FLCV vs. FCSH

Last updated Aug 2, 2026

FLCV (Federated Hermes MDT Large Cap Value ETF) and FCSH (Federated Hermes Short Duration Corporate ETF) are both exchange-traded funds - FLCV is a Large Cap Value Equities fund actively managed by Federated, while FCSH is a Short-Term Bond fund actively managed by Federated. Both are actively managed. Over the past year, FLCV returned 26.87% vs 2.59% for FCSH. Their 0.23 correlation means their historical movements had little consistent relationship. FLCV charges 0.32%/yr vs 0.30%/yr for FCSH.

Performance

FLCV vs. FCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Large Cap Value ETF (FLCV) and Federated Hermes Short Duration Corporate ETF (FCSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLCV achieves a 18.87% return, which is significantly higher than FCSH's 0.48% return.

FLCV

• 1D: 0.53%
• 1M: 3.24%
• 6M: 14.98%
• YTD: 18.87%
• 1Y: 26.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.70%

FCSH

• 1D: -0.04%
• 1M: -0.31%
• 6M: 0.16%
• YTD: 0.48%
• 1Y: 2.59%
• 3Y*: 5.01%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.32%

*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)
FCSH Federated Hermes Short Duration Corporate ETF	$20.04K	$21.66K	$33.56K
FLCV Federated Hermes MDT Large Cap Value ETF	$2.44M	$1.83M	$941.78K

FLCV vs. FCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLCV Federated Hermes MDT Large Cap Value ETF	18.87%	15.64%	5.96%
FCSH Federated Hermes Short Duration Corporate ETF	0.48%	6.42%	1.73%

Correlation

The correlation between FLCV and FCSH is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.23

Return for Risk

FLCV vs. FCSH — Risk / Return Rank

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

FLCV

FLCV Risk / Return Rank: 91
FLCV Sharpe Ratio Rank: 90
FLCV Sortino Ratio Rank: 90
FLCV Omega Ratio Rank: 88
FLCV Calmar Ratio Rank: 93
FLCV Martin Ratio Rank: 93

FCSH

FCSH Risk / Return Rank: 68
FCSH Sharpe Ratio Rank: 67
FCSH Sortino Ratio Rank: 73
FCSH Omega Ratio Rank: 70
FCSH Calmar Ratio Rank: 71
FCSH Martin Ratio Rank: 60

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.

FLCV vs. FCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Large Cap Value ETF (FLCV) and Federated Hermes Short Duration Corporate ETF (FCSH). 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.

	FLCV	FCSH	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.55	+0.68
Sortino ratio: Return per unit of downside risk	3.20	2.37	+0.83
Omega ratio: Gain probability vs. loss probability	1.40	1.30	+0.10
Calmar ratio: Return relative to maximum drawdown	4.49	2.47	+2.02
Martin ratio: Return relative to average drawdown	17.56	7.25	+10.31

FLCV vs. FCSH - Sharpe Ratio Comparison

The current FLCV Sharpe Ratio is 2.23, which is higher than the FCSH Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of FLCV and FCSH, 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

FLCV vs. FCSH - Drawdown Comparison

The maximum FLCV drawdown since its inception was -15.93%, which is greater than FCSH's maximum drawdown of -8.47%. Use the drawdown chart below to compare losses from any high point for FLCV and FCSH.

Drawdown Indicators

	FLCV	FCSH	Difference
Max Drawdown Largest peak-to-trough decline	-15.93%	-8.47%	-7.46%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-1.24%	-4.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.32%	—
Current Drawdown Current decline from peak	0.00%	-0.65%	+0.65%
Average Drawdown Average peak-to-trough decline	-1.92%	-2.15%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	0.42%	+1.04%

Volatility

FLCV vs. FCSH - Volatility Comparison

Federated Hermes MDT Large Cap Value ETF (FLCV) has a higher volatility of 2.35% compared to Federated Hermes Short Duration Corporate ETF (FCSH) at 0.49%. This indicates that FLCV's price experiences larger fluctuations and is considered to be riskier than FCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLCV	FCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	0.49%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	8.43%	1.65%	+6.78%
Volatility (1Y) Calculated over the trailing 1-year period	11.53%	1.98%	+9.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.68%	2.87%	+11.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.68%	2.87%	+11.81%

FLCV vs. FCSH - Expense Ratio Comparison

FLCV has a 0.32% expense ratio, which is higher than FCSH's 0.30% expense ratio.

Dividends

FLCV vs. FCSH - Dividend Comparison

FLCV's dividend yield for the trailing twelve months is around 0.69%, less than FCSH's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021
FCSH Federated Hermes Short Duration Corporate ETF	4.24%	4.14%	4.44%	2.31%	1.76%	0.04%
FLCV Federated Hermes MDT Large Cap Value ETF	0.69%	0.83%	0.24%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLCV and FCSH in my portfolio?

FLCV and FCSH have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLCV or FCSH?

FLCV has higher volatility (2.35%) compared to FCSH (0.49%). In terms of maximum drawdown, FLCV dropped -15.93% vs FCSH's -8.47%.

Which ETF is better, FLCV or FCSH?

On 1-year performance, FLCV leads with 26.87% vs 2.59% for FCSH. On fees, FCSH is cheaper at 0.30% per year. On volatility, FCSH has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCV or FCSH?

Over the 1-year period, FLCV has performed better with a 26.87% return vs 2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCV or FCSH?

FCSH is cheaper with a 0.30% expense ratio, compared with 0.32% for FLCV.

Which ETF pays a higher dividend yield, FLCV or FCSH?

FCSH has the higher dividend yield at 4.24%, compared with 0.69% for FLCV.

What is the main difference between FLCV and FCSH?

FLCV is categorized as Large Cap Value Equities, while FCSH is Short-Term Bond. Their fees differ too: 0.32% for FLCV and 0.30% for FCSH.

Which has better risk-adjusted returns?

FLCV currently has the higher Sharpe Ratio (2.23 vs 1.55), 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.