FGSM vs. FOPC

Last updated Jun 23, 2026

FGSM (Frontier Asset Global Small Cap Equity ETF) and FOPC (Frontier Asset Opportunistic Credit ETF) are both exchange-traded funds - FGSM is a Global Equities fund actively managed by Frontier, while FOPC is a Multisector Bonds fund actively managed by Frontier. Both are actively managed. Over the past year, FGSM returned 34.41% vs 4.15% for FOPC. At a 0.34 correlation, their price movements are largely independent. FGSM charges 0.90%/yr vs 0.87%/yr for FOPC.

Performance

FGSM vs. FOPC - Performance Comparison

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

Returns By Period

In the year-to-date period, FGSM achieves a 15.80% return, which is significantly higher than FOPC's 0.42% return.

FGSM

• 1D: 0.31%
• 1M: 2.30%
• YTD: 15.80%
• 6M: 14.33%
• 1Y: 34.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FOPC

• 1D: -0.20%
• 1M: 0.31%
• YTD: 0.42%
• 6M: 0.56%
• 1Y: 4.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FGSM vs. FOPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FGSM Frontier Asset Global Small Cap Equity ETF	15.80%	21.33%	-0.27%
FOPC Frontier Asset Opportunistic Credit ETF	0.42%	6.54%	-0.20%

Correlation

The correlation between FGSM and FOPC is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024	0.34

Return for Risk

FGSM vs. FOPC — Risk / Return Rank

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

FGSM

FGSM Risk / Return Rank: 73
FGSM Sharpe Ratio Rank: 74
FGSM Sortino Ratio Rank: 74
FGSM Omega Ratio Rank: 69
FGSM Calmar Ratio Rank: 72
FGSM Martin Ratio Rank: 74

FOPC

FOPC Risk / Return Rank: 41
FOPC Sharpe Ratio Rank: 42
FOPC Sortino Ratio Rank: 44
FOPC Omega Ratio Rank: 40
FOPC Calmar Ratio Rank: 39
FOPC Martin Ratio Rank: 40

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.

FGSM vs. FOPC - Risk-Adjusted Trends Comparison

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

	FGSM	FOPC	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.44	+0.83
Sortino ratio: Return per unit of downside risk	3.19	2.13	+1.06
Omega ratio: Gain probability vs. loss probability	1.40	1.26	+0.14
Calmar ratio: Return relative to maximum drawdown	3.51	1.91	+1.60
Martin ratio: Return relative to average drawdown	13.59	6.17	+7.42

FGSM vs. FOPC - Sharpe Ratio Comparison

The current FGSM Sharpe Ratio is 2.27, which is higher than the FOPC Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FGSM and FOPC, 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

FGSM vs. FOPC - Drawdown Comparison

The maximum FGSM drawdown since its inception was -17.72%, which is greater than FOPC's maximum drawdown of -2.18%. Use the drawdown chart below to compare losses from any high point for FGSM and FOPC.

Drawdown Indicators

	FGSM	FOPC	Difference
Max Drawdown Largest peak-to-trough decline	-17.72%	-2.18%	-15.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-2.18%	-7.66%
Current Drawdown Current decline from peak	0.00%	-1.01%	+1.01%
Average Drawdown Average peak-to-trough decline	-2.17%	-0.44%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	0.67%	+1.87%

Volatility

FGSM vs. FOPC - Volatility Comparison

Frontier Asset Global Small Cap Equity ETF (FGSM) has a higher volatility of 4.73% compared to Frontier Asset Opportunistic Credit ETF (FOPC) at 0.95%. This indicates that FGSM's price experiences larger fluctuations and is considered to be riskier than FOPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGSM	FOPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	0.95%	+3.78%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	2.29%	+9.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	2.89%	+12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.84%	3.13%	+14.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.84%	3.13%	+14.71%

FGSM vs. FOPC - Expense Ratio Comparison

FGSM has a 0.90% expense ratio, which is higher than FOPC's 0.87% expense ratio.

Dividends

FGSM vs. FOPC - Dividend Comparison

FGSM's dividend yield for the trailing twelve months is around 1.34%, less than FOPC's 4.27% yield.

Position	TTM	2025	2024
FGSM Frontier Asset Global Small Cap Equity ETF	1.34%	1.56%	0.00%
FOPC Frontier Asset Opportunistic Credit ETF	4.27%	4.42%	0.06%

Frequently Asked Questions

Can I hold both FGSM and FOPC in my portfolio?

FGSM and FOPC have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGSM or FOPC?

FGSM has higher volatility (4.73%) compared to FOPC (0.95%). In terms of maximum drawdown, FGSM dropped -17.72% vs FOPC's -2.18%.

Which ETF is better, FGSM or FOPC?

On 1-year performance, FGSM leads with 34.41% vs 4.15% for FOPC. On fees, FOPC is cheaper at 0.87% per year. On volatility, FOPC has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FGSM or FOPC?

Over the 1-year period, FGSM has performed better with a 34.41% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FGSM or FOPC?

FOPC is cheaper with a 0.87% expense ratio, compared with 0.90% for FGSM.

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

FOPC has the higher dividend yield at 4.27%, compared with 1.34% for FGSM.

What is the main difference between FGSM and FOPC?

FGSM is categorized as Global Equities, while FOPC is Multisector Bonds. Their fees differ too: 0.90% for FGSM and 0.87% for FOPC.

Which has better risk-adjusted returns?

FGSM currently has the higher Sharpe Ratio (2.27 vs 1.44), 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.