FEUGX vs. TWUSX

Last updated Jun 4, 2026

FEUGX (Federated Hermes Adjustable Rate Fund) and TWUSX (American Century Short-Term Government Fund) are both Government Bonds funds. Over the past 10 years, FEUGX returned 1.97%/yr vs 1.51%/yr for TWUSX. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.

Performance

FEUGX vs. TWUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Adjustable Rate Fund (FEUGX) and American Century Short-Term Government Fund (TWUSX). 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 TWUSX's 0.36% return. Over the past 10 years, FEUGX has outperformed TWUSX with an annualized return of 1.97%, while TWUSX has yielded a comparatively lower 1.51% 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%

TWUSX

• 1D: -0.11%
• 1M: 0.10%
• YTD: 0.36%
• 6M: 0.66%
• 1Y: 3.30%
• 3Y*: 3.83%
• 5Y*: 1.48%
• 10Y*: 1.51%

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

FEUGX vs. TWUSX - 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%
TWUSX American Century Short-Term Government Fund	0.36%	4.94%	3.59%	3.70%	-4.31%	-0.09%	3.36%	2.91%	1.12%	0.22%

Correlation

The correlation between FEUGX and TWUSX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Dec 4, 1985	0.46

The correlation between FEUGX and TWUSX shifts across timeframes, from 0.31 (1 year) to 0.50 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FEUGX vs. TWUSX — 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

TWUSX

TWUSX Risk / Return Rank: 58
TWUSX Sharpe Ratio Rank: 40
TWUSX Sortino Ratio Rank: 61
TWUSX Omega Ratio Rank: 54
TWUSX Calmar Ratio Rank: 75
TWUSX Martin Ratio Rank: 60

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. TWUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Adjustable Rate Fund (FEUGX) and American Century Short-Term Government Fund (TWUSX). 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	TWUSX	Difference
Sharpe ratio: Return per unit of total volatility	3.80	1.84	+1.96
Sortino ratio: Return per unit of downside risk	11.89	3.29	+8.60
Omega ratio: Gain probability vs. loss probability	3.88	1.41	+2.47
Calmar ratio: Return relative to maximum drawdown	16.86	3.39	+13.47
Martin ratio: Return relative to average drawdown	66.51	11.83	+54.68
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. TWUSX - Sharpe Ratio Comparison

The current FEUGX Sharpe Ratio is 3.80, which is higher than the TWUSX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FEUGX and TWUSX, 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	TWUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.80	1.84	+1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.79	0.65	+1.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.57	0.83	+0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	-0.00	+0.98

Drawdowns

FEUGX vs. TWUSX - Drawdown Comparison

The maximum FEUGX drawdown since its inception was -18.32%, smaller than the maximum TWUSX drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for FEUGX and TWUSX.

Drawdown Indicators

	FEUGX	TWUSX	Difference
Max Drawdown Largest peak-to-trough decline	-18.32%	-91.06%	+72.74%
Max Drawdown (1Y) Largest decline over 1 year	-0.32%	-0.98%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-0.64%	-1.09%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-3.05%	-5.81%	+2.76%
Max Drawdown (10Y) Largest decline over 10 years	-3.17%	-5.85%	+2.68%
Current Drawdown Current decline from peak	0.00%	-64.62%	+64.62%
Average Drawdown Average peak-to-trough decline	-1.15%	-76.98%	+75.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.28%	-0.20%

Volatility

FEUGX vs. TWUSX - Volatility Comparison

The current volatility for Federated Hermes Adjustable Rate Fund (FEUGX) is 0.38%, while American Century Short-Term Government Fund (TWUSX) has a volatility of 0.55%. This indicates that FEUGX experiences smaller price fluctuations and is considered to be less risky than TWUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEUGX	TWUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.55%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	0.91%	1.24%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	1.41%	1.81%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.49%	2.31%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.26%	1.82%	-0.56%

FEUGX vs. TWUSX - Expense Ratio Comparison

Both FEUGX and TWUSX have an expense ratio of 0.55%.

Dividends

FEUGX vs. TWUSX - Dividend Comparison

FEUGX's dividend yield for the trailing twelve months is around 4.34%, more than TWUSX's 3.60% 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%
TWUSX American Century Short-Term Government Fund	3.60%	3.70%	4.06%	3.83%	1.12%	1.05%	0.72%	1.81%	1.74%	1.06%	0.57%	0.53%

Frequently Asked Questions

Can I hold both FEUGX and TWUSX in my portfolio?

FEUGX and TWUSX have a correlation of 0.31, 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 TWUSX?

TWUSX has higher volatility (0.55%) compared to FEUGX (0.38%). In terms of maximum drawdown, FEUGX dropped -18.32% vs TWUSX's -91.06%.

Which has better risk-adjusted returns?

FEUGX currently has the higher Sharpe Ratio (3.80 vs 1.84), 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.