FEUGX vs. FIHBX

Last updated Jun 4, 2026

FEUGX (Federated Hermes Adjustable Rate Fund) and FIHBX (Federated Hermes Institutional High Yield Bond Fund) are both mutual funds - FEUGX is a Government Bonds fund managed by Federated, while FIHBX is a High Yield Bonds fund managed by Federated. Over the past 10 years, FEUGX returned 1.97%/yr vs 5.05%/yr for FIHBX. At a 0.19 correlation, their price movements are largely independent. FEUGX charges 0.55%/yr vs 0.50%/yr for FIHBX.

Performance

FEUGX vs. FIHBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Adjustable Rate Fund (FEUGX) and Federated Hermes Institutional High Yield Bond Fund (FIHBX). 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 FIHBX's 1.27% return. Over the past 10 years, FEUGX has underperformed FIHBX with an annualized return of 1.97%, while FIHBX has yielded a comparatively higher 5.05% annualized return.

FEUGX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 1.82%
• 6M: 2.30%
• 1Y: 5.35%
• 3Y*: 4.77%
• 5Y*: 2.66%
• 10Y*: 1.97%

FIHBX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.27%
• 6M: 2.24%
• 1Y: 6.62%
• 3Y*: 8.32%
• 5Y*: 3.49%
• 10Y*: 5.05%

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

FEUGX vs. FIHBX - 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%
FIHBX Federated Hermes Institutional High Yield Bond Fund	1.27%	8.59%	6.40%	13.17%	-12.64%	3.92%	5.99%	15.01%	-2.80%	7.19%

Correlation

The correlation between FEUGX and FIHBX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Nov 5, 2002	0.19

The correlation between FEUGX and FIHBX shifts across timeframes, from 0.19 (all time) to 0.46 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FEUGX vs. FIHBX — 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

FIHBX

FIHBX Risk / Return Rank: 64
FIHBX Sharpe Ratio Rank: 45
FIHBX Sortino Ratio Rank: 69
FIHBX Omega Ratio Rank: 79
FIHBX Calmar Ratio Rank: 51
FIHBX Martin Ratio Rank: 76

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. FIHBX - Risk-Adjusted Trends Comparison

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

	FEUGX	FIHBX	Difference
Sharpe ratio: Return per unit of total volatility	3.80	1.96	+1.84
Sortino ratio: Return per unit of downside risk	11.89	3.46	+8.43
Omega ratio: Gain probability vs. loss probability	3.88	1.52	+2.36
Calmar ratio: Return relative to maximum drawdown	16.86	2.71	+14.15
Martin ratio: Return relative to average drawdown	66.51	14.30	+52.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEUGX vs. FIHBX - Sharpe Ratio Comparison

The current FEUGX Sharpe Ratio is 3.80, which is higher than the FIHBX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of FEUGX and FIHBX, 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

	FEUGX	FIHBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.80	1.96	+1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.79	0.68	+1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.57	0.88	+0.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	1.36	-0.38

Drawdowns

FEUGX vs. FIHBX - Drawdown Comparison

The maximum FEUGX drawdown since its inception was -18.32%, smaller than the maximum FIHBX drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for FEUGX and FIHBX.

Drawdown Indicators

	FEUGX	FIHBX	Difference
Max Drawdown Largest peak-to-trough decline	-18.32%	-31.05%	+12.73%
Max Drawdown (1Y) Largest decline over 1 year	-0.32%	-2.45%	+2.13%
Max Drawdown (3Y) Largest decline over 3 years	-0.64%	-3.60%	+2.96%
Max Drawdown (5Y) Largest decline over 5 years	-3.05%	-16.35%	+13.30%
Max Drawdown (10Y) Largest decline over 10 years	-3.17%	-21.67%	+18.50%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.15%	-2.30%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.46%	-0.38%

Volatility

FEUGX vs. FIHBX - Volatility Comparison

The current volatility for Federated Hermes Adjustable Rate Fund (FEUGX) is 0.38%, while Federated Hermes Institutional High Yield Bond Fund (FIHBX) has a volatility of 1.08%. This indicates that FEUGX experiences smaller price fluctuations and is considered to be less risky than FIHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEUGX	FIHBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	1.08%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	0.91%	2.74%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	1.41%	3.39%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.49%	5.19%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.26%	5.76%	-4.50%

FEUGX vs. FIHBX - Expense Ratio Comparison

FEUGX has a 0.55% expense ratio, which is higher than FIHBX's 0.50% expense ratio.

Dividends

FEUGX vs. FIHBX - Dividend Comparison

FEUGX's dividend yield for the trailing twelve months is around 4.34%, less than FIHBX's 6.44% 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%
FIHBX Federated Hermes Institutional High Yield Bond Fund	6.44%	6.29%	5.94%	5.93%	4.58%	4.25%	5.14%	5.79%	6.24%	5.55%	5.75%	6.46%

Frequently Asked Questions

Can I hold both FEUGX and FIHBX in my portfolio?

FEUGX and FIHBX have a correlation of 0.39, 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 FIHBX?

FIHBX has higher volatility (1.08%) compared to FEUGX (0.38%). In terms of maximum drawdown, FEUGX dropped -18.32% vs FIHBX's -31.05%.

Which has better risk-adjusted returns?

FEUGX currently has the higher Sharpe Ratio (3.80 vs 1.96), 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.