CAPAX vs. FMUAX
CAPAX (Federated Hermes Capital Income Fund) and FMUAX (Federated Hermes Municipal and Stock Advantage Fund) are both Diversified Portfolio funds from Federated. Over the past 10 years, CAPAX returned 6.07%/yr vs 6.06%/yr for FMUAX. Their correlation of 0.88 suggests significant overlap in exposure. CAPAX charges 0.88%/yr vs 1.00%/yr for FMUAX.
Performance
CAPAX vs. FMUAX - Performance Comparison
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Returns By Period
In the year-to-date period, CAPAX achieves a 5.08% return, which is significantly lower than FMUAX's 6.76% return. Both investments have delivered pretty close results over the past 10 years, with CAPAX having a 6.07% annualized return and FMUAX not far behind at 6.06%.
CAPAX
- 1D
- 0.10%
- 1M
- 0.02%
- 6M
- 4.42%
- YTD
- 5.08%
- 1Y
- 12.56%
- 3Y*
- 11.02%
- 5Y*
- 5.26%
- 10Y*
- 6.07%
FMUAX
- 1D
- 0.06%
- 1M
- 0.66%
- 6M
- 5.56%
- YTD
- 6.76%
- 1Y
- 15.21%
- 3Y*
- 9.78%
- 5Y*
- 5.03%
- 10Y*
- 6.06%
CAPAX vs. FMUAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CAPAX Federated Hermes Capital Income Fund | 5.08% | 11.88% | 10.21% | 10.51% | -12.43% | 9.72% | 9.48% | 15.70% | -7.13% | 10.05% |
FMUAX Federated Hermes Municipal and Stock Advantage Fund | 6.76% | 9.00% | 8.70% | 9.81% | -10.68% | 10.32% | 8.48% | 15.16% | -5.24% | 11.09% |
Correlation
The correlation between CAPAX and FMUAX is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2003 | 0.88 |
Over the past year, the correlation between CAPAX and FMUAX has dropped to 0.58 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.
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Return for Risk
CAPAX vs. FMUAX — Risk / Return Rank
CAPAX
FMUAX
CAPAX vs. FMUAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Capital Income Fund (CAPAX) and Federated Hermes Municipal and Stock Advantage Fund (FMUAX). 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.
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.
| CAPAX | FMUAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.58 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 3.77 | -1.16 |
| Martin ratioReturn relative to average drawdown | 12.23 | 18.23 | -6.00 |
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Drawdowns
CAPAX vs. FMUAX - Drawdown Comparison
The maximum CAPAX drawdown since its inception was -46.13%, which is greater than FMUAX's maximum drawdown of -22.43%. Use the drawdown chart below to compare losses from any high point for CAPAX and FMUAX.
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Drawdown Indicators
| CAPAX | FMUAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.13% | -22.43% | -23.70% |
Max Drawdown (1Y)Largest decline over 1 year | -4.68% | -4.94% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -8.87% | -10.18% | +1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -17.75% | -15.93% | -1.82% |
Max Drawdown (10Y)Largest decline over 10 years | -23.36% | -21.46% | -1.90% |
Current DrawdownCurrent decline from peak | -0.10% | -0.06% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -5.78% | -2.74% | -3.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.95% | +0.05% |
Volatility
CAPAX vs. FMUAX - Volatility Comparison
The current volatility for Federated Hermes Capital Income Fund (CAPAX) is 1.48%, while Federated Hermes Municipal and Stock Advantage Fund (FMUAX) has a volatility of 1.57%. This indicates that CAPAX experiences smaller price fluctuations and is considered to be less risky than FMUAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAPAX | FMUAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.57% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 5.03% | 4.86% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.10% | 6.23% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.84% | 7.21% | +0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 8.13% | +0.52% |
CAPAX vs. FMUAX - Expense Ratio Comparison
CAPAX has a 0.88% expense ratio, which is lower than FMUAX's 1.00% expense ratio.
Dividends
CAPAX vs. FMUAX - Dividend Comparison
CAPAX's dividend yield for the trailing twelve months is around 3.23%, more than FMUAX's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAPAX Federated Hermes Capital Income Fund | 3.23% | 3.33% | 3.24% | 3.36% | 3.70% | 3.31% | 3.43% | 3.62% | 4.42% | 3.91% | 4.23% | 5.54% |
FMUAX Federated Hermes Municipal and Stock Advantage Fund | 1.42% | 1.23% | 2.01% | 2.53% | 2.25% | 4.56% | 2.12% | 4.00% | 7.98% | 2.17% | 2.36% | 2.80% |
Frequently Asked Questions
CAPAX and FMUAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMUAX has higher volatility (1.57%) compared to CAPAX (1.48%). In terms of maximum drawdown, CAPAX dropped -46.13% vs FMUAX's -22.43%.
FMUAX currently has the higher Sharpe Ratio (3.00 vs 2.00), 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.
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