AOUIX vs. FHCOX

Last updated Apr 1, 2026

Compare and contrast key facts about Angel Oak UltraShort Income Fund (AOUIX) and Federated Hermes Conservative Microshort Fund (FHCOX).

AOUIX is managed by Angel Oak. It was launched on Apr 2, 2018. FHCOX is managed by Federated. It was launched on Feb 2, 2021.

Performance

AOUIX vs. FHCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak UltraShort Income Fund (AOUIX) and Federated Hermes Conservative Microshort Fund (FHCOX). The values are adjusted to include any dividend payments, if applicable.

AOUIX vs. FHCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AOUIX Angel Oak UltraShort Income Fund	0.37%	5.63%	7.06%	6.21%	-4.11%	0.74%
FHCOX Federated Hermes Conservative Microshort Fund	0.49%	4.94%	5.34%	4.80%	0.76%	0.14%

Returns By Period

In the year-to-date period, AOUIX achieves a 0.37% return, which is significantly lower than FHCOX's 0.49% return.

AOUIX

• 1D: 0.00%
• 1M: -0.40%
• YTD: 0.37%
• 6M: 1.67%
• 1Y: 4.50%
• 3Y*: 5.74%
• 5Y*: 3.05%
• 10Y*: —

FHCOX

• 1D: 0.10%
• 1M: -0.20%
• YTD: 0.49%
• 6M: 1.61%
• 1Y: 4.11%
• 3Y*: 4.79%
• 5Y*: 3.26%
• 10Y*: —

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

AOUIX vs. FHCOX - Expense Ratio Comparison

AOUIX has a 0.53% expense ratio, which is higher than FHCOX's 0.05% expense ratio.

AOUIX

Angel Oak UltraShort Income Fund

FHCOX

Federated Hermes Conservative Microshort Fund

Return for Risk

AOUIX vs. FHCOX — Risk / Return Rank

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

AOUIX

AOUIX Risk / Return Rank: 99
AOUIX Sharpe Ratio Rank: 98
AOUIX Sortino Ratio Rank: 99
AOUIX Omega Ratio Rank: 99
AOUIX Calmar Ratio Rank: 99
AOUIX Martin Ratio Rank: 99

FHCOX

FHCOX Risk / Return Rank: 99
FHCOX Sharpe Ratio Rank: 99
FHCOX Sortino Ratio Rank: 100
FHCOX Omega Ratio Rank: 100
FHCOX Calmar Ratio Rank: 100
FHCOX Martin Ratio Rank: 100

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.

AOUIX vs. FHCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak UltraShort Income Fund (AOUIX) and Federated Hermes Conservative Microshort Fund (FHCOX). 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.

	AOUIX	FHCOX	Difference
Sharpe ratio Return per unit of total volatility	3.08	3.29	-0.21
Sortino ratio Return per unit of downside risk	9.21	12.31	-3.10
Omega ratio Gain probability vs. loss probability	2.77	4.41	-1.65
Calmar ratio Return relative to maximum drawdown	12.20	15.09	-2.89
Martin ratio Return relative to average drawdown	42.89	59.12	-16.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOUIX vs. FHCOX - Sharpe Ratio Comparison

The current AOUIX Sharpe Ratio is 3.08, which is comparable to the FHCOX Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of AOUIX and FHCOX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AOUIX	FHCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.08	3.29	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.05	2.31	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	1.55	2.30	-0.75

Correlation

The correlation between AOUIX and FHCOX is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AOUIX vs. FHCOX - Dividend Comparison

AOUIX's dividend yield for the trailing twelve months is around 4.50%, more than FHCOX's 4.12% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AOUIX Angel Oak UltraShort Income Fund	4.50%	5.05%	5.36%	3.69%	1.48%	1.37%	2.24%	3.08%	2.12%
FHCOX Federated Hermes Conservative Microshort Fund	4.12%	4.61%	4.99%	4.17%	1.26%	0.24%	0.00%	0.00%	0.00%

Drawdowns

AOUIX vs. FHCOX - Drawdown Comparison

The maximum AOUIX drawdown since its inception was -7.38%, which is greater than FHCOX's maximum drawdown of -0.59%. Use the drawdown chart below to compare losses from any high point for AOUIX and FHCOX.

Drawdown Indicators

	AOUIX	FHCOX	Difference
Max Drawdown Largest peak-to-trough decline	-7.38%	-0.59%	-6.79%
Max Drawdown (1Y) Largest decline over 1 year	-0.41%	-0.30%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-4.53%	-0.59%	-3.94%
Current Drawdown Current decline from peak	-0.40%	-0.20%	-0.20%
Average Drawdown Average peak-to-trough decline	-0.62%	-0.11%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.08%	+0.04%

Volatility

AOUIX vs. FHCOX - Volatility Comparison

The current volatility for Angel Oak UltraShort Income Fund (AOUIX) is 0.19%, while Federated Hermes Conservative Microshort Fund (FHCOX) has a volatility of 0.20%. This indicates that AOUIX experiences smaller price fluctuations and is considered to be less risky than FHCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOUIX	FHCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.20%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.11%	0.97%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	1.61%	1.37%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.49%	1.41%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.94%	1.40%	+0.54%