FHCOX vs. FHQFX

Last updated Jun 4, 2026

FHCOX (Federated Hermes Conservative Microshort Fund) and FHQFX (Fidelity Series Treasury Bill Index Fund) are both Ultrashort Bond funds. Over the past 5 years, FHCOX returned 3.47%/yr vs 3.04%/yr for FHQFX. At a 0.30 correlation, their price movements are largely independent. FHCOX charges 0.05%/yr vs 0.00%/yr for FHQFX.

Performance

FHCOX vs. FHQFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Conservative Microshort Fund (FHCOX) and Fidelity Series Treasury Bill Index Fund (FHQFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHCOX achieves a 1.54% return, which is significantly higher than FHQFX's 1.41% return.

FHCOX

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

FHQFX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.41%
• 6M: 1.84%
• 1Y: 4.08%
• 3Y*: 4.67%
• 5Y*: 3.04%
• 10Y*: —

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

FHCOX vs. FHQFX - 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%	0.14%
FHQFX Fidelity Series Treasury Bill Index Fund	1.41%	4.37%	5.56%	4.47%	-0.50%	0.01%

Correlation

The correlation between FHCOX and FHQFX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 26, 2021	0.30

Over the past year, FHCOX and FHQFX have become more correlated (0.54) than their long-term average of 0.30, meaning their price movements have been converging.

Return for Risk

FHCOX vs. FHQFX — 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

FHQFX

FHQFX Risk / Return Rank: 99
FHQFX Sharpe Ratio Rank: 97
FHQFX Sortino Ratio Rank: 100
FHQFX Omega Ratio Rank: 100
FHQFX Calmar Ratio Rank: 100
FHQFX 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. FHQFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Conservative Microshort Fund (FHCOX) and Fidelity Series Treasury Bill Index Fund (FHQFX). 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	FHQFX	Difference
Sharpe ratio Return per unit of total volatility	3.37	3.68	-0.32
Sortino ratio Return per unit of downside risk	12.72	28.60	-15.88
Omega ratio Gain probability vs. loss probability	4.67	20.94	-16.27
Calmar ratio Return relative to maximum drawdown	14.99	41.79	-26.80
Martin ratio Return relative to average drawdown	78.37	119.47	-41.10
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. FHQFX - Sharpe Ratio Comparison

The current FHCOX Sharpe Ratio is 3.37, which is comparable to the FHQFX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of FHCOX and FHQFX, 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	FHQFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	3.68	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.41	2.46	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	2.36	2.31	+0.06

Drawdowns

FHCOX vs. FHQFX - Drawdown Comparison

The maximum FHCOX drawdown since its inception was -0.59%, smaller than the maximum FHQFX drawdown of -0.70%. Use the drawdown chart below to compare losses from any high point for FHCOX and FHQFX.

Drawdown Indicators

	FHCOX	FHQFX	Difference
Max Drawdown Largest peak-to-trough decline	-0.59%	-0.70%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.10%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-0.70%	+0.20%
Max Drawdown (5Y) Largest decline over 5 years	-0.59%	-0.70%	+0.11%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.09%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.03%	+0.03%

Volatility

FHCOX vs. FHQFX - Volatility Comparison

Federated Hermes Conservative Microshort Fund (FHCOX) has a higher volatility of 0.40% compared to Fidelity Series Treasury Bill Index Fund (FHQFX) at 0.31%. This indicates that FHCOX's price experiences larger fluctuations and is considered to be riskier than FHQFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHCOX	FHQFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.31%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	0.92%	0.80%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	1.14%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.44%	1.26%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.40%	1.19%	+0.21%

FHCOX vs. FHQFX - Expense Ratio Comparison

FHCOX has a 0.05% expense ratio, which is higher than FHQFX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FHCOX vs. FHQFX - Dividend Comparison

FHCOX's dividend yield for the trailing twelve months is around 4.38%, more than FHQFX's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FHCOX Federated Hermes Conservative Microshort Fund	4.38%	4.61%	4.99%	4.17%	1.26%	0.24%	0.00%
FHQFX Fidelity Series Treasury Bill Index Fund	3.89%	4.16%	5.09%	4.67%	0.00%	0.01%	0.06%

Frequently Asked Questions

Can I hold both FHCOX and FHQFX in my portfolio?

FHCOX and FHQFX have a correlation of 0.54, 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 FHQFX?

FHCOX has higher volatility (0.40%) compared to FHQFX (0.31%). In terms of maximum drawdown, FHCOX dropped -0.59% vs FHQFX's -0.70%.

Which has better risk-adjusted returns?

FHQFX currently has the higher Sharpe Ratio (3.68 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.