FCSPX vs. SMARX
FCSPX (Federated Hermes Corporate Bond Strategy Port) and SMARX (Brandes Separately Managed Account Reserve Trust) are both Corporate Bonds funds. Over the past 10 years, FCSPX returned 3.37%/yr vs 2.99%/yr for SMARX. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.00% expense ratio.
Performance
FCSPX vs. SMARX - Performance Comparison
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Returns By Period
In the year-to-date period, FCSPX achieves a 0.77% return, which is significantly lower than SMARX's 0.87% return. Over the past 10 years, FCSPX has outperformed SMARX with an annualized return of 3.37%, while SMARX has yielded a comparatively lower 2.99% annualized return.
FCSPX
- 1D
- 0.20%
- 1M
- 1.11%
- YTD
- 0.77%
- 6M
- 1.52%
- 1Y
- 5.96%
- 3Y*
- 5.73%
- 5Y*
- 0.40%
- 10Y*
- 3.37%
SMARX
- 1D
- 0.25%
- 1M
- 1.33%
- YTD
- 0.87%
- 6M
- 1.31%
- 1Y
- 4.99%
- 3Y*
- 5.68%
- 5Y*
- 1.74%
- 10Y*
- 2.99%
FCSPX vs. SMARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCSPX Federated Hermes Corporate Bond Strategy Port | 0.77% | 8.13% | 2.78% | 8.48% | -16.25% | -0.95% | 11.90% | 16.59% | -3.05% | 8.03% |
SMARX Brandes Separately Managed Account Reserve Trust | 0.87% | 6.91% | 3.73% | 9.76% | -11.77% | 0.76% | 6.55% | 7.77% | -1.13% | 4.75% |
Correlation
The correlation between FCSPX and SMARX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2009 | 0.71 |
Over the past year, the correlation between FCSPX and SMARX has dropped to 0.48 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.
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Return for Risk
FCSPX vs. SMARX — Risk / Return Rank
FCSPX
SMARX
FCSPX vs. SMARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Corporate Bond Strategy Port (FCSPX) and Brandes Separately Managed Account Reserve Trust (SMARX). 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.
| FCSPX | SMARX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.24 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 1.92 | -0.01 |
| Martin ratioReturn relative to average drawdown | 6.48 | 6.52 | -0.04 |
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Drawdowns
FCSPX vs. SMARX - Drawdown Comparison
The maximum FCSPX drawdown since its inception was -22.68%, smaller than the maximum SMARX drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for FCSPX and SMARX.
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Drawdown Indicators
| FCSPX | SMARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.68% | -47.07% | +24.39% |
Max Drawdown (1Y)Largest decline over 1 year | -3.19% | -2.61% | -0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -6.14% | -5.19% | -0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -22.68% | -16.20% | -6.48% |
Max Drawdown (10Y)Largest decline over 10 years | -22.68% | -16.20% | -6.48% |
Current DrawdownCurrent decline from peak | -0.61% | -0.45% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -6.96% | +2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.77% | +0.17% |
Volatility
FCSPX vs. SMARX - Volatility Comparison
Federated Hermes Corporate Bond Strategy Port (FCSPX) and Brandes Separately Managed Account Reserve Trust (SMARX) have volatilities of 1.22% and 1.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCSPX | SMARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 1.23% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.24% | 2.89% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.48% | 3.76% | +0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.79% | 5.16% | +1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.23% | 4.39% | +1.84% |
FCSPX vs. SMARX - Expense Ratio Comparison
FCSPX has a 0.00% expense ratio, which is lower than SMARX's 0.00% 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
FCSPX vs. SMARX - Dividend Comparison
FCSPX's dividend yield for the trailing twelve months is around 4.82%, more than SMARX's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCSPX Federated Hermes Corporate Bond Strategy Port | 4.82% | 4.59% | 3.95% | 3.35% | 3.28% | 3.36% | 3.51% | 3.95% | 4.88% | 4.09% | 4.30% | 4.59% |
SMARX Brandes Separately Managed Account Reserve Trust | 4.76% | 5.02% | 4.07% | 3.85% | 3.53% | 2.57% | 3.35% | 4.19% | 4.55% | 4.20% | 4.87% | 5.24% |
Frequently Asked Questions
FCSPX and SMARX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMARX has higher volatility (1.23%) compared to FCSPX (1.22%). In terms of maximum drawdown, FCSPX dropped -22.68% vs SMARX's -47.07%.
FCSPX currently has the higher Sharpe Ratio (1.36 vs 1.33), 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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