FHCOX vs. CBUDX

Last updated Jun 4, 2026

FHCOX (Federated Hermes Conservative Microshort Fund) and CBUDX (CrossingBridge Ultra-Short Duration Fund) are both Ultrashort Bond funds. Over the past 3 years, FHCOX returned 4.98%/yr vs 5.39%/yr for CBUDX. At a 0.05 correlation, their price movements are largely independent. FHCOX charges 0.05%/yr vs 0.89%/yr for CBUDX.

Performance

FHCOX vs. CBUDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Conservative Microshort Fund (FHCOX) and CrossingBridge Ultra-Short Duration Fund (CBUDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with FHCOX at 1.54% and CBUDX at 1.54%.

FHCOX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.54%
• 6M: 1.91%
• 1Y: 4.48%
• 3Y*: 4.98%
• 5Y*: 3.47%
• 10Y*: —

CBUDX

• 1D: 0.00%
• 1M: 0.33%
• YTD: 1.54%
• 6M: 2.19%
• 1Y: 4.64%
• 3Y*: 5.39%
• 5Y*: —
• 10Y*: —

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

FHCOX vs. CBUDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FHCOX Federated Hermes Conservative Microshort Fund	1.54%	4.94%	5.34%	4.80%	0.76%	0.01%
CBUDX CrossingBridge Ultra-Short Duration Fund	1.54%	5.25%	5.83%	5.61%	2.25%	0.26%

Correlation

The correlation between FHCOX and CBUDX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.05

The correlation between FHCOX and CBUDX shifts across timeframes, from 0.05 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FHCOX vs. CBUDX — Risk / Return Rank

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

FHCOX

FHCOX Risk / Return Rank: 99
FHCOX Sharpe Ratio Rank: 95
FHCOX Sortino Ratio Rank: 100
FHCOX Omega Ratio Rank: 100
FHCOX Calmar Ratio Rank: 99
FHCOX Martin Ratio Rank: 100

CBUDX

CBUDX Risk / Return Rank: 99
CBUDX Sharpe Ratio Rank: 100
CBUDX Sortino Ratio Rank: 99
CBUDX Omega Ratio Rank: 100
CBUDX Calmar Ratio Rank: 99
CBUDX Martin Ratio Rank: 100

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.

FHCOX vs. CBUDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Conservative Microshort Fund (FHCOX) and CrossingBridge Ultra-Short Duration Fund (CBUDX). 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.

	FHCOX	CBUDX	Difference
Sharpe ratio Return per unit of total volatility	3.37	5.56	-2.20
Sortino ratio Return per unit of downside risk	12.72	10.60	+2.12
Omega ratio Gain probability vs. loss probability	4.67	4.55	+0.12
Calmar ratio Return relative to maximum drawdown	14.99	11.64	+3.35
Martin ratio Return relative to average drawdown	78.37	79.04	-0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHCOX vs. CBUDX - Sharpe Ratio Comparison

The current FHCOX Sharpe Ratio is 3.37, which is lower than the CBUDX Sharpe Ratio of 5.56. The chart below compares the historical Sharpe Ratios of FHCOX and CBUDX, 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

	FHCOX	CBUDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	5.56	-2.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.36	4.61	-2.25

Drawdowns

FHCOX vs. CBUDX - Drawdown Comparison

The maximum FHCOX drawdown since its inception was -0.59%, which is greater than CBUDX's maximum drawdown of -0.40%. Use the drawdown chart below to compare losses from any high point for FHCOX and CBUDX.

Drawdown Indicators

	FHCOX	CBUDX	Difference
Max Drawdown Largest peak-to-trough decline	-0.59%	-0.40%	-0.19%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.40%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-0.40%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-0.59%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.03%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.06%	0.00%

Volatility

FHCOX vs. CBUDX - Volatility Comparison

Federated Hermes Conservative Microshort Fund (FHCOX) has a higher volatility of 0.40% compared to CrossingBridge Ultra-Short Duration Fund (CBUDX) at 0.26%. This indicates that FHCOX's price experiences larger fluctuations and is considered to be riskier than CBUDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHCOX	CBUDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.26%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.92%	0.67%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	0.84%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.44%	0.92%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.40%	0.92%	+0.48%

FHCOX vs. CBUDX - Expense Ratio Comparison

FHCOX has a 0.05% expense ratio, which is lower than CBUDX's 0.89% expense ratio.

Dividends

FHCOX vs. CBUDX - Dividend Comparison

FHCOX's dividend yield for the trailing twelve months is around 4.38%, less than CBUDX's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021
CBUDX CrossingBridge Ultra-Short Duration Fund	4.45%	4.61%	5.68%	5.67%	2.94%	0.16%
FHCOX Federated Hermes Conservative Microshort Fund	4.38%	4.61%	4.99%	4.17%	1.26%	0.24%

Frequently Asked Questions

Can I hold both FHCOX and CBUDX in my portfolio?

FHCOX and CBUDX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHCOX or CBUDX?

FHCOX has higher volatility (0.40%) compared to CBUDX (0.26%). In terms of maximum drawdown, FHCOX dropped -0.59% vs CBUDX's -0.40%.

Which has better risk-adjusted returns?

CBUDX currently has the higher Sharpe Ratio (5.56 vs 3.37), 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.