FEDUX vs. FMBPX

Last updated Jun 23, 2026

FEDUX (Fidelity Education Income Fund) and FMBPX (Federated Hermes Mortgage Strategy Portfolio) are both Intermediate Core Bond funds. Over the past 5 years, FEDUX returned -0.44%/yr vs 0.34%/yr for FMBPX. A 0.76 correlation means they provide meaningful diversification when combined. FEDUX charges 0.00%/yr vs 0.02%/yr for FMBPX.

Performance

FEDUX vs. FMBPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Education Income Fund (FEDUX) and Federated Hermes Mortgage Strategy Portfolio (FMBPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDUX achieves a 0.13% return, which is significantly lower than FMBPX's 0.69% return.

FEDUX

• 1D: 0.11%
• 1M: 0.36%
• YTD: 0.13%
• 6M: 0.49%
• 1Y: 3.54%
• 3Y*: 2.65%
• 5Y*: -0.44%
• 10Y*: —

FMBPX

• 1D: 0.24%
• 1M: 1.02%
• YTD: 0.69%
• 6M: 1.33%
• 1Y: 6.77%
• 3Y*: 4.44%
• 5Y*: 0.34%
• 10Y*: 1.44%

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

FEDUX vs. FMBPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FEDUX Fidelity Education Income Fund	0.13%	6.40%	-0.29%	1.62%	-8.38%	-1.27%
FMBPX Federated Hermes Mortgage Strategy Portfolio	0.69%	9.03%	1.04%	4.44%	-12.21%	-0.17%

Correlation

The correlation between FEDUX and FMBPX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.76

Over the past year, the correlation between FEDUX and FMBPX has dropped to 0.40 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

FEDUX vs. FMBPX — Risk / Return Rank

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

FEDUX

FEDUX Risk / Return Rank: 33
FEDUX Sharpe Ratio Rank: 30
FEDUX Sortino Ratio Rank: 38
FEDUX Omega Ratio Rank: 34
FEDUX Calmar Ratio Rank: 35
FEDUX Martin Ratio Rank: 30

FMBPX

FMBPX Risk / Return Rank: 35
FMBPX Sharpe Ratio Rank: 31
FMBPX Sortino Ratio Rank: 37
FMBPX Omega Ratio Rank: 36
FMBPX Calmar Ratio Rank: 36
FMBPX Martin Ratio Rank: 33

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.

FEDUX vs. FMBPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Education Income Fund (FEDUX) and Federated Hermes Mortgage Strategy Portfolio (FMBPX). 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.

	FEDUX	FMBPX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.49	-0.02
Sortino ratio: Return per unit of downside risk	2.37	2.36	+0.01
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.13	2.16	-0.03
Martin ratio: Return relative to average drawdown	6.41	6.95	-0.54

FEDUX vs. FMBPX - Sharpe Ratio Comparison

The current FEDUX Sharpe Ratio is 1.47, which is comparable to the FMBPX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of FEDUX and FMBPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEDUX vs. FMBPX - Drawdown Comparison

The maximum FEDUX drawdown since its inception was -12.00%, smaller than the maximum FMBPX drawdown of -18.34%. Use the drawdown chart below to compare losses from any high point for FEDUX and FMBPX.

Drawdown Indicators

	FEDUX	FMBPX	Difference
Max Drawdown Largest peak-to-trough decline	-12.00%	-18.34%	+6.34%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-3.15%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	-2.80%	-7.69%	+4.89%
Max Drawdown (5Y) Largest decline over 5 years	-12.00%	-18.02%	+6.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.34%	—
Current Drawdown Current decline from peak	-2.66%	-1.35%	-1.31%
Average Drawdown Average peak-to-trough decline	-6.42%	-3.26%	-3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.98%	-0.41%

Volatility

FEDUX vs. FMBPX - Volatility Comparison

The current volatility for Fidelity Education Income Fund (FEDUX) is 0.85%, while Federated Hermes Mortgage Strategy Portfolio (FMBPX) has a volatility of 1.44%. This indicates that FEDUX experiences smaller price fluctuations and is considered to be less risky than FMBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDUX	FMBPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	1.44%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	3.29%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.50%	4.59%	-2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.14%	6.79%	-3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.12%	5.12%	-2.00%

FEDUX vs. FMBPX - Expense Ratio Comparison

FEDUX has a 0.00% expense ratio, which is lower than FMBPX's 0.02% 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

FEDUX vs. FMBPX - Dividend Comparison

FEDUX's dividend yield for the trailing twelve months is around 4.40%, less than FMBPX's 5.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDUX Fidelity Education Income Fund	4.40%	4.43%	0.36%	0.71%	0.00%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMBPX Federated Hermes Mortgage Strategy Portfolio	5.03%	4.87%	4.29%	3.46%	2.29%	1.96%	2.68%	3.23%	3.14%	2.83%	2.72%	2.65%

Frequently Asked Questions

Can I hold both FEDUX and FMBPX in my portfolio?

FEDUX and FMBPX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDUX or FMBPX?

FMBPX has higher volatility (1.44%) compared to FEDUX (0.85%). In terms of maximum drawdown, FEDUX dropped -12.00% vs FMBPX's -18.34%.

Which has better risk-adjusted returns?

FMBPX currently has the higher Sharpe Ratio (1.49 vs 1.47), 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.