dividend yield at 4.22%, compared with 1.35% for FGSM.

What is the main difference between FCBD and FGSM?

FCBD is categorized as Intermediate Core Bond, while FGSM is Global Equities.

Which has better risk-adjusted returns?

FGSM currently has the higher Sharpe Ratio (2.11 vs 1.62), 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.