FLCV vs. PAYR

Last updated Aug 4, 2026

FLCV (Federated Hermes MDT Large Cap Value ETF) and PAYR (Federated Hermes Enhanced Income ETF) are both exchange-traded funds - FLCV is a Large Cap Value Equities fund actively managed by Federated, while PAYR is a Derivative Income fund actively managed by Federated. Both are actively managed. Their 0.41 correlation means their historical movements had little consistent relationship. FLCV charges 0.32%/yr vs 0.40%/yr for PAYR.

Performance

FLCV vs. PAYR - 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 Enhanced Income ETF (PAYR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLCV achieves a 19.30% return, which is significantly higher than PAYR's 15.33% return.

FLCV

• 1D: 0.36%
• 1M: 3.61%
• 6M: 14.47%
• YTD: 19.30%
• 1Y: 27.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.83%

PAYR

• 1D: -0.05%
• 1M: 1.91%
• 6M: 8.77%
• YTD: 15.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
FLCV Federated Hermes MDT Large Cap Value ETF	$2.45M	$1.82M	$954.90K
PAYR Federated Hermes Enhanced Income ETF	$901.07K	$1.13M	$686.08K

FLCV vs. PAYR - Yearly Performance Comparison

	2026 (YTD)	2025
FLCV Federated Hermes MDT Large Cap Value ETF	19.30%	3.01%
PAYR Federated Hermes Enhanced Income ETF	15.33%	3.30%

Correlation

The correlation between FLCV and PAYR is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.41

Return for Risk

FLCV vs. PAYR — 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: 91
FLCV Omega Ratio Rank: 89
FLCV Calmar Ratio Rank: 93
FLCV Martin Ratio Rank: 94

PAYR

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

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. PAYR - 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 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.

	FLCV	PAYR	Difference
Sharpe ratio: Return per unit of total volatility	2.40	—	—
Sortino ratio: Return per unit of downside risk	3.43	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	4.82	—	—
Martin ratio: Return relative to average drawdown	18.82	—	—

Drawdowns

FLCV vs. PAYR - Drawdown Comparison

The maximum FLCV drawdown since its inception was -15.93%, which is greater than PAYR's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for FLCV and PAYR.

Drawdown Indicators

	FLCV	PAYR	Difference
Max Drawdown Largest peak-to-trough decline	-15.93%	-5.24%	-10.69%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	—	—
Current Drawdown Current decline from peak	0.00%	-1.77%	+1.77%
Average Drawdown Average peak-to-trough decline	-1.91%	-1.54%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	—	—

Volatility

Volatility by Period

	FLCV	PAYR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.44%	11.12%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.67%	11.12%	+3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.67%	11.12%	+3.55%

FLCV vs. PAYR - Expense Ratio Comparison

FLCV has a 0.32% expense ratio, which is lower than PAYR's 0.40% expense ratio.

Dividends

FLCV vs. PAYR - Dividend Comparison

FLCV's dividend yield for the trailing twelve months is around 0.69%, less than PAYR's 6.56% yield.

Position	TTM	2025	2024
FLCV Federated Hermes MDT Large Cap Value ETF	0.69%	0.83%	0.24%
PAYR Federated Hermes Enhanced Income ETF	6.56%	1.99%	0.00%

Frequently Asked Questions

Can I hold both FLCV and PAYR in my portfolio?

FLCV and PAYR have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLCV or PAYR?

On fees, FLCV is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLCV or PAYR?

FLCV is cheaper with a 0.32% expense ratio, compared with 0.40% for PAYR.

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

PAYR has the higher dividend yield at 6.56%, compared with 0.69% for FLCV.

What is the main difference between FLCV and PAYR?

FLCV is categorized as Large Cap Value Equities, while PAYR is Derivative Income. Their fees differ too: 0.32% for FLCV and 0.40% for PAYR.