FHCOX vs. MUIIX

Last updated Jun 23, 2026

FHCOX (Federated Hermes Conservative Microshort Fund) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 5 years, FHCOX returned 3.44%/yr vs 3.23%/yr for MUIIX. At a 0.36 correlation, their price movements are largely independent. FHCOX charges 0.05%/yr vs 0.35%/yr for MUIIX.

Performance

FHCOX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Conservative Microshort Fund (FHCOX) and Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FHCOX having a 1.43% return and MUIIX slightly higher at 1.47%.

FHCOX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.43%
• 6M: 1.80%
• 1Y: 4.38%
• 3Y*: 4.94%
• 5Y*: 3.44%
• 10Y*: —

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.47%
• 6M: 1.81%
• 1Y: 4.12%
• 3Y*: 4.34%
• 5Y*: 3.23%
• 10Y*: —

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

FHCOX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FHCOX Federated Hermes Conservative Microshort Fund	1.43%	4.94%	5.34%	4.80%	0.76%	0.14%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.47%	4.47%	4.94%	4.17%	1.10%	0.10%

Correlation

The correlation between FHCOX and MUIIX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021	0.36

Over the past year, FHCOX and MUIIX have become more correlated (0.63) than their long-term average of 0.36, meaning their price movements have been converging.

Return for Risk

FHCOX vs. MUIIX — 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: 96
FHCOX Sortino Ratio Rank: 99
FHCOX Omega Ratio Rank: 99
FHCOX Calmar Ratio Rank: 99
FHCOX Martin Ratio Rank: 99

MUIIX

MUIIX Risk / Return Rank: 99
MUIIX Sharpe Ratio Rank: 98
MUIIX Sortino Ratio Rank: 100
MUIIX Omega Ratio Rank: 100
MUIIX Calmar Ratio Rank: 100
MUIIX 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. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Conservative Microshort Fund (FHCOX) and Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX). 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.

	FHCOX	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	3.24	3.46	-0.22
Sortino ratio: Return per unit of downside risk	11.11	16.53	-5.41
Omega ratio: Gain probability vs. loss probability	3.87	7.73	-3.87
Calmar ratio: Return relative to maximum drawdown	14.64	41.33	-26.69
Martin ratio: Return relative to average drawdown	74.33	113.97	-39.64

FHCOX vs. MUIIX - Sharpe Ratio Comparison

The current FHCOX Sharpe Ratio is 3.24, which is comparable to the MUIIX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of FHCOX and MUIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FHCOX vs. MUIIX - Drawdown Comparison

The maximum FHCOX drawdown since its inception was -0.59%, smaller than the maximum MUIIX drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for FHCOX and MUIIX.

Drawdown Indicators

	FHCOX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-0.59%	-1.20%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.10%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-1.20%	+0.70%
Max Drawdown (5Y) Largest decline over 5 years	-0.59%	-1.20%	+0.61%
Current Drawdown Current decline from peak	-0.10%	-0.10%	0.00%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.06%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.04%	+0.02%

Volatility

FHCOX vs. MUIIX - Volatility Comparison

Federated Hermes Conservative Microshort Fund (FHCOX) has a higher volatility of 0.45% compared to Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) at 0.42%. This indicates that FHCOX's price experiences larger fluctuations and is considered to be riskier than MUIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHCOX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	0.42%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.93%	0.82%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	1.35%	1.20%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.44%	1.59%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.40%	1.44%	-0.04%

FHCOX vs. MUIIX - Expense Ratio Comparison

FHCOX has a 0.05% expense ratio, which is lower than MUIIX's 0.35% expense ratio.

Dividends

FHCOX vs. MUIIX - Dividend Comparison

FHCOX's dividend yield for the trailing twelve months is around 4.39%, more than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FHCOX Federated Hermes Conservative Microshort Fund	4.39%	4.61%	4.99%	4.17%	1.26%	0.24%	0.00%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%

Frequently Asked Questions

Can I hold both FHCOX and MUIIX in my portfolio?

FHCOX and MUIIX have a correlation of 0.63, 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 MUIIX?

FHCOX has higher volatility (0.45%) compared to MUIIX (0.42%). In terms of maximum drawdown, FHCOX dropped -0.59% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.46 vs 3.24), 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.