FOPC vs. FGSM

Last updated Jun 23, 2026

FOPC (Frontier Asset Opportunistic Credit ETF) and FGSM (Frontier Asset Global Small Cap Equity ETF) are both exchange-traded funds - FOPC is a Multisector Bonds fund actively managed by Frontier, while FGSM is a Global Equities fund actively managed by Frontier. Both are actively managed. Over the past year, FOPC returned 4.15% vs 34.41% for FGSM. At a 0.34 correlation, their price movements are largely independent. FOPC charges 0.87%/yr vs 0.90%/yr for FGSM.

Performance

FOPC vs. FGSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier Asset Opportunistic Credit ETF (FOPC) and Frontier Asset Global Small Cap Equity ETF (FGSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOPC achieves a 0.42% return, which is significantly lower than FGSM's 15.80% return.

FOPC

• 1D: -0.20%
• 1M: 0.31%
• YTD: 0.42%
• 6M: 0.56%
• 1Y: 4.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FGSM

• 1D: 0.31%
• 1M: 2.30%
• YTD: 15.80%
• 6M: 14.33%
• 1Y: 34.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FOPC vs. FGSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FOPC Frontier Asset Opportunistic Credit ETF	0.42%	6.54%	-0.20%
FGSM Frontier Asset Global Small Cap Equity ETF	15.80%	21.33%	-0.27%

Correlation

The correlation between FOPC and FGSM is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024	0.34

Return for Risk

FOPC vs. FGSM — Risk / Return Rank

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

FOPC

FOPC Risk / Return Rank: 41
FOPC Sharpe Ratio Rank: 42
FOPC Sortino Ratio Rank: 44
FOPC Omega Ratio Rank: 40
FOPC Calmar Ratio Rank: 39
FOPC Martin Ratio Rank: 40

FGSM

FGSM Risk / Return Rank: 73
FGSM Sharpe Ratio Rank: 74
FGSM Sortino Ratio Rank: 74
FGSM Omega Ratio Rank: 69
FGSM Calmar Ratio Rank: 72
FGSM Martin Ratio Rank: 74

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.

FOPC vs. FGSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier Asset Opportunistic Credit ETF (FOPC) and Frontier Asset Global Small Cap Equity ETF (FGSM). 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.

	FOPC	FGSM	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.27	-0.83
Sortino ratio: Return per unit of downside risk	2.13	3.19	-1.06
Omega ratio: Gain probability vs. loss probability	1.26	1.40	-0.14
Calmar ratio: Return relative to maximum drawdown	1.91	3.51	-1.60
Martin ratio: Return relative to average drawdown	6.17	13.59	-7.42

FOPC vs. FGSM - Sharpe Ratio Comparison

The current FOPC Sharpe Ratio is 1.44, which is lower than the FGSM Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of FOPC and FGSM, 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

FOPC vs. FGSM - Drawdown Comparison

The maximum FOPC drawdown since its inception was -2.18%, smaller than the maximum FGSM drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for FOPC and FGSM.

Drawdown Indicators

	FOPC	FGSM	Difference
Max Drawdown Largest peak-to-trough decline	-2.18%	-17.72%	+15.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-9.84%	+7.66%
Current Drawdown Current decline from peak	-1.01%	0.00%	-1.01%
Average Drawdown Average peak-to-trough decline	-0.44%	-2.17%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	2.54%	-1.87%

Volatility

FOPC vs. FGSM - Volatility Comparison

The current volatility for Frontier Asset Opportunistic Credit ETF (FOPC) is 0.95%, while Frontier Asset Global Small Cap Equity ETF (FGSM) has a volatility of 4.73%. This indicates that FOPC experiences smaller price fluctuations and is considered to be less risky than FGSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOPC	FGSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	4.73%	-3.78%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	11.59%	-9.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	15.26%	-12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.13%	17.84%	-14.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.13%	17.84%	-14.71%

FOPC vs. FGSM - Expense Ratio Comparison

FOPC has a 0.87% expense ratio, which is lower than FGSM's 0.90% expense ratio.

Dividends

FOPC vs. FGSM - Dividend Comparison

FOPC's dividend yield for the trailing twelve months is around 4.27%, more than FGSM's 1.34% yield.

Position	TTM	2025	2024
FGSM Frontier Asset Global Small Cap Equity ETF	1.34%	1.56%	0.00%
FOPC Frontier Asset Opportunistic Credit ETF	4.27%	4.42%	0.06%

Frequently Asked Questions

Can I hold both FOPC and FGSM in my portfolio?

FOPC and FGSM have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOPC or FGSM?

FGSM has higher volatility (4.73%) compared to FOPC (0.95%). In terms of maximum drawdown, FOPC dropped -2.18% vs FGSM's -17.72%.

Which ETF is better, FOPC or FGSM?

On 1-year performance, FGSM leads with 34.41% vs 4.15% for FOPC. On fees, FOPC is cheaper at 0.87% per year. On volatility, FOPC has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FOPC or FGSM?

Over the 1-year period, FGSM has performed better with a 34.41% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FOPC or FGSM?

FOPC is cheaper with a 0.87% expense ratio, compared with 0.90% for FGSM.

Which ETF pays a higher dividend yield, FOPC or FGSM?

FOPC has the higher dividend yield at 4.27%, compared with 1.34% for FGSM.

What is the main difference between FOPC and FGSM?

FOPC is categorized as Multisector Bonds, while FGSM is Global Equities. Their fees differ too: 0.87% for FOPC and 0.90% for FGSM.

Which has better risk-adjusted returns?

FGSM currently has the higher Sharpe Ratio (2.27 vs 1.44), 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.