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Federated Hermes Government Ultrashort Fund (FGUSX...
Performance
Return for Risk
Dividends
Drawdowns
Volatility

Federated Hermes Government Ultrashort Fund (FGUSX)

Mutual Fund · Currency in USD · Last updated Apr 1, 2026

The fund's overall strategy is to invest in a portfolio of U.S. government securities and U.S. government agency securities (including mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises (GSEs)) with an overall dollar-weighted average duration of one year or less. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Within the one-year duration constraint, the Adviser will seek to increase the fund's current income by lengthening or shortening portfolio duration based on its interest rate outlook.

Fund Info

ISIN
US31420B8880
CUSIP
31420B888
Issuer
Federated
Inception Date
Jul 10, 1997
Category
Ultrashort Bond
Min. Investment
$1,000,000
Distribution Policy
Distributing
Asset Class
Bond

Share Price Chart

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Federated Hermes Government Ultrashort Fund

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Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Federated Hermes Government Ultrashort Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

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S&P 500 Index

Returns By Period

Federated Hermes Government Ultrashort Fund (FGUSX) has returned 0.48% so far this year and 4.36% over the past 12 months.

Federated Hermes Government Ultrashort Fund

1D
0.00%
1M
-0.30%
YTD
0.48%
6M
1.82%
1Y
4.36%
3Y*
4.55%
5Y*
—
10Y*
—

Benchmark (S&P 500 Index)

1D
2.91%
1M
-5.09%
YTD
-4.63%
6M
-2.39%
1Y
16.33%
3Y*
16.69%
5Y*
10.18%
10Y*
12.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Dec 27, 2022, FGUSX's average daily return is +0.02%, while the average monthly return is +0.38%. At this rate, your investment would double in approximately 15.2 years.

Historically, 95% of months were positive and 5% were negative. The best month was Nov 2023 with a return of +0.9%, while the worst month was Oct 2023 at -0.3%. The longest winning streak lasted 28 consecutive months, and the longest losing streak was 1 months.

On a daily basis, FGUSX closed higher 14% of trading days. The best single day was Aug 31, 2023 with a return of +0.6%, while the worst single day was Mar 3, 2023 at -0.2%.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
20260.35%0.43%-0.30%0.48%
20250.42%0.59%0.29%0.29%0.29%0.49%0.40%0.50%0.49%0.39%0.47%0.47%5.22%
20240.37%0.46%0.20%0.27%0.58%0.00%0.67%0.57%0.46%0.14%0.62%0.22%4.67%
20230.45%0.36%0.48%0.42%0.25%0.43%0.25%0.38%0.16%-0.31%0.89%0.78%4.61%
20220.33%0.33%

Benchmark Metrics

Federated Hermes Government Ultrashort Fund has an annualized alpha of 4.74%, beta of 0.00, and R² of 0.00 versus S&P 500 Index. Calculated based on daily prices since December 28, 2022.

  • This fund captured 11.58% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -9.72%) — a profile typical of hedging or uncorrelated assets.
  • Beta of 0.00 may look defensive, but with R² of 0.00 this fund is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
  • R² of 0.00 means this fund moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
Alpha
4.74%
Beta
0.00
R²
0.00
Upside Capture
11.58%
Downside Capture
-9.72%

Expense Ratio

FGUSX has an expense ratio of 0.26%, which is considered low.

Return for Risk

Risk / Return Rank

FGUSX ranks 99 for risk / return — in the top 99% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

FGUSX Risk / Return Rank: 9999
Overall Rank
FGUSX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
FGUSX Sortino Ratio Rank: 100100
Sortino Ratio Rank
FGUSX Omega Ratio Rank: 9999
Omega Ratio Rank
FGUSX Calmar Ratio Rank: 100100
Calmar Ratio Rank
FGUSX Martin Ratio Rank: 9999
Martin Ratio Rank
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.

Return / Risk — by metrics

The table below present risk-adjusted performance metrics for Federated Hermes Government Ultrashort Fund (FGUSX) and compare them to a chosen benchmark (S&P 500 Index).

FGUSXBenchmarkDifference

Sharpe ratio

Return per unit of total volatility

3.24

0.90

+2.34

Sortino ratio

Return per unit of downside risk

10.04

1.39

+8.65

Omega ratio

Gain probability vs. loss probability

3.19

1.21

+1.98

Calmar ratio

Return relative to maximum drawdown

15.63

1.40

+14.23

Martin ratio

Return relative to average drawdown

47.88

6.61

+41.28

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Explore FGUSX risk-adjusted metrics in detail

Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.

FGUSX Sortino RatioFGUSX Sharpe Ratio

Dividends

Dividend History

Federated Hermes Government Ultrashort Fund provided a 4.15% dividend yield over the last twelve months, with an annual payout of $0.41 per share.

0.00%1.00%2.00%3.00%4.00%5.00%$0.00$0.10$0.20$0.30$0.40$0.502022202320242025
Dividends
Dividend Yield
PeriodTTM2025202420232022
Dividend$0.41$0.46$0.45$0.46$0.03

Dividend yield

4.15%4.66%4.56%4.70%0.33%

Monthly Dividends

The table displays the monthly dividend distributions for Federated Hermes Government Ultrashort Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
2026$0.03$0.03$0.00$0.07
2025$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.46
2024$0.05$0.05$0.00$0.05$0.05$0.00$0.05$0.05$0.05$0.04$0.04$0.04$0.45
2023$0.03$0.04$0.04$0.04$0.04$0.04$0.04$0.05$0.05$0.00$0.05$0.05$0.46
2022$0.03$0.03

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the Federated Hermes Government Ultrashort Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Federated Hermes Government Ultrashort Fund was 0.31%, occurring on Oct 18, 2023. Recovery took 23 trading sessions.

The current Federated Hermes Government Ultrashort Fund drawdown is 0.30%.

Depth

Start

To Bottom

Bottom

To Recover

End

Total

-0.31%Oct 2, 202313Oct 18, 202323Nov 20, 202336
-0.31%Sep 1, 202318Sep 27, 20232Sep 29, 202320
-0.31%Aug 2, 202311Aug 16, 202311Aug 31, 202322
-0.31%Apr 1, 202411Apr 15, 202411Apr 30, 202422
-0.31%Apr 7, 20255Apr 11, 202512Apr 30, 202517

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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