FMDCX vs. LLSCX

Last updated Jun 24, 2026

FMDCX (Federated Hermes Mid Cap Index Fund) and LLSCX (Longleaf Partners Small-Cap Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, FMDCX returned 11.38%/yr vs 6.00%/yr for LLSCX. A 0.77 correlation means they provide meaningful diversification when combined. FMDCX charges 0.57%/yr vs 0.95%/yr for LLSCX.

Performance

FMDCX vs. LLSCX - Performance Comparison

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

Returns By Period

In the year-to-date period, FMDCX achieves a 15.81% return, which is significantly higher than LLSCX's -7.36% return. Over the past 10 years, FMDCX has outperformed LLSCX with an annualized return of 11.38%, while LLSCX has yielded a comparatively lower 6.00% annualized return.

FMDCX

• 1D: 0.41%
• 1M: 3.75%
• YTD: 15.81%
• 6M: 13.76%
• 1Y: 25.82%
• 3Y*: 16.16%
• 5Y*: 8.62%
• 10Y*: 11.38%

LLSCX

• 1D: -0.88%
• 1M: -1.68%
• YTD: -7.36%
• 6M: -7.74%
• 1Y: -4.20%
• 3Y*: 7.77%
• 5Y*: 0.69%
• 10Y*: 6.00%

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

FMDCX vs. LLSCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMDCX Federated Hermes Mid Cap Index Fund	15.81%	6.95%	13.34%	16.38%	-13.88%	25.28%	13.37%	25.36%	-11.51%	15.43%
LLSCX Longleaf Partners Small-Cap Fund	-7.36%	7.56%	9.69%	20.17%	-19.25%	11.18%	4.17%	27.74%	-6.52%	9.07%

Correlation

The correlation between FMDCX and LLSCX is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 5, 1992	0.77

Over the past year, the correlation between FMDCX and LLSCX has dropped to 0.50 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

FMDCX vs. LLSCX — Risk / Return Rank

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

FMDCX

FMDCX Risk / Return Rank: 67
FMDCX Sharpe Ratio Rank: 57
FMDCX Sortino Ratio Rank: 63
FMDCX Omega Ratio Rank: 50
FMDCX Calmar Ratio Rank: 85
FMDCX Martin Ratio Rank: 82

LLSCX

LLSCX Risk / Return Rank: 1
LLSCX Sharpe Ratio Rank: 2
LLSCX Sortino Ratio Rank: 2
LLSCX Omega Ratio Rank: 2
LLSCX Calmar Ratio Rank: 1
LLSCX Martin Ratio Rank: 1

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. LLSCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Mid Cap Index Fund (FMDCX) and Longleaf Partners Small-Cap Fund (LLSCX). 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.

	FMDCX	LLSCX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	-0.31	+2.36
Sortino ratio: Return per unit of downside risk	3.03	-0.34	+3.38
Omega ratio: Gain probability vs. loss probability	1.35	0.96	+0.39
Calmar ratio: Return relative to maximum drawdown	3.84	-0.35	+4.20
Martin ratio: Return relative to average drawdown	14.22	-0.81	+15.03

FMDCX vs. LLSCX - Sharpe Ratio Comparison

The current FMDCX Sharpe Ratio is 2.05, which is higher than the LLSCX Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of FMDCX and LLSCX, 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

FMDCX vs. LLSCX - Drawdown Comparison

The maximum FMDCX drawdown since its inception was -55.36%, smaller than the maximum LLSCX drawdown of -63.97%. Use the drawdown chart below to compare losses from any high point for FMDCX and LLSCX.

Drawdown Indicators

	FMDCX	LLSCX	Difference
Max Drawdown Largest peak-to-trough decline	-55.36%	-63.97%	+8.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-11.44%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	-24.16%	-15.40%	-8.76%
Max Drawdown (5Y) Largest decline over 5 years	-24.16%	-26.67%	+2.51%
Max Drawdown (10Y) Largest decline over 10 years	-42.05%	-42.23%	+0.18%
Current Drawdown Current decline from peak	0.00%	-11.44%	+11.44%
Average Drawdown Average peak-to-trough decline	-6.79%	-8.90%	+2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	5.00%	-2.68%

Volatility

FMDCX vs. LLSCX - Volatility Comparison

Federated Hermes Mid Cap Index Fund (FMDCX) has a higher volatility of 4.58% compared to Longleaf Partners Small-Cap Fund (LLSCX) at 4.07%. This indicates that FMDCX's price experiences larger fluctuations and is considered to be riskier than LLSCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDCX	LLSCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.07%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	9.02%	+3.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.48%	13.14%	+3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.37%	16.98%	+3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.41%	24.60%	-3.19%

FMDCX vs. LLSCX - Expense Ratio Comparison

FMDCX has a 0.57% expense ratio, which is lower than LLSCX's 0.95% expense ratio.

Dividends

FMDCX vs. LLSCX - Dividend Comparison

FMDCX's dividend yield for the trailing twelve months is around 9.19%, more than LLSCX's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDCX Federated Hermes Mid Cap Index Fund	9.19%	10.67%	15.63%	11.46%	12.33%	22.20%	15.60%	10.60%	26.14%	17.30%	11.41%	14.68%
LLSCX Longleaf Partners Small-Cap Fund	1.27%	1.17%	0.11%	0.94%	1.20%	0.82%	5.85%	14.89%	18.13%	8.43%	18.01%	5.91%

Frequently Asked Questions

Can I hold both FMDCX and LLSCX in my portfolio?

FMDCX and LLSCX have a correlation of 0.50, 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 LLSCX?

FMDCX has higher volatility (4.58%) compared to LLSCX (4.07%). In terms of maximum drawdown, FMDCX dropped -55.36% vs LLSCX's -63.97%.

Which has better risk-adjusted returns?

FMDCX currently has the higher Sharpe Ratio (2.05 vs -0.31), 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.