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FGUSX vs. UGSDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FGUSX vs. UGSDX

Last updated Jun 23, 2026

FGUSX (Federated Hermes Government Ultrashort Fund) and UGSDX (U.S. Global Investors U.S. Government Ultra-Short Bond Fund) are both Ultrashort Bond funds. Over the past 3 years, FGUSX returned 4.67%/yr vs 3.95%/yr for UGSDX. At a 0.09 correlation, their price movements are largely independent. FGUSX charges 0.26%/yr vs 1.06%/yr for UGSDX.

Performance

FGUSX vs. UGSDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Government Ultrashort Fund (FGUSX) and U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FGUSX achieves a 1.49% return, which is significantly higher than UGSDX's 1.32% return.

FGUSX

1D
0.00%
1M
0.34%
YTD
1.49%
6M
1.97%
1Y
4.69%
3Y*
4.67%
5Y*
—
10Y*
—

UGSDX

1D
0.00%
1M
0.25%
YTD
1.32%
6M
1.63%
1Y
3.51%
3Y*
3.95%
5Y*
2.30%
10Y*
1.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FGUSX vs. UGSDX - Yearly Performance Comparison

2026 (YTD)2025202420232022
FGUSX
Federated Hermes Government Ultrashort Fund		1.49%5.22%4.67%4.61%0.33%
UGSDX
U.S. Global Investors U.S. Government Ultra-Short Bond Fund		1.32%3.93%4.31%4.15%-0.23%

Correlation

The correlation between FGUSX and UGSDX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.51

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

0.14

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

0.09

Over the past year, FGUSX and UGSDX have become more correlated (0.51) than their long-term average of 0.09, meaning their price movements have been converging.

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Federated Hermes Government Ultrashort Fund

U.S. Global Investors U.S. Government Ultra-Short Bond Fund

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Often compared with UGSDX:
UGSDX vs. ^GSPCUGSDX vs. PIASXUGSDX vs. FAPDXUGSDX vs. NEARXUGSDX vs. USLUXUGSDX vs. UNWPXUGSDX vs. BINC

Return for Risk

FGUSX vs. UGSDX — Risk / Return Rank

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FGUSX vs. UGSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Government Ultrashort Fund (FGUSX) and U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX). 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.

FGUSXUGSDXDifference
Sharpe ratioReturn per unit of total volatility
3.35
3.60

-0.25

Sortino ratioReturn per unit of downside risk
10.10

—

—

Omega ratioGain probability vs. loss probability

3.20

—

—

Calmar ratioReturn relative to maximum drawdown

15.83

—

—

Martin ratioReturn relative to average drawdown

61.36

—

—

FGUSX vs. UGSDX - Sharpe Ratio Comparison

The current FGUSX Sharpe Ratio is 3.35, which is comparable to the UGSDX Sharpe Ratio of 3.60. The chart below compares the historical Sharpe Ratios of FGUSX and UGSDX, 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

FGUSX vs. UGSDX - Drawdown Comparison

The maximum FGUSX drawdown since its inception was -0.31%, smaller than the maximum UGSDX drawdown of -2.83%. Use the drawdown chart below to compare losses from any high point for FGUSX and UGSDX.

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Drawdown Indicators

FGUSXUGSDXDifference

Max Drawdown

Largest peak-to-trough decline

-0.31%

-2.83%

+2.52%

Max Drawdown (1Y)

Largest decline over 1 year

-0.30%

0.00%

-0.30%

Max Drawdown (3Y)

Largest decline over 3 years

-0.31%

-0.51%

+0.20%

Max Drawdown (5Y)

Largest decline over 5 years

—

-2.83%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-2.83%

—

Current Drawdown

Current decline from peak

-0.10%

0.00%

-0.10%

Average Drawdown

Average peak-to-trough decline

-0.06%

-0.29%

+0.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.08%

0.00%

+0.08%

Volatility

FGUSX vs. UGSDX - Volatility Comparison

Federated Hermes Government Ultrashort Fund (FGUSX) has a higher volatility of 0.40% compared to U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) at 0.25%. This indicates that FGUSX's price experiences larger fluctuations and is considered to be riskier than UGSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FGUSXUGSDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.40%

0.25%

+0.15%

Volatility (6M)

Calculated over the trailing 6-month period

1.00%

0.65%

+0.35%

Volatility (1Y)

Calculated over the trailing 1-year period

1.44%

0.98%

+0.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.56%

1.79%

-0.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.56%

1.52%

+0.04%

FGUSX vs. UGSDX - Expense Ratio Comparison

FGUSX has a 0.26% expense ratio, which is lower than UGSDX's 1.06% expense ratio.

Dividends

FGUSX vs. UGSDX - Dividend Comparison

FGUSX's dividend yield for the trailing twelve months is around 4.37%, more than UGSDX's 3.45% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
UGSDX
U.S. Global Investors U.S. Government Ultra-Short Bond Fund		3.45%3.85%4.23%3.55%0.87%0.06%0.32%1.48%1.17%1.48%0.44%0.44%

Frequently Asked Questions

FGUSX and UGSDX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FGUSX has higher volatility (0.40%) compared to UGSDX (0.25%). In terms of maximum drawdown, FGUSX dropped -0.31% vs UGSDX's -2.83%.

UGSDX currently has the higher Sharpe Ratio (3.60 vs 3.35), 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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