ENIAX vs. FGUSX

Last updated Jun 4, 2026

ENIAX (SEI Institutional Investments Trust Opportunistic Income Fund) and FGUSX (Federated Hermes Government Ultrashort Fund) are both Ultrashort Bond funds. Over the past 3 years, ENIAX returned 6.69%/yr vs 4.67%/yr for FGUSX. At a 0.08 correlation, their price movements are largely independent. ENIAX charges 0.23%/yr vs 0.26%/yr for FGUSX.

Performance

ENIAX vs. FGUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX) and Federated Hermes Government Ultrashort Fund (FGUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ENIAX having a 1.52% return and FGUSX slightly lower at 1.49%.

ENIAX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.52%
• 6M: 1.93%
• 1Y: 5.28%
• 3Y*: 6.69%
• 5Y*: 4.69%
• 10Y*: 4.17%

FGUSX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.49%
• 6M: 2.07%
• 1Y: 4.80%
• 3Y*: 4.67%
• 5Y*: —
• 10Y*: —

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

ENIAX vs. FGUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund	1.52%	6.14%	8.34%	7.94%	0.08%
FGUSX Federated Hermes Government Ultrashort Fund	1.49%	5.22%	4.67%	4.61%	0.33%

Correlation

The correlation between ENIAX and FGUSX is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	0.08

The correlation between ENIAX and FGUSX shifts across timeframes, from -0.15 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ENIAX vs. FGUSX — Risk / Return Rank

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

ENIAX

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

FGUSX

FGUSX Risk / Return Rank: 98
FGUSX Sharpe Ratio Rank: 95
FGUSX Sortino Ratio Rank: 99
FGUSX Omega Ratio Rank: 99
FGUSX Calmar Ratio Rank: 99
FGUSX Martin Ratio Rank: 99

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.

ENIAX vs. FGUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX) and Federated Hermes Government Ultrashort Fund (FGUSX). 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.

	ENIAX	FGUSX	Difference
Sharpe ratio: Return per unit of total volatility	5.58	3.36	+2.22
Sortino ratio: Return per unit of downside risk	11.95	10.35	+1.60
Omega ratio: Gain probability vs. loss probability	4.44	3.31	+1.13
Calmar ratio: Return relative to maximum drawdown	14.18	15.83	-1.65
Martin ratio: Return relative to average drawdown	87.74	63.75	+23.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENIAX vs. FGUSX - Sharpe Ratio Comparison

The current ENIAX Sharpe Ratio is 5.58, which is higher than the FGUSX Sharpe Ratio of 3.36. The chart below compares the historical Sharpe Ratios of ENIAX and FGUSX, 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

	ENIAX	FGUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.58	3.36	+2.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.65	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	3.06	-2.39

Drawdowns

ENIAX vs. FGUSX - Drawdown Comparison

The maximum ENIAX drawdown since its inception was -33.30%, which is greater than FGUSX's maximum drawdown of -0.31%. Use the drawdown chart below to compare losses from any high point for ENIAX and FGUSX.

Drawdown Indicators

	ENIAX	FGUSX	Difference
Max Drawdown Largest peak-to-trough decline	-33.30%	-0.31%	-32.99%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-0.30%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-2.11%	-0.31%	-1.80%
Max Drawdown (5Y) Largest decline over 5 years	-3.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.45%	—	—
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-7.79%	-0.06%	-7.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.08%	-0.02%

Volatility

ENIAX vs. FGUSX - Volatility Comparison

The current volatility for SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX) is 0.23%, while Federated Hermes Government Ultrashort Fund (FGUSX) has a volatility of 0.46%. This indicates that ENIAX experiences smaller price fluctuations and is considered to be less risky than FGUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENIAX	FGUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	0.46%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	0.69%	1.02%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	0.95%	1.43%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.86%	1.57%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.79%	1.57%	+1.22%

ENIAX vs. FGUSX - Expense Ratio Comparison

ENIAX has a 0.23% expense ratio, which is lower than FGUSX's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ENIAX vs. FGUSX - Dividend Comparison

ENIAX's dividend yield for the trailing twelve months is around 5.93%, more than FGUSX's 4.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund	5.93%	6.00%	6.78%	5.33%	4.07%	2.66%	2.96%	4.32%	3.96%	3.02%	2.75%	2.54%
FGUSX Federated Hermes Government Ultrashort Fund	4.37%	4.66%	4.56%	4.70%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ENIAX and FGUSX in my portfolio?

ENIAX and FGUSX have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENIAX or FGUSX?

FGUSX has higher volatility (0.46%) compared to ENIAX (0.23%). In terms of maximum drawdown, ENIAX dropped -33.30% vs FGUSX's -0.31%.

Which has better risk-adjusted returns?

ENIAX currently has the higher Sharpe Ratio (5.58 vs 3.36), 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.