SMLL vs. FGSM

Last updated Jun 4, 2026

SMLL (Harbor Active Small Cap ETF) and FGSM (Frontier Asset Global Small Cap Equity ETF) are both exchange-traded funds - SMLL is a Small Cap Blend Equities fund actively managed by Harbor, while FGSM is a Global Equities fund actively managed by Frontier. Both are actively managed. Over the past year, SMLL returned -1.64% vs 32.27% for FGSM. Their correlation of 0.82 suggests significant overlap in exposure. SMLL charges 0.80%/yr vs 0.90%/yr for FGSM.

Performance

SMLL vs. FGSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Active Small Cap ETF (SMLL) 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, SMLL achieves a 1.85% return, which is significantly lower than FGSM's 13.99% return.

SMLL

• 1D: -1.27%
• 1M: 0.05%
• YTD: 1.85%
• 6M: 1.53%
• 1Y: -1.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FGSM

• 1D: -0.71%
• 1M: 2.97%
• YTD: 13.99%
• 6M: 14.77%
• 1Y: 32.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMLL vs. FGSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMLL Harbor Active Small Cap ETF	1.85%	-6.31%	-0.19%
FGSM Frontier Asset Global Small Cap Equity ETF	13.99%	21.33%	0.24%

Correlation

The correlation between SMLL and FGSM is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Dec 23, 2024	0.82

The correlation between SMLL and FGSM has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

Return for Risk

SMLL vs. FGSM — Risk / Return Rank

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

SMLL

SMLL Risk / Return Rank: 8
SMLL Sharpe Ratio Rank: 8
SMLL Sortino Ratio Rank: 8
SMLL Omega Ratio Rank: 8
SMLL Calmar Ratio Rank: 8
SMLL Martin Ratio Rank: 8

FGSM

FGSM Risk / Return Rank: 68
FGSM Sharpe Ratio Rank: 67
FGSM Sortino Ratio Rank: 69
FGSM Omega Ratio Rank: 64
FGSM Calmar Ratio Rank: 68
FGSM Martin Ratio Rank: 70

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.

SMLL vs. FGSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Active Small Cap ETF (SMLL) 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.

	SMLL	FGSM	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	2.19	-2.29
Sortino ratio: Return per unit of downside risk	-0.01	3.11	-3.12
Omega ratio: Gain probability vs. loss probability	1.00	1.38	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.11	3.29	-3.40
Martin ratio: Return relative to average drawdown	-0.22	12.79	-13.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLL vs. FGSM - Sharpe Ratio Comparison

The current SMLL Sharpe Ratio is -0.09, which is lower than the FGSM Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of SMLL 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.

Sharpe Ratios by Period

	SMLL	FGSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.09	2.19	-2.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	1.44	-1.28

Drawdowns

SMLL vs. FGSM - Drawdown Comparison

The maximum SMLL drawdown since its inception was -23.56%, which is greater than FGSM's maximum drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for SMLL and FGSM.

Drawdown Indicators

	SMLL	FGSM	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-17.72%	-5.84%
Max Drawdown (1Y) Largest decline over 1 year	-15.53%	-9.84%	-5.69%
Current Drawdown Current decline from peak	-11.47%	-0.80%	-10.67%
Average Drawdown Average peak-to-trough decline	-8.71%	-2.21%	-6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.60%	2.53%	+5.07%

Volatility

SMLL vs. FGSM - Volatility Comparison

Harbor Active Small Cap ETF (SMLL) and Frontier Asset Global Small Cap Equity ETF (FGSM) have volatilities of 4.26% and 4.40%, 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

	SMLL	FGSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	4.40%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.80%	11.03%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	17.46%	14.80%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.39%	17.81%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.39%	17.81%	+2.58%

SMLL vs. FGSM - Expense Ratio Comparison

SMLL has a 0.80% expense ratio, which is lower than FGSM's 0.90% expense ratio.

Dividends

SMLL vs. FGSM - Dividend Comparison

SMLL's dividend yield for the trailing twelve months is around 2.33%, more than FGSM's 1.36% yield.

Position	TTM	2025	2024
FGSM Frontier Asset Global Small Cap Equity ETF	1.36%	1.56%	0.00%
SMLL Harbor Active Small Cap ETF	2.33%	2.37%	0.52%

Frequently Asked Questions

Can I hold both SMLL and FGSM in my portfolio?

SMLL and FGSM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLL or FGSM?

FGSM has higher volatility (4.40%) compared to SMLL (4.26%). In terms of maximum drawdown, SMLL dropped -23.56% vs FGSM's -17.72%.

Which ETF is better, SMLL or FGSM?

On 1-year performance, FGSM leads with 32.27% vs -1.64% for SMLL. On fees, SMLL is cheaper at 0.80% per year. On volatility, SMLL has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLL or FGSM?

Over the 1-year period, FGSM has performed better with a 32.27% return vs -1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLL or FGSM?

SMLL is cheaper with a 0.80% expense ratio, compared with 0.90% for FGSM.

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

SMLL has the higher dividend yield at 2.33%, compared with 1.36% for FGSM.

What is the main difference between SMLL and FGSM?

SMLL is categorized as Small Cap Blend Equities, while FGSM is Global Equities. They also come from different issuers: Harbor and Frontier. Their fees differ too: 0.80% for SMLL and 0.90% for FGSM.

Which has better risk-adjusted returns?

FGSM currently has the higher Sharpe Ratio (2.19 vs -0.09), 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.