FGSM vs. FSCC

Last updated Jun 23, 2026

FGSM (Frontier Asset Global Small Cap Equity ETF) and FSCC (Federated Hermes MDT Small Cap Core ETF) are both exchange-traded funds - FGSM is a Global Equities fund actively managed by Frontier, while FSCC is a Small Cap Blend Equities fund actively managed by Federated Hermes. Both are actively managed. Over the past year, FGSM returned 34.41% vs 44.27% for FSCC. Their correlation of 0.91 suggests significant overlap in exposure. FGSM charges 0.90%/yr vs 0.36%/yr for FSCC.

Performance

FGSM vs. FSCC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier Asset Global Small Cap Equity ETF (FGSM) and Federated Hermes MDT Small Cap Core ETF (FSCC). 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 lower than FSCC's 20.60% return.

FGSM

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

FSCC

• 1D: 0.93%
• 1M: 4.77%
• YTD: 20.60%
• 6M: 17.48%
• 1Y: 44.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FGSM vs. FSCC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FGSM Frontier Asset Global Small Cap Equity ETF	15.80%	21.33%	-0.27%
FSCC Federated Hermes MDT Small Cap Core ETF	20.60%	15.30%	0.25%

Correlation

The correlation between FGSM and FSCC is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024	0.91

The correlation between FGSM and FSCC has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

FGSM vs. FSCC — 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

FSCC

FSCC Risk / Return Rank: 74
FSCC Sharpe Ratio Rank: 74
FSCC Sortino Ratio Rank: 72
FSCC Omega Ratio Rank: 66
FSCC Calmar Ratio Rank: 80
FSCC Martin Ratio Rank: 78

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. FSCC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier Asset Global Small Cap Equity ETF (FGSM) and Federated Hermes MDT Small Cap Core ETF (FSCC). 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	FSCC	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.27	0.00
Sortino ratio: Return per unit of downside risk	3.19	3.11	+0.08
Omega ratio: Gain probability vs. loss probability	1.40	1.38	+0.02
Calmar ratio: Return relative to maximum drawdown	3.51	4.02	-0.51
Martin ratio: Return relative to average drawdown	13.59	14.68	-1.09

FGSM vs. FSCC - Sharpe Ratio Comparison

The current FGSM Sharpe Ratio is 2.27, which is comparable to the FSCC Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of FGSM and FSCC, 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. FSCC - Drawdown Comparison

The maximum FGSM drawdown since its inception was -17.72%, smaller than the maximum FSCC drawdown of -27.17%. Use the drawdown chart below to compare losses from any high point for FGSM and FSCC.

Drawdown Indicators

	FGSM	FSCC	Difference
Max Drawdown Largest peak-to-trough decline	-17.72%	-27.17%	+9.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-11.07%	+1.23%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.17%	-5.08%	+2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	3.02%	-0.48%

Volatility

FGSM vs. FSCC - Volatility Comparison

The current volatility for Frontier Asset Global Small Cap Equity ETF (FGSM) is 4.73%, while Federated Hermes MDT Small Cap Core ETF (FSCC) has a volatility of 6.18%. This indicates that FGSM experiences smaller price fluctuations and is considered to be less risky than FSCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGSM	FSCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	6.18%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	14.11%	-2.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	19.61%	-4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.84%	22.36%	-4.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.84%	22.36%	-4.52%

FGSM vs. FSCC - Expense Ratio Comparison

FGSM has a 0.90% expense ratio, which is higher than FSCC's 0.36% expense ratio.

Dividends

FGSM vs. FSCC - Dividend Comparison

FGSM's dividend yield for the trailing twelve months is around 1.34%, more than FSCC's 0.22% yield.

Position	TTM	2025	2024
FGSM Frontier Asset Global Small Cap Equity ETF	1.34%	1.56%	0.00%
FSCC Federated Hermes MDT Small Cap Core ETF	0.22%	0.27%	0.16%

Frequently Asked Questions

Can I hold both FGSM and FSCC in my portfolio?

With a correlation of 0.91, FGSM and FSCC 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, FGSM or FSCC?

FSCC has higher volatility (6.18%) compared to FGSM (4.73%). In terms of maximum drawdown, FGSM dropped -17.72% vs FSCC's -27.17%.

Which ETF is better, FGSM or FSCC?

On 1-year performance, FSCC leads with 44.27% vs 34.41% for FGSM. On fees, FSCC is cheaper at 0.36% per year. On volatility, FGSM has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FGSM or FSCC?

Over the 1-year period, FSCC has performed better with a 44.27% return vs 34.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FGSM or FSCC?

FSCC is cheaper with a 0.36% expense ratio, compared with 0.90% for FGSM.

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

FGSM has the higher dividend yield at 1.34%, compared with 0.22% for FSCC.

What is the main difference between FGSM and FSCC?

FGSM is categorized as Global Equities, while FSCC is Small Cap Blend Equities. They also come from different issuers: Frontier and Federated Hermes. Their fees differ too: 0.90% for FGSM and 0.36% for FSCC.

Which has better risk-adjusted returns?

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