PIPAX vs. FGSAX

Last updated Jun 23, 2026

PIPAX (PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) Class A) and FGSAX (Federated Hermes MDT Mid Cap Growth Fund) are both mutual funds - PIPAX is a Foreign Large Cap Equities fund managed by PIMCO, while FGSAX is a Mid Cap Growth Equities fund managed by Federated. Over the past 10 years, PIPAX returned 12.17%/yr vs 15.02%/yr for FGSAX. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 1.15% expense ratio.

Performance

PIPAX vs. FGSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) Class A (PIPAX) and Federated Hermes MDT Mid Cap Growth Fund (FGSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIPAX achieves a 12.78% return, which is significantly higher than FGSAX's -0.33% return. Over the past 10 years, PIPAX has underperformed FGSAX with an annualized return of 12.17%, while FGSAX has yielded a comparatively higher 15.02% annualized return.

PIPAX

• 1D: -0.22%
• 1M: 4.18%
• YTD: 12.78%
• 6M: 6.06%
• 1Y: 22.60%
• 3Y*: 16.41%
• 5Y*: 11.62%
• 10Y*: 12.17%

FGSAX

• 1D: 0.90%
• 1M: 0.33%
• YTD: -0.33%
• 6M: -1.24%
• 1Y: 3.32%
• 3Y*: 17.71%
• 5Y*: 9.71%
• 10Y*: 15.02%

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

PIPAX vs. FGSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIPAX PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) Class A	12.78%	16.57%	14.37%	21.29%	-9.30%	18.02%	3.78%	25.94%	-10.40%	18.30%
FGSAX Federated Hermes MDT Mid Cap Growth Fund	-0.33%	10.54%	32.97%	27.05%	-24.60%	22.39%	35.50%	27.95%	-3.23%	24.38%

Correlation

The correlation between PIPAX and FGSAX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Dec 30, 2003	0.60

Over the past year, the correlation between PIPAX and FGSAX has dropped to 0.25 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

Return for Risk

PIPAX vs. FGSAX — Risk / Return Rank

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

PIPAX

PIPAX Risk / Return Rank: 32
PIPAX Sharpe Ratio Rank: 30
PIPAX Sortino Ratio Rank: 25
PIPAX Omega Ratio Rank: 39
PIPAX Calmar Ratio Rank: 32
PIPAX Martin Ratio Rank: 33

FGSAX

FGSAX Risk / Return Rank: 4
FGSAX Sharpe Ratio Rank: 4
FGSAX Sortino Ratio Rank: 4
FGSAX Omega Ratio Rank: 4
FGSAX Calmar Ratio Rank: 4
FGSAX Martin Ratio Rank: 4

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.

PIPAX vs. FGSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) Class A (PIPAX) and Federated Hermes MDT Mid Cap Growth Fund (FGSAX). 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.

	PIPAX	FGSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.17	+1.28
Sortino ratio: Return per unit of downside risk	1.96	0.37	+1.59
Omega ratio: Gain probability vs. loss probability	1.31	1.05	+0.26
Calmar ratio: Return relative to maximum drawdown	2.03	0.21	+1.81
Martin ratio: Return relative to average drawdown	7.03	0.58	+6.45

PIPAX vs. FGSAX - Sharpe Ratio Comparison

The current PIPAX Sharpe Ratio is 1.45, which is higher than the FGSAX Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of PIPAX and FGSAX, 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

PIPAX vs. FGSAX - Drawdown Comparison

The maximum PIPAX drawdown since its inception was -57.80%, smaller than the maximum FGSAX drawdown of -66.17%. Use the drawdown chart below to compare losses from any high point for PIPAX and FGSAX.

Drawdown Indicators

	PIPAX	FGSAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.80%	-66.17%	+8.37%
Max Drawdown (1Y) Largest decline over 1 year	-10.72%	-13.73%	+3.01%
Max Drawdown (3Y) Largest decline over 3 years	-15.24%	-24.51%	+9.27%
Max Drawdown (5Y) Largest decline over 5 years	-19.17%	-35.79%	+16.62%
Max Drawdown (10Y) Largest decline over 10 years	-35.55%	-37.19%	+1.64%
Current Drawdown Current decline from peak	-0.22%	-4.95%	+4.73%
Average Drawdown Average peak-to-trough decline	-7.34%	-16.13%	+8.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	5.04%	-1.96%

Volatility

PIPAX vs. FGSAX - Volatility Comparison

The current volatility for PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) Class A (PIPAX) is 3.64%, while Federated Hermes MDT Mid Cap Growth Fund (FGSAX) has a volatility of 5.53%. This indicates that PIPAX experiences smaller price fluctuations and is considered to be less risky than FGSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPAX	FGSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	5.53%	-1.89%
Volatility (6M) Calculated over the trailing 6-month period	13.32%	13.24%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	17.39%	-2.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.32%	22.48%	-8.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.63%	22.35%	-7.72%

PIPAX vs. FGSAX - Expense Ratio Comparison

Both PIPAX and FGSAX have an expense ratio of 1.15%.

Dividends

PIPAX vs. FGSAX - Dividend Comparison

PIPAX's dividend yield for the trailing twelve months is around 5.38%, more than FGSAX's 4.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGSAX Federated Hermes MDT Mid Cap Growth Fund	4.94%	4.92%	4.32%	0.00%	2.31%	25.75%	7.07%	8.13%	14.46%	13.93%	0.89%	25.34%
PIPAX PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) Class A	5.38%	5.61%	12.69%	10.56%	10.66%	7.59%	1.44%	11.71%	8.25%	7.38%	0.78%	8.16%

Frequently Asked Questions

Can I hold both PIPAX and FGSAX in my portfolio?

PIPAX and FGSAX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIPAX or FGSAX?

FGSAX has higher volatility (5.53%) compared to PIPAX (3.64%). In terms of maximum drawdown, PIPAX dropped -57.80% vs FGSAX's -66.17%.

Which has better risk-adjusted returns?

PIPAX currently has the higher Sharpe Ratio (1.45 vs 0.17), 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.