FMGIX vs. FLIAX

Last updated Aug 1, 2026

FMGIX (Frontier MFG Core Infrastructure Fund) and FLIAX (First Sentier American Listed Infrastructure Fund) are both Infrastructure Equities funds. Over the past 5 years, FMGIX returned 12.12%/yr vs 6.55%/yr for FLIAX. Their correlation of 0.81 means they have usually moved in the same direction. FMGIX charges 0.50%/yr vs 0.75%/yr for FLIAX.

Performance

FMGIX vs. FLIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier MFG Core Infrastructure Fund (FMGIX) and First Sentier American Listed Infrastructure Fund (FLIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMGIX achieves a 8.65% return, which is significantly lower than FLIAX's 17.06% return.

FMGIX

• 1D: 0.29%
• 1M: -1.35%
• 6M: 4.62%
• YTD: 8.65%
• 1Y: 12.99%
• 3Y*: 21.68%
• 5Y*: 12.12%
• 10Y*: 9.69%
• ALL TIME*: 10.38%

FLIAX

• 1D: -0.69%
• 1M: -0.26%
• 6M: 13.04%
• YTD: 17.06%
• 1Y: 8.36%
• 3Y*: 10.28%
• 5Y*: 6.55%
• 10Y*: —
• ALL TIME*: 8.17%

*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)
FLIAX First Sentier American Listed Infrastructure Fund	$0.00	$0.00	$0.00
FMGIX Frontier MFG Core Infrastructure Fund	$0.00	$0.00	$0.00

FMGIX vs. FLIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMGIX Frontier MFG Core Infrastructure Fund	8.65%	22.67%	34.26%	4.86%	-9.46%	15.88%
FLIAX First Sentier American Listed Infrastructure Fund	17.06%	-0.20%	12.21%	0.59%	-5.85%	24.12%

Correlation

The correlation between FMGIX and FLIAX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Jan 25, 2021	0.81

The correlation between FMGIX and FLIAX shifts across timeframes, from 0.66 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMGIX vs. FLIAX — Risk / Return Rank

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

FMGIX

FMGIX Risk / Return Rank: 45
FMGIX Sharpe Ratio Rank: 47
FMGIX Sortino Ratio Rank: 42
FMGIX Omega Ratio Rank: 44
FMGIX Calmar Ratio Rank: 54
FMGIX Martin Ratio Rank: 36

FLIAX

FLIAX Risk / Return Rank: 15
FLIAX Sharpe Ratio Rank: 14
FLIAX Sortino Ratio Rank: 12
FLIAX Omega Ratio Rank: 17
FLIAX Calmar Ratio Rank: 14
FLIAX Martin Ratio Rank: 17

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.

FMGIX vs. FLIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier MFG Core Infrastructure Fund (FMGIX) and First Sentier American Listed Infrastructure Fund (FLIAX). 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.

	FMGIX	FLIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	0.60	+0.69
Sortino ratio: Return per unit of downside risk	1.78	0.84	+0.94
Omega ratio: Gain probability vs. loss probability	1.23	1.13	+0.10
Calmar ratio: Return relative to maximum drawdown	1.92	0.77	+1.15
Martin ratio: Return relative to average drawdown	5.33	2.52	+2.81

FMGIX vs. FLIAX - Sharpe Ratio Comparison

The current FMGIX Sharpe Ratio is 1.29, which is higher than the FLIAX Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of FMGIX and FLIAX, 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

FMGIX vs. FLIAX - Drawdown Comparison

The maximum FMGIX drawdown since its inception was -57.57%, which is greater than FLIAX's maximum drawdown of -23.23%. Use the drawdown chart below to compare losses from any high point for FMGIX and FLIAX.

Drawdown Indicators

	FMGIX	FLIAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.57%	-23.23%	-34.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.11%	-12.50%	+5.39%
Max Drawdown (3Y) Largest decline over 3 years	-20.56%	-12.50%	-8.06%
Max Drawdown (5Y) Largest decline over 5 years	-26.61%	-23.23%	-3.38%
Max Drawdown (10Y) Largest decline over 10 years	-57.57%	—	—
Current Drawdown Current decline from peak	-3.53%	-3.19%	-0.34%
Average Drawdown Average peak-to-trough decline	-5.32%	-6.31%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.60%	-1.04%

Volatility

FMGIX vs. FLIAX - Volatility Comparison

The current volatility for Frontier MFG Core Infrastructure Fund (FMGIX) is 3.18%, while First Sentier American Listed Infrastructure Fund (FLIAX) has a volatility of 4.19%. This indicates that FMGIX experiences smaller price fluctuations and is considered to be less risky than FLIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMGIX	FLIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	4.19%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	9.02%	10.32%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	10.58%	15.99%	-5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.53%	16.14%	+12.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.56%	15.78%	+36.78%

FMGIX vs. FLIAX - Expense Ratio Comparison

FMGIX has a 0.50% expense ratio, which is lower than FLIAX's 0.75% expense ratio.

Dividends

FMGIX vs. FLIAX - Dividend Comparison

FMGIX's dividend yield for the trailing twelve months is around 30.68%, while FLIAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLIAX First Sentier American Listed Infrastructure Fund	0.00%	0.00%	6.21%	2.90%	19.90%	5.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMGIX Frontier MFG Core Infrastructure Fund	30.68%	33.65%	48.77%	4.79%	3.98%	2.63%	2.38%	2.63%	3.09%	3.15%	2.83%	2.79%

Frequently Asked Questions

Can I hold both FMGIX and FLIAX in my portfolio?

FMGIX and FLIAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMGIX or FLIAX?

FLIAX has higher volatility (4.19%) compared to FMGIX (3.18%). In terms of maximum drawdown, FMGIX dropped -57.57% vs FLIAX's -23.23%.

Which has better risk-adjusted returns?

FMGIX currently has the higher Sharpe Ratio (1.29 vs 0.60), 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.