FHCOX vs. UUSTX

Last updated Jun 4, 2026

FHCOX (Federated Hermes Conservative Microshort Fund) and UUSTX (USAA Ultra Short-Term Bond Fund) are both Ultrashort Bond funds. Over the past 5 years, FHCOX returned 3.47%/yr vs 3.53%/yr for UUSTX. At a 0.36 correlation, their price movements are largely independent. FHCOX charges 0.05%/yr vs 0.62%/yr for UUSTX.

Performance

FHCOX vs. UUSTX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FHCOX having a 1.54% return and UUSTX slightly lower at 1.49%.

FHCOX

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

UUSTX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.49%
• 6M: 1.98%
• 1Y: 4.64%
• 3Y*: 5.56%
• 5Y*: 3.53%
• 10Y*: 2.97%

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

FHCOX vs. UUSTX - 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%
UUSTX USAA Ultra Short-Term Bond Fund	1.49%	5.25%	6.20%	5.57%	-0.69%	0.49%

Correlation

The correlation between FHCOX and UUSTX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 26, 2021	0.36

Return for Risk

FHCOX vs. UUSTX — 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

UUSTX

UUSTX Risk / Return Rank: 97
UUSTX Sharpe Ratio Rank: 93
UUSTX Sortino Ratio Rank: 99
UUSTX Omega Ratio Rank: 99
UUSTX Calmar Ratio Rank: 98
UUSTX Martin Ratio Rank: 98

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. UUSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Conservative Microshort Fund (FHCOX) and USAA Ultra Short-Term Bond Fund (UUSTX). 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	UUSTX	Difference
Sharpe ratio: Return per unit of total volatility	3.37	3.17	+0.19
Sortino ratio: Return per unit of downside risk	12.72	9.79	+2.93
Omega ratio: Gain probability vs. loss probability	4.67	3.08	+1.59
Calmar ratio: Return relative to maximum drawdown	14.99	7.84	+7.15
Martin ratio: Return relative to average drawdown	78.37	38.33	+40.04
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. UUSTX - Sharpe Ratio Comparison

The current FHCOX Sharpe Ratio is 3.37, which is comparable to the UUSTX Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of FHCOX and UUSTX, 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	UUSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	3.17	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.41	2.35	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.36	1.82	+0.54

Drawdowns

FHCOX vs. UUSTX - Drawdown Comparison

The maximum FHCOX drawdown since its inception was -0.59%, smaller than the maximum UUSTX drawdown of -7.34%. Use the drawdown chart below to compare losses from any high point for FHCOX and UUSTX.

Drawdown Indicators

	FHCOX	UUSTX	Difference
Max Drawdown Largest peak-to-trough decline	-0.59%	-7.34%	+6.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.59%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-0.59%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-0.59%	-2.53%	+1.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-7.34%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.27%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.12%	-0.06%

Volatility

FHCOX vs. UUSTX - Volatility Comparison

Federated Hermes Conservative Microshort Fund (FHCOX) and USAA Ultra Short-Term Bond Fund (UUSTX) have volatilities of 0.40% and 0.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHCOX	UUSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.40%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.92%	1.04%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	1.47%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.44%	1.51%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.40%	1.50%	-0.10%

FHCOX vs. UUSTX - Expense Ratio Comparison

FHCOX has a 0.05% expense ratio, which is lower than UUSTX's 0.62% expense ratio.

Dividends

FHCOX vs. UUSTX - Dividend Comparison

FHCOX's dividend yield for the trailing twelve months is around 4.38%, less than UUSTX's 4.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHCOX Federated Hermes Conservative Microshort Fund	4.38%	4.61%	4.99%	4.17%	1.26%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UUSTX USAA Ultra Short-Term Bond Fund	4.53%	4.81%	5.30%	3.87%	2.01%	0.87%	2.10%	2.66%	2.38%	1.60%	1.31%	1.33%

Frequently Asked Questions

Can I hold both FHCOX and UUSTX in my portfolio?

FHCOX and UUSTX have a correlation of 0.38, 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 UUSTX?

UUSTX has higher volatility (0.40%) compared to FHCOX (0.40%). In terms of maximum drawdown, FHCOX dropped -0.59% vs UUSTX's -7.34%.

Which has better risk-adjusted returns?

FHCOX currently has the higher Sharpe Ratio (3.37 vs 3.17), 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.