- ISIN
- US3139071076
- CUSIP
- 313907107
- Issuer
- Federated
- Inception Date
- Aug 20, 1981
- Category
- Municipal Bonds
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
FSHIX Performance Chart
Federated Hermes Short-Intermediate Municipal Fund (FSHIX) is up 0.4% since the beginning of the year. FSHIX is currently trading at $10 per share. Investors who bought $1,000 worth of FSHIX shares 5 years ago would now be looking at an investment worth $1,069.
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Returns By Period
Federated Hermes Short-Intermediate Municipal Fund (FSHIX) has returned 0.39% so far this year and 1.98% over the past 12 months. Over the last ten years, FSHIX has returned 1.46% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Federated Hermes Short-Intermediate Municipal Fund
- 1D
- 0.00%
- 1M
- -0.60%
- 6M
- -0.01%
- YTD
- 0.39%
- 1Y
- 1.98%
- 3Y*
- 3.26%
- 5Y*
- 1.35%
- 10Y*
- 1.46%
- ALL TIME*
- 2.41%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
FSHIX Monthly Returns History
Based on dividend-adjusted daily data since Sep 4, 1981, FSHIX's average daily return is +0.01%, while the average monthly return is +0.20%. At this rate, an investment would double in approximately 28.9 years.
Historically, 71% of months were positive and 29% were negative. The best month was Nov 2023 with a return of +2.5%, while the worst month was Mar 2020 at -3.4%. The longest winning streak lasted 29 consecutive months, and the longest losing streak was 5 months.
On a daily basis, FSHIX closed higher 19% of trading days. The best single day was Aug 20, 2025 with a return of +2.8%, while the worst single day was Aug 19, 2025 at -2.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.40% | 0.49% | -0.93% | 0.45% | 0.24% | 0.34% | -0.60% | 0.39% | |||||
| 2025 | 0.89% | 0.73% | -0.10% | 0.09% | 0.45% | 0.74% | 0.44% | 0.30% | 0.54% | 0.25% | 0.14% | 0.35% | 4.92% |
| 2024 | 0.01% | 0.21% | -0.10% | -0.38% | -0.07% | 0.81% | 0.84% | 0.84% | 0.64% | -0.74% | 0.74% | -0.45% | 2.36% |
| 2023 | 1.20% | -0.84% | 0.92% | -0.01% | -0.30% | 0.52% | 0.20% | -0.41% | -0.80% | -0.41% | 2.51% | 1.25% | 3.84% |
| 2022 | -1.58% | -0.42% | -1.51% | -1.03% | 0.61% | -0.41% | 0.92% | -0.78% | -1.53% | -0.15% | 1.49% | 0.28% | -4.08% |
| 2021 | 0.19% | -0.86% | 0.17% | 0.37% | 0.17% | 0.08% | 0.27% | -0.02% | -0.51% | -0.12% | 0.26% | -0.03% | -0.04% |
Benchmark Metrics
Federated Hermes Short-Intermediate Municipal Fund has an annualized alpha of 2.39%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since September 04, 1981.
- This fund captured 6.86% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -2.41%) - 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
- 2.39%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 6.86%
- Downside Capture
- -2.41%
Expense Ratio
FSHIX has an expense ratio of 0.46%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FSHIX ranks 31 for risk / return — above 31% of mutual funds peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Federated Hermes Short-Intermediate Municipal Fund (FSHIX) and compare them to S&P 500 Index.
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.
| FSHIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.25 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 2.00 | -1.10 |
| Martin ratioReturn relative to average drawdown | 5.77 | 8.49 | -2.72 |
Dividends
Dividend History
Federated Hermes Short-Intermediate Municipal Fund provided a 1.97% dividend yield over the last twelve months, with an annual payout of $0.20 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.20 | $0.36 | $0.23 | $0.20 | $0.10 | $0.08 | $0.14 | $0.20 | $0.18 | $0.15 | $0.14 | $0.14 |
Dividend yield | 1.97% | 3.57% | 2.33% | 2.02% | 1.01% | 0.74% | 1.37% | 1.96% | 1.78% | 1.44% | 1.34% | 1.35% |
Monthly Dividends
The table displays the monthly dividend distributions for Federated Hermes Short-Intermediate Municipal Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.03 | $0.02 | $0.02 | $0.02 | $0.00 | $0.10 | |||||
| 2025 | $0.05 | $0.04 | $0.05 | $0.05 | $0.02 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.03 | $0.36 |
| 2024 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.23 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.02 | $0.00 | $0.02 | $0.02 | $0.20 |
| 2022 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.01 | $0.00 | $0.02 | $0.01 | $0.02 | $0.10 |
| 2021 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.08 |
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 Short-Intermediate Municipal 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 Short-Intermediate Municipal Fund was 7.07%, occurring on Mar 20, 2020. Recovery took 176 trading sessions.
The current Federated Hermes Short-Intermediate Municipal Fund drawdown is 0.60%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-7.07%Mar 2020 | 10d | 8mo 15d | 8mo 25dMar 2020 - Nov 2020 | COVID crash2020 |
-6.48%Oct 2022 | 1y 2mo | 1y 8mo | 2y 11moAug 2021 - Jul 2024 | Bear market2022 |
-4.13%Oct 1987 | 9mo 12d | 2y 6mo | 3y 3moJan 1987 - May 1990 | Black Monday1987 |
-3.40%Oct 2008 | 1mo 7d | 3mo 15d | 4mo 22dSep 2008 - Jan 2009 | Financial crisis2007–2009 |
-2.79%Aug 2025 | 1d | 16d | 17dAug 2025 - Sep 2025 | — |
Drawdown Indicators
| FSHIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.07% | -56.78% | +49.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -9.10% | +6.31% |
Max Drawdown (3Y)Largest decline over 3 years | -2.79% | -18.90% | +16.11% |
Max Drawdown (5Y)Largest decline over 5 years | -6.48% | -25.43% | +18.95% |
Max Drawdown (10Y)Largest decline over 10 years | -7.07% | -33.92% | +26.85% |
Current DrawdownCurrent decline from peak | -0.60% | -1.58% | +0.98% |
Average DrawdownAverage peak-to-trough decline | -0.65% | -10.70% | +10.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 2.14% | -1.72% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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