SMDX vs. FGSM

Last updated Aug 2, 2026

SMDX (Intech S&P Small-Mid Cap Diversified Alpha ETF) and FGSM (Frontier Asset Global Small Cap Equity ETF) are both exchange-traded funds - SMDX is a Small Cap Blend Equities fund actively managed by Intech, while FGSM is a Global Equities fund actively managed by Frontier. Both are actively managed. Over the past year, SMDX returned 27.07% vs 30.24% for FGSM. Their correlation of 0.89 means they have usually moved in the same direction. SMDX charges 0.35%/yr vs 0.90%/yr for FGSM.

Performance

SMDX vs. FGSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) and Frontier Asset Global Small Cap Equity ETF (FGSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SMDX having a 16.32% return and FGSM slightly lower at 15.95%.

SMDX

• 1D: -0.19%
• 1M: -0.58%
• 6M: 11.52%
• YTD: 16.32%
• 1Y: 27.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.36%

FGSM

• 1D: -0.22%
• 1M: -0.06%
• 6M: 9.69%
• YTD: 15.95%
• 1Y: 30.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.42%

*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)
FGSM Frontier Asset Global Small Cap Equity ETF	$98.06K	$85.57K	$284.42K
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	$1.21K	$3.64K	$6.44K

SMDX vs. FGSM - Yearly Performance Comparison

	2026 (YTD)	2025
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	16.32%	14.46%
FGSM Frontier Asset Global Small Cap Equity ETF	15.95%	21.82%

Correlation

The correlation between SMDX and FGSM is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	0.89

The correlation between SMDX and FGSM has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

SMDX vs. FGSM — Risk / Return Rank

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

SMDX

SMDX Risk / Return Rank: 72
SMDX Sharpe Ratio Rank: 67
SMDX Sortino Ratio Rank: 72
SMDX Omega Ratio Rank: 65
SMDX Calmar Ratio Rank: 80
SMDX Martin Ratio Rank: 78

FGSM

FGSM Risk / Return Rank: 83
FGSM Sharpe Ratio Rank: 83
FGSM Sortino Ratio Rank: 84
FGSM Omega Ratio Rank: 81
FGSM Calmar Ratio Rank: 81
FGSM Martin Ratio Rank: 84

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.

SMDX vs. FGSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) 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.

	SMDX	FGSM	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.94	-0.39
Sortino ratio: Return per unit of downside risk	2.35	2.78	-0.44
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	2.90	2.98	-0.08
Martin ratio: Return relative to average drawdown	10.11	11.69	-1.57

SMDX vs. FGSM - Sharpe Ratio Comparison

The current SMDX Sharpe Ratio is 1.55, which is comparable to the FGSM Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of SMDX 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

SMDX vs. FGSM - Drawdown Comparison

The maximum SMDX drawdown since its inception was -14.52%, smaller than the maximum FGSM drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for SMDX and FGSM.

Drawdown Indicators

	SMDX	FGSM	Difference
Max Drawdown Largest peak-to-trough decline	-14.52%	-17.72%	+3.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.66%	-9.84%	+1.18%
Current Drawdown Current decline from peak	-2.17%	-0.85%	-1.32%
Average Drawdown Average peak-to-trough decline	-2.26%	-2.08%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	2.51%	-0.03%

Volatility

SMDX vs. FGSM - Volatility Comparison

Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) and Frontier Asset Global Small Cap Equity ETF (FGSM) have volatilities of 3.53% and 3.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMDX	FGSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	3.70%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	11.68%	11.67%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	15.15%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.44%	17.48%	+2.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.44%	17.48%	+2.96%

SMDX vs. FGSM - Expense Ratio Comparison

SMDX has a 0.35% expense ratio, which is lower than FGSM's 0.90% expense ratio.

Dividends

SMDX vs. FGSM - Dividend Comparison

SMDX's dividend yield for the trailing twelve months is around 0.52%, less than FGSM's 1.29% yield.

Position	TTM	2025
FGSM Frontier Asset Global Small Cap Equity ETF	1.29%	1.56%
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	0.52%	0.61%

Frequently Asked Questions

Can I hold both SMDX and FGSM in my portfolio?

With a correlation of 0.92, SMDX and FGSM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SMDX or FGSM?

FGSM has higher volatility (3.70%) compared to SMDX (3.53%). In terms of maximum drawdown, SMDX dropped -14.52% vs FGSM's -17.72%.

Which ETF is better, SMDX or FGSM?

On 1-year performance, FGSM leads with 30.24% vs 27.07% for SMDX. On fees, SMDX is cheaper at 0.35% per year. On volatility, SMDX has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDX or FGSM?

Over the 1-year period, FGSM has performed better with a 30.24% return vs 27.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDX or FGSM?

SMDX is cheaper with a 0.35% expense ratio, compared with 0.90% for FGSM.

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

FGSM has the higher dividend yield at 1.29%, compared with 0.52% for SMDX.

What is the main difference between SMDX and FGSM?

SMDX is categorized as Small Cap Blend Equities, while FGSM is Global Equities. They also come from different issuers: Intech and Frontier. Their fees differ too: 0.35% for SMDX and 0.90% for FGSM.

Which has better risk-adjusted returns?

FGSM currently has the higher Sharpe Ratio (1.94 vs 1.55), 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.