FGSAX vs. FGSIX

Last updated Jun 4, 2026

FGSAX (Federated Hermes MDT Mid Cap Growth Fund) and FGSIX (Federated MDT Mid Cap Growth Fund Institutional Shares) are both Mid Cap Growth Equities funds from Federated. Over the past 10 years, FGSAX returned 15.12%/yr vs 15.44%/yr for FGSIX. With a 1.00 correlation, they move nearly in lockstep. FGSAX charges 1.15%/yr vs 0.85%/yr for FGSIX.

Performance

FGSAX vs. FGSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Mid Cap Growth Fund (FGSAX) and Federated MDT Mid Cap Growth Fund Institutional Shares (FGSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGSAX achieves a 1.66% return, which is significantly lower than FGSIX's 1.78% return. Both investments have delivered pretty close results over the past 10 years, with FGSAX having a 15.12% annualized return and FGSIX not far ahead at 15.44%.

FGSAX

• 1D: -0.82%
• 1M: 2.76%
• YTD: 1.66%
• 6M: 2.62%
• 1Y: 5.40%
• 3Y*: 19.76%
• 5Y*: 10.98%
• 10Y*: 15.12%

FGSIX

• 1D: -0.83%
• 1M: 2.77%
• YTD: 1.78%
• 6M: 2.76%
• 1Y: 5.70%
• 3Y*: 20.12%
• 5Y*: 11.31%
• 10Y*: 15.44%

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

FGSAX vs. FGSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGSAX Federated Hermes MDT Mid Cap Growth Fund	1.66%	10.54%	32.97%	27.05%	-24.60%	22.39%	35.50%	27.95%	-3.23%	24.38%
FGSIX Federated MDT Mid Cap Growth Fund Institutional Shares	1.78%	10.87%	33.37%	27.44%	-24.39%	22.77%	35.86%	28.34%	-3.00%	24.70%

Correlation

The correlation between FGSAX and FGSIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 1, 2010	1.00

The correlation between FGSAX and FGSIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FGSAX vs. FGSIX — Risk / Return Rank

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

FGSAX

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

FGSIX

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

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.

FGSAX vs. FGSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Mid Cap Growth Fund (FGSAX) and Federated MDT Mid Cap Growth Fund Institutional Shares (FGSIX). 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.

	FGSAX	FGSIX	Difference
Sharpe ratio: Return per unit of total volatility	0.32	0.34	-0.02
Sortino ratio: Return per unit of downside risk	0.59	0.62	-0.03
Omega ratio: Gain probability vs. loss probability	1.08	1.08	0.00
Calmar ratio: Return relative to maximum drawdown	0.40	0.43	-0.03
Martin ratio: Return relative to average drawdown	1.11	1.23	-0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGSAX vs. FGSIX - Sharpe Ratio Comparison

The current FGSAX Sharpe Ratio is 0.32, which is comparable to the FGSIX Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of FGSAX and FGSIX, 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

	FGSAX	FGSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	0.34	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.51	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.69	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.66	-0.17

Drawdowns

FGSAX vs. FGSIX - Drawdown Comparison

The maximum FGSAX drawdown since its inception was -66.17%, which is greater than FGSIX's maximum drawdown of -37.16%. Use the drawdown chart below to compare losses from any high point for FGSAX and FGSIX.

Drawdown Indicators

	FGSAX	FGSIX	Difference
Max Drawdown Largest peak-to-trough decline	-66.17%	-37.16%	-29.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	-13.36%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-24.51%	-24.46%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-35.79%	-35.67%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	-37.19%	-37.16%	-0.03%
Current Drawdown Current decline from peak	-3.06%	-2.58%	-0.48%
Average Drawdown Average peak-to-trough decline	-16.15%	-7.07%	-9.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	4.66%	+0.24%

Volatility

FGSAX vs. FGSIX - Volatility Comparison

Federated Hermes MDT Mid Cap Growth Fund (FGSAX) and Federated MDT Mid Cap Growth Fund Institutional Shares (FGSIX) have volatilities of 3.54% and 3.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGSAX	FGSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.53%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.72%	13.53%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.85%	16.69%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.41%	22.40%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	22.30%	+0.02%

FGSAX vs. FGSIX - Expense Ratio Comparison

FGSAX has a 1.15% expense ratio, which is higher than FGSIX's 0.85% expense ratio.

Dividends

FGSAX vs. FGSIX - Dividend Comparison

FGSAX's dividend yield for the trailing twelve months is around 4.84%, more than FGSIX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGSAX Federated Hermes MDT Mid Cap Growth Fund	4.84%	4.92%	4.32%	0.00%	2.31%	25.75%	7.07%	8.13%	14.46%	13.93%	0.89%	25.34%
FGSIX Federated MDT Mid Cap Growth Fund Institutional Shares	4.48%	4.56%	4.02%	0.00%	2.17%	24.31%	6.77%	7.83%	14.02%	13.59%	1.11%	24.86%

Frequently Asked Questions

Can I hold both FGSAX and FGSIX in my portfolio?

With a correlation of 1.00, FGSAX and FGSIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FGSAX or FGSIX?

FGSAX has higher volatility (3.54%) compared to FGSIX (3.53%). In terms of maximum drawdown, FGSAX dropped -66.17% vs FGSIX's -37.16%.

Which has better risk-adjusted returns?

FGSIX currently has the higher Sharpe Ratio (0.34 vs 0.32), 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.