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FGSAX vs. FGUSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FGSAX vs. FGUSX

Last updated Jun 24, 2026

FGSAX (Federated Hermes MDT Mid Cap Growth Fund) and FGUSX (Federated Hermes Government Ultrashort Fund) are both mutual funds - FGSAX is a Mid Cap Growth Equities fund managed by Federated, while FGUSX is a Ultrashort Bond fund managed by Federated. Over the past 3 years, FGSAX returned 18.67%/yr vs 4.67%/yr for FGUSX. At a 0.08 correlation, their price movements are largely independent. FGSAX charges 1.15%/yr vs 0.26%/yr for FGUSX.

Performance

FGSAX vs. FGUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Mid Cap Growth Fund (FGSAX) and Federated Hermes Government Ultrashort Fund (FGUSX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FGSAX achieves a 0.10% return, which is significantly lower than FGUSX's 1.49% return.

FGSAX

1D
0.43%
1M
0.76%
YTD
0.10%
6M
-0.81%
1Y
2.81%
3Y*
18.67%
5Y*
9.38%
10Y*
15.50%

FGUSX

1D
0.00%
1M
0.34%
YTD
1.49%
6M
1.97%
1Y
4.69%
3Y*
4.67%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FGSAX vs. FGUSX - Yearly Performance Comparison

2026 (YTD)2025202420232022
FGSAX
Federated Hermes MDT Mid Cap Growth Fund		0.10%10.54%32.97%27.05%0.51%
FGUSX
Federated Hermes Government Ultrashort Fund		1.49%5.22%4.67%4.61%0.33%

Correlation

The correlation between FGSAX and FGUSX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (All Time)
Calculated using the full available price history since Dec 27, 2022

0.08

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Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Government Ultrashort Fund

Often compared with FGSAX:
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Often compared with FGUSX:
FGUSX vs. MYFRXFGUSX vs. QAMNXFGUSX vs. BEARXFGUSX vs. UGSDXFGUSX vs. BUBIXFGUSX vs. DFIHXFGUSX vs. DFYGX

Return for Risk

FGSAX vs. FGUSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FGSAX
FGSAX Risk / Return Rank: 44
Overall Rank
FGSAX Sharpe Ratio Rank: 44
Sharpe Ratio Rank
FGSAX Sortino Ratio Rank: 44
Sortino Ratio Rank
FGSAX Omega Ratio Rank: 44
Omega Ratio Rank
FGSAX Calmar Ratio Rank: 44
Calmar Ratio Rank
FGSAX Martin Ratio Rank: 55
Martin Ratio Rank
FGUSX
FGUSX Risk / Return Rank: 9999
Overall Rank
FGUSX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
FGUSX Sortino Ratio Rank: 9999
Sortino Ratio Rank
FGUSX Omega Ratio Rank: 9999
Omega Ratio Rank
FGUSX Calmar Ratio Rank: 9999
Calmar Ratio Rank
FGUSX Martin Ratio Rank: 9999
Martin Ratio Rank
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.

FGSAX vs. FGUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Mid Cap Growth Fund (FGSAX) and Federated Hermes Government Ultrashort Fund (FGUSX). 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.

FGSAXFGUSXDifference
Sharpe ratioReturn per unit of total volatility
0.22
3.28

-3.06

Sortino ratioReturn per unit of downside risk
0.44
9.88

-9.44

Omega ratioGain probability vs. loss probability

1.06

3.15

-2.10

Calmar ratioReturn relative to maximum drawdown

0.28

15.48

-15.20

Martin ratioReturn relative to average drawdown

0.75

59.80

-59.05

FGSAX vs. FGUSX - Sharpe Ratio Comparison

The current FGSAX Sharpe Ratio is 0.22, which is lower than the FGUSX Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of FGSAX and FGUSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FGSAX vs. FGUSX - Drawdown Comparison

The maximum FGSAX drawdown since its inception was -66.17%, which is greater than FGUSX's maximum drawdown of -0.31%. Use the drawdown chart below to compare losses from any high point for FGSAX and FGUSX.

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Drawdown Indicators

FGSAXFGUSXDifference

Max Drawdown

Largest peak-to-trough decline

-66.17%

-0.31%

-65.86%

Max Drawdown (1Y)

Largest decline over 1 year

-13.73%

-0.30%

-13.43%

Max Drawdown (3Y)

Largest decline over 3 years

-24.51%

-0.31%

-24.20%

Max Drawdown (5Y)

Largest decline over 5 years

-35.79%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-37.19%

—

—

Current Drawdown

Current decline from peak

-4.55%

-0.10%

-4.45%

Average Drawdown

Average peak-to-trough decline

-16.13%

-0.06%

-16.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.05%

0.08%

+4.97%

Volatility

FGSAX vs. FGUSX - Volatility Comparison

Federated Hermes MDT Mid Cap Growth Fund (FGSAX) has a higher volatility of 5.41% compared to Federated Hermes Government Ultrashort Fund (FGUSX) at 0.40%. This indicates that FGSAX's price experiences larger fluctuations and is considered to be riskier than FGUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FGSAXFGUSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.41%

0.40%

+5.01%

Volatility (6M)

Calculated over the trailing 6-month period

13.25%

1.00%

+12.25%

Volatility (1Y)

Calculated over the trailing 1-year period

17.41%

1.44%

+15.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.48%

1.56%

+20.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.36%

1.56%

+20.80%

FGSAX vs. FGUSX - Expense Ratio Comparison

FGSAX has a 1.15% expense ratio, which is higher than FGUSX's 0.26% expense ratio.

Dividends

FGSAX vs. FGUSX - Dividend Comparison

FGSAX's dividend yield for the trailing twelve months is around 4.92%, more than FGUSX's 4.37% yield.

PositionTTM20252024202320222021202020192018201720162015
FGSAX
Federated Hermes MDT Mid Cap Growth Fund		4.92%4.92%4.32%0.00%2.31%25.75%7.07%8.13%14.46%13.93%0.89%25.34%
FGUSX
Federated Hermes Government Ultrashort Fund		4.37%4.66%4.56%4.70%0.33%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FGSAX and FGUSX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FGSAX has higher volatility (5.41%) compared to FGUSX (0.40%). In terms of maximum drawdown, FGSAX dropped -66.17% vs FGUSX's -0.31%.

FGUSX currently has the higher Sharpe Ratio (3.28 vs 0.22), 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.

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