FMDCX vs. BIGTX

Last updated Jun 5, 2026

FMDCX (Federated Hermes Mid Cap Index Fund) and BIGTX (The Texas Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, FMDCX returned 10.89%/yr vs 10.70%/yr for BIGTX. Their correlation of 0.87 suggests significant overlap in exposure. FMDCX charges 0.57%/yr vs 1.67%/yr for BIGTX.

Performance

FMDCX vs. BIGTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Mid Cap Index Fund (FMDCX) and The Texas Fund (BIGTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDCX achieves a 13.97% return, which is significantly lower than BIGTX's 25.46% return. Both investments have delivered pretty close results over the past 10 years, with FMDCX having a 10.89% annualized return and BIGTX not far behind at 10.70%.

FMDCX

• 1D: -0.12%
• 1M: 2.41%
• YTD: 13.97%
• 6M: 13.51%
• 1Y: 24.97%
• 3Y*: 15.70%
• 5Y*: 7.86%
• 10Y*: 10.89%

BIGTX

• 1D: -0.75%
• 1M: 5.16%
• YTD: 25.46%
• 6M: 21.80%
• 1Y: 35.96%
• 3Y*: 20.66%
• 5Y*: 9.10%
• 10Y*: 10.70%

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

FMDCX vs. BIGTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMDCX Federated Hermes Mid Cap Index Fund	13.97%	6.95%	13.34%	16.38%	-13.88%	25.28%	13.37%	25.36%	-11.51%	15.43%
BIGTX The Texas Fund	25.46%	5.98%	15.76%	11.32%	-6.93%	23.90%	13.11%	9.61%	-11.44%	11.58%

Correlation

The correlation between FMDCX and BIGTX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.87

Over the past year, the correlation between FMDCX and BIGTX has dropped to 0.62 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

FMDCX vs. BIGTX — Risk / Return Rank

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

FMDCX

FMDCX Risk / Return Rank: 57
FMDCX Sharpe Ratio Rank: 46
FMDCX Sortino Ratio Rank: 50
FMDCX Omega Ratio Rank: 42
FMDCX Calmar Ratio Rank: 80
FMDCX Martin Ratio Rank: 69

BIGTX

BIGTX Risk / Return Rank: 76
BIGTX Sharpe Ratio Rank: 77
BIGTX Sortino Ratio Rank: 69
BIGTX Omega Ratio Rank: 60
BIGTX Calmar Ratio Rank: 88
BIGTX Martin Ratio Rank: 86

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.

FMDCX vs. BIGTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Mid Cap Index Fund (FMDCX) and The Texas Fund (BIGTX). 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.

	FMDCX	BIGTX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.55	-0.59
Sortino ratio: Return per unit of downside risk	2.95	3.45	-0.50
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.08
Calmar ratio: Return relative to maximum drawdown	3.58	4.37	-0.79
Martin ratio: Return relative to average drawdown	13.22	16.00	-2.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMDCX vs. BIGTX - Sharpe Ratio Comparison

The current FMDCX Sharpe Ratio is 1.96, which is comparable to the BIGTX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of FMDCX and BIGTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMDCX	BIGTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.55	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.07	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.12	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.09	+0.46

Drawdowns

FMDCX vs. BIGTX - Drawdown Comparison

The maximum FMDCX drawdown since its inception was -55.36%, smaller than the maximum BIGTX drawdown of -77.89%. Use the drawdown chart below to compare losses from any high point for FMDCX and BIGTX.

Drawdown Indicators

	FMDCX	BIGTX	Difference
Max Drawdown Largest peak-to-trough decline	-55.36%	-77.89%	+22.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-8.07%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-24.16%	-77.89%	+53.73%
Max Drawdown (5Y) Largest decline over 5 years	-24.16%	-77.89%	+53.73%
Max Drawdown (10Y) Largest decline over 10 years	-42.05%	-77.89%	+35.84%
Current Drawdown Current decline from peak	-0.12%	-65.13%	+65.01%
Average Drawdown Average peak-to-trough decline	-6.80%	-17.17%	+10.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.20%	+1.18%

Volatility

FMDCX vs. BIGTX - Volatility Comparison

Federated Hermes Mid Cap Index Fund (FMDCX) has a higher volatility of 4.49% compared to The Texas Fund (BIGTX) at 4.18%. This indicates that FMDCX's price experiences larger fluctuations and is considered to be riskier than BIGTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDCX	BIGTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	4.18%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	10.19%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.08%	13.90%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.35%	126.63%	-106.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.38%	90.62%	-69.24%

FMDCX vs. BIGTX - Expense Ratio Comparison

FMDCX has a 0.57% expense ratio, which is lower than BIGTX's 1.67% expense ratio.

Dividends

FMDCX vs. BIGTX - Dividend Comparison

FMDCX's dividend yield for the trailing twelve months is around 9.36%, more than BIGTX's 5.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIGTX The Texas Fund	5.88%	7.38%	3.52%	2.51%	3.06%	5.27%	0.07%	0.08%	2.27%	0.00%	0.00%	0.00%
FMDCX Federated Hermes Mid Cap Index Fund	9.36%	10.67%	15.63%	11.46%	12.33%	22.20%	15.60%	10.60%	26.14%	17.30%	11.41%	14.68%

Frequently Asked Questions

Can I hold both FMDCX and BIGTX in my portfolio?

FMDCX and BIGTX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMDCX or BIGTX?

FMDCX has higher volatility (4.49%) compared to BIGTX (4.18%). In terms of maximum drawdown, FMDCX dropped -55.36% vs BIGTX's -77.89%.

Which has better risk-adjusted returns?

BIGTX currently has the higher Sharpe Ratio (2.55 vs 1.96), 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.