FEHAX vs. FESGX

Last updated Jun 4, 2026

FEHAX (First Eagle High Yield Municipal Fund Class A) and FESGX (First Eagle Global Fund Class C) are both mutual funds - FEHAX is a High Yield Muni fund actively managed by First Eagle, while FESGX is a Global Allocation fund actively managed by First Eagle. Both are actively managed. Over the past 10 years, FEHAX returned 4.19%/yr vs 9.41%/yr for FESGX. At a 0.35 correlation, their price movements are largely independent. FEHAX charges 1.13%/yr vs 1.86%/yr for FESGX.

Performance

FEHAX vs. FESGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle High Yield Municipal Fund Class A (FEHAX) and First Eagle Global Fund Class C (FESGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEHAX achieves a 2.67% return, which is significantly lower than FESGX's 8.22% return. Over the past 10 years, FEHAX has underperformed FESGX with an annualized return of 4.19%, while FESGX has yielded a comparatively higher 9.41% annualized return.

FEHAX

• 1D: 0.37%
• 1M: 1.51%
• YTD: 2.67%
• 6M: 2.67%
• 1Y: 4.05%
• 3Y*: 5.80%
• 5Y*: 2.86%
• 10Y*: 4.19%

FESGX

• 1D: 0.10%
• 1M: 3.28%
• YTD: 8.22%
• 6M: 10.17%
• 1Y: 26.64%
• 3Y*: 18.22%
• 5Y*: 10.10%
• 10Y*: 9.41%

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

FEHAX vs. FESGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEHAX First Eagle High Yield Municipal Fund Class A	2.67%	-1.04%	11.22%	8.39%	-8.79%	3.35%	6.91%	8.29%	-0.68%	4.39%
FESGX First Eagle Global Fund Class C	8.22%	30.64%	10.94%	11.92%	-7.17%	11.35%	7.50%	19.26%	-9.13%	12.62%

Correlation

The correlation between FEHAX and FESGX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	0.35

The correlation between FEHAX and FESGX shifts across timeframes, from 0.25 (3 years) to 0.35 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FEHAX vs. FESGX — Risk / Return Rank

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

FEHAX

FEHAX Risk / Return Rank: 10
FEHAX Sharpe Ratio Rank: 11
FEHAX Sortino Ratio Rank: 10
FEHAX Omega Ratio Rank: 13
FEHAX Calmar Ratio Rank: 8
FEHAX Martin Ratio Rank: 8

FESGX

FESGX Risk / Return Rank: 55
FESGX Sharpe Ratio Rank: 69
FESGX Sortino Ratio Rank: 60
FESGX Omega Ratio Rank: 62
FESGX Calmar Ratio Rank: 45
FESGX Martin Ratio Rank: 42

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.

FEHAX vs. FESGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle High Yield Municipal Fund Class A (FEHAX) and First Eagle Global Fund Class C (FESGX). 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.

	FEHAX	FESGX	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.42	-1.58
Sortino ratio: Return per unit of downside risk	1.19	3.25	-2.06
Omega ratio: Gain probability vs. loss probability	1.18	1.44	-0.26
Calmar ratio: Return relative to maximum drawdown	0.78	2.55	-1.77
Martin ratio: Return relative to average drawdown	2.36	8.89	-6.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEHAX vs. FESGX - Sharpe Ratio Comparison

The current FEHAX Sharpe Ratio is 0.84, which is lower than the FESGX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of FEHAX and FESGX, 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

	FEHAX	FESGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	2.42	-1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.85	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.76	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.70	+0.13

Drawdowns

FEHAX vs. FESGX - Drawdown Comparison

The maximum FEHAX drawdown since its inception was -18.54%, smaller than the maximum FESGX drawdown of -37.54%. Use the drawdown chart below to compare losses from any high point for FEHAX and FESGX.

Drawdown Indicators

	FEHAX	FESGX	Difference
Max Drawdown Largest peak-to-trough decline	-18.54%	-37.54%	+19.00%
Max Drawdown (1Y) Largest decline over 1 year	-5.21%	-10.58%	+5.37%
Max Drawdown (3Y) Largest decline over 3 years	-9.15%	-10.58%	+1.43%
Max Drawdown (5Y) Largest decline over 5 years	-12.83%	-20.00%	+7.17%
Max Drawdown (10Y) Largest decline over 10 years	-16.18%	-27.77%	+11.59%
Current Drawdown Current decline from peak	-1.08%	-2.44%	+1.36%
Average Drawdown Average peak-to-trough decline	-2.53%	-4.53%	+2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	3.02%	-1.30%

Volatility

FEHAX vs. FESGX - Volatility Comparison

The current volatility for First Eagle High Yield Municipal Fund Class A (FEHAX) is 1.49%, while First Eagle Global Fund Class C (FESGX) has a volatility of 2.94%. This indicates that FEHAX experiences smaller price fluctuations and is considered to be less risky than FESGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEHAX	FESGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	2.94%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	3.08%	9.12%	-6.04%
Volatility (1Y) Calculated over the trailing 1-year period	4.85%	11.15%	-6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.42%	11.96%	-6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.94%	12.50%	-7.56%

FEHAX vs. FESGX - Expense Ratio Comparison

FEHAX has a 1.13% expense ratio, which is lower than FESGX's 1.86% expense ratio.

Dividends

FEHAX vs. FESGX - Dividend Comparison

FEHAX's dividend yield for the trailing twelve months is around 5.92%, less than FESGX's 8.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEHAX First Eagle High Yield Municipal Fund Class A	5.92%	5.67%	4.84%	4.20%	4.76%	3.62%	4.06%	4.10%	5.27%	4.99%	5.80%	7.20%
FESGX First Eagle Global Fund Class C	8.48%	9.18%	4.84%	2.85%	4.25%	5.44%	1.61%	4.69%	5.71%	3.61%	4.48%	1.06%

Frequently Asked Questions

Can I hold both FEHAX and FESGX in my portfolio?

FEHAX and FESGX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEHAX or FESGX?

FESGX has higher volatility (2.94%) compared to FEHAX (1.49%). In terms of maximum drawdown, FEHAX dropped -18.54% vs FESGX's -37.54%.

Which has better risk-adjusted returns?

FESGX currently has the higher Sharpe Ratio (2.42 vs 0.84), 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.