FHIIX vs. CMNIX
FHIIX (Federated Hermes High Income Bond Fund) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - FHIIX is a High Yield Bonds fund managed by Federated, while CMNIX is a fund fund managed by Calamos. Over the past 10 years, FHIIX returned 4.82%/yr vs 4.80%/yr for CMNIX. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.90% expense ratio.
Performance
FHIIX vs. CMNIX - Performance Comparison
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Returns By Period
In the year-to-date period, FHIIX achieves a 1.17% return, which is significantly lower than CMNIX's 2.83% return. Both investments have delivered pretty close results over the past 10 years, with FHIIX having a 4.82% annualized return and CMNIX not far behind at 4.80%.
FHIIX
- 1D
- 0.00%
- 1M
- 0.76%
- YTD
- 1.17%
- 6M
- 1.46%
- 1Y
- 5.27%
- 3Y*
- 7.57%
- 5Y*
- 3.21%
- 10Y*
- 4.82%
CMNIX
- 1D
- 0.00%
- 1M
- 0.16%
- YTD
- 2.83%
- 6M
- 2.97%
- 1Y
- 6.78%
- 3Y*
- 6.95%
- 5Y*
- 4.87%
- 10Y*
- 4.80%
FHIIX vs. CMNIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FHIIX Federated Hermes High Income Bond Fund | 1.17% | 8.00% | 6.16% | 12.42% | -11.74% | 4.68% | 5.90% | 14.35% | -3.06% | 6.54% |
CMNIX Calamos Market Neutral Income Fund Institutional Class | 2.83% | 6.89% | 7.43% | 9.17% | -4.26% | 5.02% | 5.36% | 6.72% | 1.79% | 4.21% |
Correlation
The correlation between FHIIX and CMNIX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since May 10, 2000 | 0.34 |
The correlation between FHIIX and CMNIX shifts across timeframes, from 0.20 (1 year) to 0.44 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
FHIIX vs. CMNIX — Risk / Return Rank
FHIIX
CMNIX
FHIIX vs. CMNIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes High Income Bond Fund (FHIIX) and Calamos Market Neutral Income Fund Institutional Class (CMNIX). 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.
| FHIIX | CMNIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.97 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 6.76 | -4.59 |
| Martin ratioReturn relative to average drawdown | 10.79 | 40.98 | -30.19 |
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Drawdowns
FHIIX vs. CMNIX - Drawdown Comparison
The maximum FHIIX drawdown since its inception was -35.49%, roughly equal to the maximum CMNIX drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for FHIIX and CMNIX.
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Drawdown Indicators
| FHIIX | CMNIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -35.16% | -0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -1.02% | -1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -3.56% | -2.77% | -0.79% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -7.52% | -7.87% |
Max Drawdown (10Y)Largest decline over 10 years | -21.19% | -8.12% | -13.07% |
Current DrawdownCurrent decline from peak | -0.15% | -0.12% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -5.32% | -7.14% | +1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 0.17% | +0.33% |
Volatility
FHIIX vs. CMNIX - Volatility Comparison
Federated Hermes High Income Bond Fund (FHIIX) has a higher volatility of 0.74% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.39%. This indicates that FHIIX's price experiences larger fluctuations and is considered to be riskier than CMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FHIIX | CMNIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.39% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.42% | 1.55% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 1.83% | +1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.99% | 3.47% | +1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.47% | 3.62% | +1.85% |
FHIIX vs. CMNIX - Expense Ratio Comparison
Both FHIIX and CMNIX have an expense ratio of 0.90%.
Dividends
FHIIX vs. CMNIX - Dividend Comparison
FHIIX's dividend yield for the trailing twelve months is around 5.47%, more than CMNIX's 1.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMNIX Calamos Market Neutral Income Fund Institutional Class | 1.69% | 1.63% | 2.00% | 5.90% | 1.02% | 0.46% | 0.90% | 1.57% | 5.02% | 2.60% | 2.97% | 2.42% |
FHIIX Federated Hermes High Income Bond Fund | 5.47% | 5.29% | 5.36% | 5.50% | 5.70% | 4.60% | 4.97% | 5.28% | 5.75% | 5.29% | 5.14% | 5.94% |
Frequently Asked Questions
FHIIX and CMNIX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FHIIX has higher volatility (0.74%) compared to CMNIX (0.39%). In terms of maximum drawdown, FHIIX dropped -35.49% vs CMNIX's -35.16%.
CMNIX currently has the higher Sharpe Ratio (3.75 vs 1.74), 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.
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