CTRZX vs. FIHBX

Last updated Jun 4, 2026

CTRZX (Multi-Manager Total Return Bond Strategies Fund) and FIHBX (Federated Hermes Institutional High Yield Bond Fund) are both mutual funds - CTRZX is a Intermediate Core-Plus Bond fund managed by BlackRock, while FIHBX is a High Yield Bonds fund managed by Federated. Over the past 5 years, CTRZX returned 0.19%/yr vs 3.49%/yr for FIHBX. At a 0.31 correlation, their price movements are largely independent. CTRZX charges 0.49%/yr vs 0.50%/yr for FIHBX.

Performance

CTRZX vs. FIHBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Multi-Manager Total Return Bond Strategies Fund (CTRZX) and Federated Hermes Institutional High Yield Bond Fund (FIHBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CTRZX achieves a 0.41% return, which is significantly lower than FIHBX's 1.27% return.

CTRZX

• 1D: 0.00%
• 1M: 0.47%
• YTD: 0.41%
• 6M: 0.36%
• 1Y: 5.69%
• 3Y*: 4.43%
• 5Y*: 0.19%
• 10Y*: —

FIHBX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.27%
• 6M: 2.24%
• 1Y: 6.62%
• 3Y*: 8.32%
• 5Y*: 3.49%
• 10Y*: 5.05%

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

CTRZX vs. FIHBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CTRZX Multi-Manager Total Return Bond Strategies Fund	0.41%	7.48%	2.03%	5.78%	-14.46%	-0.95%	8.47%	9.07%	-0.96%	3.79%
FIHBX Federated Hermes Institutional High Yield Bond Fund	1.27%	8.59%	6.40%	13.17%	-12.64%	3.92%	5.99%	15.01%	-2.80%	5.73%

Correlation

The correlation between CTRZX and FIHBX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.31

The correlation between CTRZX and FIHBX shifts across timeframes, from 0.31 (all time) to 0.46 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CTRZX vs. FIHBX — Risk / Return Rank

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

CTRZX

CTRZX Risk / Return Rank: 24
CTRZX Sharpe Ratio Rank: 23
CTRZX Sortino Ratio Rank: 25
CTRZX Omega Ratio Rank: 23
CTRZX Calmar Ratio Rank: 26
CTRZX Martin Ratio Rank: 22

FIHBX

FIHBX Risk / Return Rank: 64
FIHBX Sharpe Ratio Rank: 45
FIHBX Sortino Ratio Rank: 69
FIHBX Omega Ratio Rank: 79
FIHBX Calmar Ratio Rank: 51
FIHBX Martin Ratio Rank: 76

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.

CTRZX vs. FIHBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Total Return Bond Strategies Fund (CTRZX) and Federated Hermes Institutional High Yield Bond Fund (FIHBX). 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.

	CTRZX	FIHBX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.96	-0.57
Sortino ratio: Return per unit of downside risk	2.10	3.46	-1.36
Omega ratio: Gain probability vs. loss probability	1.25	1.52	-0.27
Calmar ratio: Return relative to maximum drawdown	1.88	2.71	-0.83
Martin ratio: Return relative to average drawdown	5.64	14.30	-8.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CTRZX vs. FIHBX - Sharpe Ratio Comparison

The current CTRZX Sharpe Ratio is 1.39, which is comparable to the FIHBX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of CTRZX and FIHBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CTRZX	FIHBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.96	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.68	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.36	-0.97

Drawdowns

CTRZX vs. FIHBX - Drawdown Comparison

The maximum CTRZX drawdown since its inception was -19.33%, smaller than the maximum FIHBX drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for CTRZX and FIHBX.

Drawdown Indicators

	CTRZX	FIHBX	Difference
Max Drawdown Largest peak-to-trough decline	-19.33%	-31.05%	+11.72%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-2.45%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-6.14%	-3.60%	-2.54%
Max Drawdown (5Y) Largest decline over 5 years	-19.33%	-16.35%	-2.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.67%	—
Current Drawdown Current decline from peak	-1.54%	0.00%	-1.54%
Average Drawdown Average peak-to-trough decline	-5.05%	-2.30%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.46%	+0.55%

Volatility

CTRZX vs. FIHBX - Volatility Comparison

Multi-Manager Total Return Bond Strategies Fund (CTRZX) has a higher volatility of 1.44% compared to Federated Hermes Institutional High Yield Bond Fund (FIHBX) at 1.08%. This indicates that CTRZX's price experiences larger fluctuations and is considered to be riskier than FIHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CTRZX	FIHBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	1.08%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	2.74%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	3.39%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	5.19%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.11%	5.76%	-0.65%

CTRZX vs. FIHBX - Expense Ratio Comparison

CTRZX has a 0.49% expense ratio, which is lower than FIHBX's 0.50% expense ratio.

Dividends

CTRZX vs. FIHBX - Dividend Comparison

CTRZX's dividend yield for the trailing twelve months is around 4.40%, less than FIHBX's 6.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTRZX Multi-Manager Total Return Bond Strategies Fund	4.40%	4.39%	4.61%	3.47%	2.70%	2.13%	4.69%	3.32%	2.89%	2.22%	0.00%	0.00%
FIHBX Federated Hermes Institutional High Yield Bond Fund	6.44%	6.29%	5.94%	5.93%	4.58%	4.25%	5.14%	5.79%	6.24%	5.55%	5.75%	6.46%

Frequently Asked Questions

Can I hold both CTRZX and FIHBX in my portfolio?

CTRZX and FIHBX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTRZX or FIHBX?

CTRZX has higher volatility (1.44%) compared to FIHBX (1.08%). In terms of maximum drawdown, CTRZX dropped -19.33% vs FIHBX's -31.05%.

Which has better risk-adjusted returns?

FIHBX currently has the higher Sharpe Ratio (1.96 vs 1.39), 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.