FEUGX vs. FHYSX

Last updated Jun 24, 2026

FEUGX (Federated Hermes Adjustable Rate Fund) and FHYSX (Federated Hermes High-Yield Strategy Portfolio) are both mutual funds - FEUGX is a Government Bonds fund managed by Federated, while FHYSX is a High Yield Bonds fund managed by Federated. Over the past 10 years, FEUGX returned 1.97%/yr vs 5.36%/yr for FHYSX. At a 0.17 correlation, their price movements are largely independent. FEUGX charges 0.55%/yr vs 0.02%/yr for FHYSX.

Performance

FEUGX vs. FHYSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Adjustable Rate Fund (FEUGX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEUGX achieves a 1.82% return, which is significantly higher than FHYSX's 1.19% return. Over the past 10 years, FEUGX has underperformed FHYSX with an annualized return of 1.97%, while FHYSX has yielded a comparatively higher 5.36% annualized return.

FEUGX

• 1D: 0.00%
• 1M: 0.44%
• YTD: 1.82%
• 6M: 2.30%
• 1Y: 5.12%
• 3Y*: 4.77%
• 5Y*: 2.68%
• 10Y*: 1.97%

FHYSX

• 1D: 0.00%
• 1M: 0.71%
• YTD: 1.19%
• 6M: 1.89%
• 1Y: 6.48%
• 3Y*: 8.54%
• 5Y*: 3.35%
• 10Y*: 5.36%

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

FEUGX vs. FHYSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEUGX Federated Hermes Adjustable Rate Fund	1.82%	5.26%	4.81%	4.20%	-2.36%	-0.29%	0.96%	2.95%	1.66%	0.67%
FHYSX Federated Hermes High-Yield Strategy Portfolio	1.19%	9.14%	6.42%	12.77%	-13.16%	4.49%	6.08%	15.14%	-2.16%	8.34%

Correlation

The correlation between FEUGX and FHYSX 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	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 1, 2009	0.17

Over the past year, FEUGX and FHYSX have become more correlated (0.40) than their long-term average of 0.17, meaning their price movements have been converging.

Return for Risk

FEUGX vs. FHYSX — Risk / Return Rank

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

FEUGX

FEUGX Risk / Return Rank: 99
FEUGX Sharpe Ratio Rank: 98
FEUGX Sortino Ratio Rank: 100
FEUGX Omega Ratio Rank: 99
FEUGX Calmar Ratio Rank: 99
FEUGX Martin Ratio Rank: 99

FHYSX

FHYSX Risk / Return Rank: 67
FHYSX Sharpe Ratio Rank: 49
FHYSX Sortino Ratio Rank: 76
FHYSX Omega Ratio Rank: 78
FHYSX Calmar Ratio Rank: 53
FHYSX Martin Ratio Rank: 79

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.

FEUGX vs. FHYSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Adjustable Rate Fund (FEUGX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX). 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.

	FEUGX	FHYSX	Difference
Sharpe ratio: Return per unit of total volatility	3.65	1.89	+1.76
Sortino ratio: Return per unit of downside risk	11.41	3.33	+8.08
Omega ratio: Gain probability vs. loss probability	3.76	1.46	+2.30
Calmar ratio: Return relative to maximum drawdown	16.15	2.66	+13.49
Martin ratio: Return relative to average drawdown	63.71	13.74	+49.97

FEUGX vs. FHYSX - Sharpe Ratio Comparison

The current FEUGX Sharpe Ratio is 3.65, which is higher than the FHYSX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FEUGX and FHYSX, 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

FEUGX vs. FHYSX - Drawdown Comparison

The maximum FEUGX drawdown since its inception was -18.32%, smaller than the maximum FHYSX drawdown of -21.45%. Use the drawdown chart below to compare losses from any high point for FEUGX and FHYSX.

Drawdown Indicators

	FEUGX	FHYSX	Difference
Max Drawdown Largest peak-to-trough decline	-18.32%	-21.45%	+3.13%
Max Drawdown (1Y) Largest decline over 1 year	-0.32%	-2.44%	+2.12%
Max Drawdown (3Y) Largest decline over 3 years	-0.64%	-3.64%	+3.00%
Max Drawdown (5Y) Largest decline over 5 years	-3.05%	-16.93%	+13.88%
Max Drawdown (10Y) Largest decline over 10 years	-3.17%	-21.45%	+18.28%
Current Drawdown Current decline from peak	-0.11%	-0.34%	+0.23%
Average Drawdown Average peak-to-trough decline	-1.14%	-2.58%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.47%	-0.39%

Volatility

FEUGX vs. FHYSX - Volatility Comparison

The current volatility for Federated Hermes Adjustable Rate Fund (FEUGX) is 0.37%, while Federated Hermes High-Yield Strategy Portfolio (FHYSX) has a volatility of 0.86%. This indicates that FEUGX experiences smaller price fluctuations and is considered to be less risky than FHYSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEUGX	FHYSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.86%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	0.92%	2.66%	-1.74%
Volatility (1Y) Calculated over the trailing 1-year period	1.41%	3.44%	-2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.49%	5.25%	-3.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.26%	5.76%	-4.50%

FEUGX vs. FHYSX - Expense Ratio Comparison

FEUGX has a 0.55% expense ratio, which is higher than FHYSX's 0.02% expense ratio.

Dividends

FEUGX vs. FHYSX - Dividend Comparison

FEUGX's dividend yield for the trailing twelve months is around 4.34%, less than FHYSX's 6.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEUGX Federated Hermes Adjustable Rate Fund	4.34%	4.57%	4.36%	3.88%	1.11%	0.12%	1.06%	2.70%	1.75%	0.98%	0.67%	0.50%
FHYSX Federated Hermes High-Yield Strategy Portfolio	6.30%	6.28%	5.84%	5.30%	5.27%	4.54%	5.74%	6.18%	6.61%	6.98%	6.45%	8.45%

Frequently Asked Questions

Can I hold both FEUGX and FHYSX in my portfolio?

FEUGX and FHYSX 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, FEUGX or FHYSX?

FHYSX has higher volatility (0.86%) compared to FEUGX (0.37%). In terms of maximum drawdown, FEUGX dropped -18.32% vs FHYSX's -21.45%.

Which has better risk-adjusted returns?

FEUGX currently has the higher Sharpe Ratio (3.65 vs 1.89), 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.