FHIIX vs. NCBVX

Last updated Jun 5, 2026

FHIIX (Federated Hermes High Income Bond Fund) and NCBVX (PGIM Quant Solutions Mid-Cap Value Fund) are both mutual funds - FHIIX is a High Yield Bonds fund managed by Federated, while NCBVX is a Mid Cap Value Equities fund managed by PGIM. Over the past 10 years, FHIIX returned 4.83%/yr vs 7.77%/yr for NCBVX. At a 0.31 correlation, their price movements are largely independent. FHIIX charges 0.90%/yr vs 1.95%/yr for NCBVX.

Performance

FHIIX vs. NCBVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes High Income Bond Fund (FHIIX) and PGIM Quant Solutions Mid-Cap Value Fund (NCBVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHIIX achieves a 0.85% return, which is significantly lower than NCBVX's 16.11% return. Over the past 10 years, FHIIX has underperformed NCBVX with an annualized return of 4.83%, while NCBVX has yielded a comparatively higher 7.77% annualized return.

FHIIX

• 1D: -0.15%
• 1M: 0.31%
• YTD: 0.85%
• 6M: 1.29%
• 1Y: 5.56%
• 3Y*: 7.75%
• 5Y*: 3.23%
• 10Y*: 4.83%

NCBVX

• 1D: 0.31%
• 1M: 2.91%
• YTD: 16.11%
• 6M: 16.27%
• 1Y: 31.39%
• 3Y*: 17.63%
• 5Y*: 7.64%
• 10Y*: 7.77%

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

FHIIX vs. NCBVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHIIX Federated Hermes High Income Bond Fund	0.85%	8.00%	6.16%	12.42%	-11.74%	4.68%	5.90%	14.35%	-3.06%	6.54%
NCBVX PGIM Quant Solutions Mid-Cap Value Fund	16.11%	11.86%	10.49%	10.40%	-10.18%	33.13%	-7.31%	18.78%	-20.51%	11.63%

Correlation

The correlation between FHIIX and NCBVX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 20, 1998	0.31

The correlation between FHIIX and NCBVX shifts across timeframes, from 0.13 (1 year) to 0.43 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FHIIX vs. NCBVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FHIIX

FHIIX Risk / Return Rank: 48
FHIIX Sharpe Ratio Rank: 41
FHIIX Sortino Ratio Rank: 43
FHIIX Omega Ratio Rank: 61
FHIIX Calmar Ratio Rank: 39
FHIIX Martin Ratio Rank: 58

NCBVX

NCBVX Risk / Return Rank: 76
NCBVX Sharpe Ratio Rank: 69
NCBVX Sortino Ratio Rank: 69
NCBVX Omega Ratio Rank: 60
NCBVX Calmar Ratio Rank: 92
NCBVX Martin Ratio Rank: 91

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.

FHIIX vs. NCBVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes High Income Bond Fund (FHIIX) and PGIM Quant Solutions Mid-Cap Value Fund (NCBVX). 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.

	FHIIX	NCBVX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.38	-0.55
Sortino ratio: Return per unit of downside risk	2.69	3.39	-0.70
Omega ratio: Gain probability vs. loss probability	1.42	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	2.29	4.89	-2.60
Martin ratio: Return relative to average drawdown	11.37	17.74	-6.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHIIX vs. NCBVX - Sharpe Ratio Comparison

The current FHIIX Sharpe Ratio is 1.83, which is comparable to the NCBVX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FHIIX and NCBVX, 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

	FHIIX	NCBVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.38	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.41	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.34	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.41	+0.49

Drawdowns

FHIIX vs. NCBVX - Drawdown Comparison

The maximum FHIIX drawdown since its inception was -35.49%, smaller than the maximum NCBVX drawdown of -60.64%. Use the drawdown chart below to compare losses from any high point for FHIIX and NCBVX.

Drawdown Indicators

	FHIIX	NCBVX	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-60.64%	+25.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-6.31%	+3.80%
Max Drawdown (3Y) Largest decline over 3 years	-3.56%	-21.27%	+17.71%
Max Drawdown (5Y) Largest decline over 5 years	-15.39%	-23.15%	+7.76%
Max Drawdown (10Y) Largest decline over 10 years	-21.19%	-57.50%	+36.31%
Current Drawdown Current decline from peak	-0.15%	0.00%	-0.15%
Average Drawdown Average peak-to-trough decline	-5.33%	-9.10%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	1.74%	-1.24%

Volatility

FHIIX vs. NCBVX - Volatility Comparison

The current volatility for Federated Hermes High Income Bond Fund (FHIIX) is 0.80%, while PGIM Quant Solutions Mid-Cap Value Fund (NCBVX) has a volatility of 3.47%. This indicates that FHIIX experiences smaller price fluctuations and is considered to be less risky than NCBVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHIIX	NCBVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	3.47%	-2.67%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	9.39%	-6.90%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	13.02%	-9.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	18.81%	-13.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.48%	22.67%	-17.19%

FHIIX vs. NCBVX - Expense Ratio Comparison

FHIIX has a 0.90% expense ratio, which is lower than NCBVX's 1.95% expense ratio.

Dividends

FHIIX vs. NCBVX - Dividend Comparison

FHIIX's dividend yield for the trailing twelve months is around 5.44%, more than NCBVX's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHIIX Federated Hermes High Income Bond Fund	5.44%	5.29%	5.36%	5.50%	5.70%	4.60%	4.97%	5.28%	5.75%	5.29%	5.14%	5.94%
NCBVX PGIM Quant Solutions Mid-Cap Value Fund	0.59%	0.68%	1.03%	1.59%	1.17%	0.74%	1.60%	1.93%	13.70%	6.69%	2.83%	7.89%

Frequently Asked Questions

Can I hold both FHIIX and NCBVX in my portfolio?

FHIIX and NCBVX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHIIX or NCBVX?

NCBVX has higher volatility (3.47%) compared to FHIIX (0.80%). In terms of maximum drawdown, FHIIX dropped -35.49% vs NCBVX's -60.64%.

Which has better risk-adjusted returns?

NCBVX currently has the higher Sharpe Ratio (2.38 vs 1.83), 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.