FLCG vs. PAYR

Last updated Jun 25, 2026

FLCG (Federated Hermes MDT Large Cap Growth ETF) and PAYR (Federated Hermes Enhanced Income ETF) are both exchange-traded funds - FLCG is a Large Cap Growth Equities fund actively managed by Federated Hermes, while PAYR is a Derivative Income fund actively managed by Federated Hermes. Both are actively managed. At a correlation of -0.05, they often move in opposite directions. FLCG charges 0.39%/yr vs 0.40%/yr for PAYR.

Performance

FLCG vs. PAYR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Large Cap Growth ETF (FLCG) and Federated Hermes Enhanced Income ETF (PAYR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLCG achieves a -1.27% return, which is significantly lower than PAYR's 10.01% return.

FLCG

• 1D: -0.03%
• 1M: -4.78%
• YTD: -1.27%
• 6M: -2.67%
• 1Y: 10.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAYR

• 1D: -0.09%
• 1M: -0.45%
• YTD: 10.01%
• 6M: 9.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLCG vs. PAYR - Yearly Performance Comparison

	2026 (YTD)	2025
FLCG Federated Hermes MDT Large Cap Growth ETF	-1.27%	1.74%
PAYR Federated Hermes Enhanced Income ETF	10.01%	3.30%

Correlation

The correlation between FLCG and PAYR is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	-0.05

Return for Risk

FLCG vs. PAYR — Risk / Return Rank

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

FLCG

FLCG Risk / Return Rank: 20
FLCG Sharpe Ratio Rank: 21
FLCG Sortino Ratio Rank: 20
FLCG Omega Ratio Rank: 20
FLCG Calmar Ratio Rank: 18
FLCG Martin Ratio Rank: 21

PAYR

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FLCG vs. PAYR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Large Cap Growth ETF (FLCG) and Federated Hermes Enhanced Income ETF (PAYR). 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.

	FLCG	PAYR	Difference
Sharpe ratio: Return per unit of total volatility	0.69	—	—
Sortino ratio: Return per unit of downside risk	1.03	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.73	—	—
Martin ratio: Return relative to average drawdown	2.37	—	—

Drawdowns

FLCG vs. PAYR - Drawdown Comparison

The maximum FLCG drawdown since its inception was -22.95%, which is greater than PAYR's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for FLCG and PAYR.

Drawdown Indicators

	FLCG	PAYR	Difference
Max Drawdown Largest peak-to-trough decline	-22.95%	-5.24%	-17.71%
Max Drawdown (1Y) Largest decline over 1 year	-15.07%	—	—
Current Drawdown Current decline from peak	-7.56%	-2.28%	-5.28%
Average Drawdown Average peak-to-trough decline	-3.69%	-1.65%	-2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	—	—

Volatility

Volatility by Period

	FLCG	PAYR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.02%	10.46%	+5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.13%	10.46%	+10.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.13%	10.46%	+10.67%

FLCG vs. PAYR - Expense Ratio Comparison

FLCG has a 0.39% expense ratio, which is lower than PAYR's 0.40% expense ratio.

Dividends

FLCG vs. PAYR - Dividend Comparison

FLCG's dividend yield for the trailing twelve months is around 0.05%, less than PAYR's 5.33% yield.

Position	TTM	2025	2024
FLCG Federated Hermes MDT Large Cap Growth ETF	0.05%	0.05%	0.06%
PAYR Federated Hermes Enhanced Income ETF	5.33%	1.99%	0.00%

Frequently Asked Questions

Can I hold both FLCG and PAYR in my portfolio?

FLCG and PAYR have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLCG or PAYR?

On fees, FLCG is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLCG or PAYR?

FLCG is cheaper with a 0.39% expense ratio, compared with 0.40% for PAYR.

Which ETF pays a higher dividend yield, FLCG or PAYR?

PAYR has the higher dividend yield at 5.33%, compared with 0.05% for FLCG.

What is the main difference between FLCG and PAYR?

FLCG is categorized as Large Cap Growth Equities, while PAYR is Derivative Income. Their fees differ too: 0.39% for FLCG and 0.40% for PAYR.