The Magnetospheric Multiscale mission (MMS) targets the characterization of fine-scale current structures in the Earth's tail and magnetopause. The high speed of these structures, when traversing one of the MMS spacecraft, creates magnetic field signatures that cross the sensitive frequency bands of both search coil and fluxgate magnetometers. Higher data quality for analysis of these events can be achieved by combining data from both instrument types and using the frequency bands with best sensitivity and signal-to-noise ratio from both sensors. This can be achieved by a model-based frequency compensation approach which requires the precise knowledge of instrument gain and phase properties. We discuss relevant aspects of the instrument design and the ground calibration activities, describe the model development and explain the application on in-flight data. Finally, we show the precision of this method by comparison of in-flight data. It confirms unity gain and a time difference of less than 100 µs between the different magnetometer instruments.