FLCE vs. FGSM

Last updated Jun 23, 2026

FLCE (Frontier Asset U.S. Large Cap Equity ETF) and FGSM (Frontier Asset Global Small Cap Equity ETF) are both exchange-traded funds - FLCE is a Large Cap Blend Equities fund actively managed by Frontier, while FGSM is a Global Equities fund actively managed by Frontier. Both are actively managed. Over the past year, FLCE returned 22.80% vs 34.41% for FGSM. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.90% expense ratio.

Performance

FLCE vs. FGSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier Asset U.S. Large Cap Equity ETF (FLCE) 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, FLCE achieves a 8.24% return, which is significantly lower than FGSM's 15.80% return.

FLCE

• 1D: -0.30%
• 1M: 0.75%
• YTD: 8.24%
• 6M: 7.59%
• 1Y: 22.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FGSM

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

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

FLCE vs. FGSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLCE Frontier Asset U.S. Large Cap Equity ETF	8.24%	14.45%	-1.21%
FGSM Frontier Asset Global Small Cap Equity ETF	15.80%	21.33%	-0.27%

Correlation

The correlation between FLCE and FGSM is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024	0.83

The correlation between FLCE and FGSM has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

Return for Risk

FLCE vs. FGSM — Risk / Return Rank

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

FLCE

FLCE Risk / Return Rank: 59
FLCE Sharpe Ratio Rank: 60
FLCE Sortino Ratio Rank: 59
FLCE Omega Ratio Rank: 58
FLCE Calmar Ratio Rank: 54
FLCE Martin Ratio Rank: 64

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

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.

FLCE vs. FGSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier Asset U.S. Large Cap Equity ETF (FLCE) 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.

	FLCE	FGSM	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.27	-0.34
Sortino ratio: Return per unit of downside risk	2.69	3.19	-0.50
Omega ratio: Gain probability vs. loss probability	1.35	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	2.57	3.51	-0.94
Martin ratio: Return relative to average drawdown	11.24	13.59	-2.35

FLCE vs. FGSM - Sharpe Ratio Comparison

The current FLCE Sharpe Ratio is 1.93, which is comparable to the FGSM Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of FLCE 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

FLCE vs. FGSM - Drawdown Comparison

The maximum FLCE drawdown since its inception was -17.52%, roughly equal to the maximum FGSM drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for FLCE and FGSM.

Drawdown Indicators

	FLCE	FGSM	Difference
Max Drawdown Largest peak-to-trough decline	-17.52%	-17.72%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-9.84%	+0.94%
Current Drawdown Current decline from peak	-0.99%	0.00%	-0.99%
Average Drawdown Average peak-to-trough decline	-2.41%	-2.17%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	2.54%	-0.51%

Volatility

FLCE vs. FGSM - Volatility Comparison

The current volatility for Frontier Asset U.S. Large Cap Equity ETF (FLCE) is 4.23%, while Frontier Asset Global Small Cap Equity ETF (FGSM) has a volatility of 4.73%. This indicates that FLCE 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

	FLCE	FGSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	4.73%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	11.59%	-2.19%
Volatility (1Y) Calculated over the trailing 1-year period	11.89%	15.26%	-3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	17.84%	-1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	17.84%	-1.72%

FLCE vs. FGSM - Expense Ratio Comparison

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

Dividends

FLCE vs. FGSM - Dividend Comparison

FLCE's dividend yield for the trailing twelve months is around 0.30%, less than FGSM's 1.34% yield.

Position	TTM	2025	2024
FGSM Frontier Asset Global Small Cap Equity ETF	1.34%	1.56%	0.00%
FLCE Frontier Asset U.S. Large Cap Equity ETF	0.30%	0.32%	0.01%

Frequently Asked Questions

Can I hold both FLCE and FGSM in my portfolio?

FLCE and FGSM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLCE or FGSM?

FGSM has higher volatility (4.73%) compared to FLCE (4.23%). In terms of maximum drawdown, FLCE dropped -17.52% vs FGSM's -17.72%.

Which ETF is better, FLCE or FGSM?

On 1-year performance, FGSM leads with 34.41% vs 22.80% for FLCE. Both ETFs have the same 0.90% expense ratio. On volatility, FLCE has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCE or FGSM?

Over the 1-year period, FGSM has performed better with a 34.41% return vs 22.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCE or FGSM?

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

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

FGSM has the higher dividend yield at 1.34%, compared with 0.30% for FLCE.

What is the main difference between FLCE and FGSM?

FLCE is categorized as Large Cap Blend Equities, while FGSM is Global Equities.

Which has better risk-adjusted returns?

FGSM currently has the higher Sharpe Ratio (2.27 vs 1.93), 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.