FHCOX vs. USIAX

Last updated Jun 23, 2026

FHCOX (Federated Hermes Conservative Microshort Fund) and USIAX (UBS Ultra Short Income Fund) are both Ultrashort Bond funds. A 0.62 correlation means they provide meaningful diversification when combined. FHCOX charges 0.05%/yr vs 0.35%/yr for USIAX.

Performance

FHCOX vs. USIAX - Performance Comparison

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

Returns By Period

FHCOX

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

USIAX

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FHCOX vs. USIAX - Yearly Performance Comparison

	2026 (YTD)
FHCOX Federated Hermes Conservative Microshort Fund	0.24%
USIAX UBS Ultra Short Income Fund	0.22%

Correlation

The correlation between FHCOX and USIAX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.62

Return for Risk

FHCOX vs. USIAX — 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

USIAX

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.

FHCOX vs. USIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Conservative Microshort Fund (FHCOX) and UBS Ultra Short Income Fund (USIAX). 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	USIAX	Difference
Sharpe ratio: Return per unit of total volatility	3.24	—	—
Sortino ratio: Return per unit of downside risk	11.11	—	—
Omega ratio: Gain probability vs. loss probability	3.87	—	—
Calmar ratio: Return relative to maximum drawdown	14.64	—	—
Martin ratio: Return relative to average drawdown	74.33	—	—

Drawdowns

FHCOX vs. USIAX - Drawdown Comparison

The maximum FHCOX drawdown since its inception was -0.59%, which is greater than USIAX's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for FHCOX and USIAX.

Drawdown Indicators

	FHCOX	USIAX	Difference
Max Drawdown Largest peak-to-trough decline	-0.59%	-0.10%	-0.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.59%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.10%	0.00%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.01%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	—	—

Volatility

Volatility by Period

	FHCOX	USIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.35%	1.38%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.44%	1.38%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.40%	1.38%	+0.02%

FHCOX vs. USIAX - Expense Ratio Comparison

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

Dividends

FHCOX vs. USIAX - Dividend Comparison

FHCOX's dividend yield for the trailing twelve months is around 4.39%, more than USIAX's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021
FHCOX Federated Hermes Conservative Microshort Fund	4.39%	4.61%	4.99%	4.17%	1.26%	0.24%
USIAX UBS Ultra Short Income Fund	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FHCOX and USIAX in my portfolio?

FHCOX and USIAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.