FHCOX vs. USIAX

Last updated Jun 3, 2026

FHCOX (Federated Hermes Conservative Microshort Fund) and USIAX (UBS Ultra Short Income Fund) are both Ultrashort Bond funds. With a 1.00 correlation, they move nearly in lockstep. 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: 1.54%
• 6M: 2.01%
• 1Y: 4.48%
• 3Y*: 4.98%
• 5Y*: 3.47%
• 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	0.34%
USIAX UBS Ultra Short Income Fund	0.32%

Correlation

The correlation between FHCOX and USIAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	1.00

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: 100
FHCOX Omega Ratio Rank: 100
FHCOX Calmar Ratio Rank: 99
FHCOX 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. 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.

	FHCOX	USIAX	Difference
Sharpe ratio Return per unit of total volatility	3.44	—	—
Sortino ratio Return per unit of downside risk	13.01	—	—
Omega ratio Gain probability vs. loss probability	4.76	—	—
Calmar ratio Return relative to maximum drawdown	15.34	—	—
Martin ratio Return relative to average drawdown	80.20	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FHCOX	USIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.44	—	—
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	19.58	-17.21

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 0.00%. 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%	0.00%	-0.59%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.10%	0.00%	-0.10%
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	0.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.34%	3.65%	-2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.44%	3.65%	-2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.40%	3.65%	-2.25%

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 4.38%, more than USIAX's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021
FHCOX Federated Hermes Conservative Microshort Fund	4.38%	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?

With a correlation of 1.00, FHCOX and USIAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.