FGSAX vs. VSMAX

Last updated Aug 4, 2026

FGSAX (Federated Hermes MDT Mid Cap Growth Fund) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both mutual funds - FGSAX is a Mid Cap Growth Equities fund managed by Federated, while VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Over the past 10 years, FGSAX returned 14.70%/yr vs 11.06%/yr for VSMAX. Their correlation of 0.87 means they have usually moved in the same direction. FGSAX charges 1.15%/yr vs 0.05%/yr for VSMAX.

Performance

FGSAX vs. VSMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, FGSAX achieves a -0.99% return, which is significantly lower than VSMAX's 15.17% return. Over the past 10 years, FGSAX has outperformed VSMAX with an annualized return of 14.70%, while VSMAX has yielded a comparatively lower 11.06% annualized return.

FGSAX

• 1D: -0.17%
• 1M: -1.70%
• 6M: 0.22%
• YTD: -0.99%
• 1Y: -2.07%
• 3Y*: 15.56%
• 5Y*: 7.83%
• 10Y*: 14.70%
• ALL TIME*: 10.02%

VSMAX

• 1D: -0.24%
• 1M: -1.81%
• 6M: 9.26%
• YTD: 15.17%
• 1Y: 25.82%
• 3Y*: 13.99%
• 5Y*: 7.42%
• 10Y*: 11.06%
• ALL TIME*: 8.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FGSAX Federated Hermes MDT Mid Cap Growth Fund	$0.00	$0.00	$0.00
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	$0.00	$0.00	$0.00

FGSAX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGSAX Federated Hermes MDT Mid Cap Growth Fund	-0.99%	10.54%	32.97%	27.05%	-24.60%	22.39%	35.50%	27.95%	-3.23%	24.38%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	15.17%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	27.36%	-9.33%	16.24%

Correlation

The correlation between FGSAX and VSMAX is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.77
Correlation (All Time) Calculated using the full available price history since Nov 13, 2000	0.87

Over the past year, the correlation between FGSAX and VSMAX has dropped to 0.29 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

FGSAX vs. VSMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FGSAX

FGSAX Risk / Return Rank: 3
FGSAX Sharpe Ratio Rank: 3
FGSAX Sortino Ratio Rank: 3
FGSAX Omega Ratio Rank: 3
FGSAX Calmar Ratio Rank: 3
FGSAX Martin Ratio Rank: 2

VSMAX

VSMAX Risk / Return Rank: 61
VSMAX Sharpe Ratio Rank: 51
VSMAX Sortino Ratio Rank: 52
VSMAX Omega Ratio Rank: 47
VSMAX Calmar Ratio Rank: 79
VSMAX Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FGSAX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Mid Cap Growth Fund (FGSAX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). 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.

	FGSAX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	1.46	-1.59
Sortino ratio: Return per unit of downside risk	-0.06	2.13	-2.19
Omega ratio: Gain probability vs. loss probability	0.99	1.26	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.17	2.67	-2.84
Martin ratio: Return relative to average drawdown	-0.43	9.77	-10.21

FGSAX vs. VSMAX - Sharpe Ratio Comparison

The current FGSAX Sharpe Ratio is -0.13, which is lower than the VSMAX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of FGSAX and VSMAX, 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

FGSAX vs. VSMAX - Drawdown Comparison

The maximum FGSAX drawdown since its inception was -66.17%, which is greater than VSMAX's maximum drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for FGSAX and VSMAX.

Drawdown Indicators

	FGSAX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-66.17%	-59.68%	-6.49%
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	-8.97%	-4.76%
Max Drawdown (3Y) Largest decline over 3 years	-24.51%	-25.25%	+0.74%
Max Drawdown (5Y) Largest decline over 5 years	-35.79%	-28.14%	-7.65%
Max Drawdown (10Y) Largest decline over 10 years	-37.19%	-41.82%	+4.63%
Current Drawdown Current decline from peak	-5.58%	-2.59%	-2.99%
Average Drawdown Average peak-to-trough decline	-16.10%	-9.64%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.34%	2.45%	+2.89%

Volatility

FGSAX vs. VSMAX - Volatility Comparison

Federated Hermes MDT Mid Cap Growth Fund (FGSAX) has a higher volatility of 4.94% compared to Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) at 3.29%. This indicates that FGSAX's price experiences larger fluctuations and is considered to be riskier than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGSAX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	3.29%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	11.98%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	16.47%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.53%	20.66%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.29%	21.51%	+0.78%

FGSAX vs. VSMAX - Expense Ratio Comparison

FGSAX has a 1.15% expense ratio, which is higher than VSMAX's 0.05% expense ratio.

Dividends

FGSAX vs. VSMAX - Dividend Comparison

FGSAX's dividend yield for the trailing twelve months is around 4.97%, more than VSMAX's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGSAX Federated Hermes MDT Mid Cap Growth Fund	4.97%	4.92%	4.32%	0.00%	2.31%	25.75%	7.07%	8.13%	14.46%	13.93%	0.89%	25.34%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	1.21%	1.33%	1.30%	1.56%	1.54%	1.24%	1.14%	1.39%	1.67%	1.35%	1.49%	1.48%

Frequently Asked Questions

Can I hold both FGSAX and VSMAX in my portfolio?

FGSAX and VSMAX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGSAX or VSMAX?

FGSAX has higher volatility (4.94%) compared to VSMAX (3.29%). In terms of maximum drawdown, FGSAX dropped -66.17% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

VSMAX currently has the higher Sharpe Ratio (1.46 vs -0.13), 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.