FGMNX vs. FEUGX

Last updated Jun 5, 2026

FGMNX (Fidelity GNMA Fund) and FEUGX (Federated Hermes Adjustable Rate Fund) are both Government Bonds funds. Over the past 10 years, FGMNX returned 1.21%/yr vs 1.97%/yr for FEUGX. At a 0.49 correlation, their price movements are largely independent. FGMNX charges 0.45%/yr vs 0.55%/yr for FEUGX.

Performance

FGMNX vs. FEUGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity GNMA Fund (FGMNX) and Federated Hermes Adjustable Rate Fund (FEUGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGMNX achieves a 0.89% return, which is significantly lower than FEUGX's 1.82% return. Over the past 10 years, FGMNX has underperformed FEUGX with an annualized return of 1.21%, while FEUGX has yielded a comparatively higher 1.97% annualized return.

FGMNX

• 1D: -0.19%
• 1M: 0.02%
• YTD: 0.89%
• 6M: 1.18%
• 1Y: 5.84%
• 3Y*: 4.19%
• 5Y*: 0.26%
• 10Y*: 1.21%

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%

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

FGMNX vs. FEUGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGMNX Fidelity GNMA Fund	0.89%	7.89%	0.43%	5.46%	-11.52%	-1.03%	3.74%	5.72%	0.62%	1.74%
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%

Correlation

The correlation between FGMNX and FEUGX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Dec 4, 1985	0.49

The correlation between FGMNX and FEUGX shifts across timeframes, from 0.35 (1 year) to 0.56 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FGMNX vs. FEUGX — Risk / Return Rank

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

FGMNX

FGMNX Risk / Return Rank: 38
FGMNX Sharpe Ratio Rank: 36
FGMNX Sortino Ratio Rank: 38
FGMNX Omega Ratio Rank: 35
FGMNX Calmar Ratio Rank: 46
FGMNX Martin Ratio Rank: 38

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: 100
FEUGX Martin Ratio Rank: 99

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.

FGMNX vs. FEUGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity GNMA Fund (FGMNX) and Federated Hermes Adjustable Rate Fund (FEUGX). 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.

	FGMNX	FEUGX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	3.80	-2.09
Sortino ratio: Return per unit of downside risk	2.59	11.89	-9.30
Omega ratio: Gain probability vs. loss probability	1.31	3.88	-2.57
Calmar ratio: Return relative to maximum drawdown	2.56	16.86	-14.30
Martin ratio: Return relative to average drawdown	8.21	66.51	-58.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGMNX vs. FEUGX - Sharpe Ratio Comparison

The current FGMNX Sharpe Ratio is 1.71, which is lower than the FEUGX Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of FGMNX and FEUGX, 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

	FGMNX	FEUGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	3.80	-2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	1.79	-1.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	1.57	-1.31
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.98	+0.06

Drawdowns

FGMNX vs. FEUGX - Drawdown Comparison

The maximum FGMNX drawdown since its inception was -16.84%, smaller than the maximum FEUGX drawdown of -18.32%. Use the drawdown chart below to compare losses from any high point for FGMNX and FEUGX.

Drawdown Indicators

	FGMNX	FEUGX	Difference
Max Drawdown Largest peak-to-trough decline	-16.84%	-18.32%	+1.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-0.32%	-2.22%
Max Drawdown (3Y) Largest decline over 3 years	-7.23%	-0.64%	-6.59%
Max Drawdown (5Y) Largest decline over 5 years	-16.54%	-3.05%	-13.49%
Max Drawdown (10Y) Largest decline over 10 years	-16.84%	-3.17%	-13.67%
Current Drawdown Current decline from peak	-1.28%	0.00%	-1.28%
Average Drawdown Average peak-to-trough decline	-1.91%	-1.15%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.08%	+0.71%

Volatility

FGMNX vs. FEUGX - Volatility Comparison

Fidelity GNMA Fund (FGMNX) has a higher volatility of 1.31% compared to Federated Hermes Adjustable Rate Fund (FEUGX) at 0.38%. This indicates that FGMNX's price experiences larger fluctuations and is considered to be riskier than FEUGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGMNX	FEUGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	0.38%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	0.91%	+1.75%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	1.41%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.25%	1.49%	+4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.67%	1.26%	+3.41%

FGMNX vs. FEUGX - Expense Ratio Comparison

FGMNX has a 0.45% expense ratio, which is lower than FEUGX's 0.55% expense ratio.

Dividends

FGMNX vs. FEUGX - Dividend Comparison

FGMNX's dividend yield for the trailing twelve months is around 3.62%, less than FEUGX's 4.34% 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%
FGMNX Fidelity GNMA Fund	3.62%	3.61%	3.23%	3.45%	1.68%	0.76%	1.61%	2.46%	2.19%	2.17%	2.61%	2.25%

Frequently Asked Questions

Can I hold both FGMNX and FEUGX in my portfolio?

FGMNX and FEUGX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGMNX or FEUGX?

FGMNX has higher volatility (1.31%) compared to FEUGX (0.38%). In terms of maximum drawdown, FGMNX dropped -16.84% vs FEUGX's -18.32%.

Which has better risk-adjusted returns?

FEUGX currently has the higher Sharpe Ratio (3.80 vs 1.71), 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.