FHMIX vs. APUSX

Last updated Jun 4, 2026

FHMIX (Federated Hermes Conservative Municipal Microshort Fund) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Over the past 5 years, FHMIX returned 1.14%/yr vs 2.09%/yr for APUSX. At a 0.34 correlation, their price movements are largely independent. FHMIX charges 0.05%/yr vs 0.60%/yr for APUSX.

Performance

FHMIX vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Conservative Municipal Microshort Fund (FHMIX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHMIX achieves a 1.11% return, which is significantly higher than APUSX's 0.81% return.

FHMIX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 1.11%
• 6M: 1.37%
• 1Y: 2.85%
• 3Y*: 1.86%
• 5Y*: 1.14%
• 10Y*: —

APUSX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.81%
• 6M: 1.02%
• 1Y: 2.47%
• 3Y*: 3.37%
• 5Y*: 2.09%
• 10Y*: —

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

FHMIX vs. APUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FHMIX Federated Hermes Conservative Municipal Microshort Fund	1.11%	3.09%	1.19%	0.32%	0.00%	0.02%
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	0.81%	3.88%	3.65%	2.63%	-0.18%	-0.30%

Correlation

The correlation between FHMIX and APUSX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.34

The correlation between FHMIX and APUSX shifts across timeframes, from 0.34 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FHMIX vs. APUSX — Risk / Return Rank

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

FHMIX

FHMIX Risk / Return Rank: 98
FHMIX Sharpe Ratio Rank: 93
FHMIX Sortino Ratio Rank: 100
FHMIX Omega Ratio Rank: 100
FHMIX Calmar Ratio Rank: 100
FHMIX Martin Ratio Rank: 100

APUSX

APUSX Risk / Return Rank: 98
APUSX Sharpe Ratio Rank: 93
APUSX Sortino Ratio Rank: 99
APUSX Omega Ratio Rank: 100
APUSX Calmar Ratio Rank: 100
APUSX Martin Ratio Rank: 99

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.

FHMIX vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Conservative Municipal Microshort Fund (FHMIX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.

	FHMIX	APUSX	Difference
Sharpe ratio: Return per unit of total volatility	3.19	3.20	0.00
Sortino ratio: Return per unit of downside risk	11.49	9.99	+1.50
Omega ratio: Gain probability vs. loss probability	5.69	5.06	+0.63
Calmar ratio: Return relative to maximum drawdown	28.50	24.81	+3.69
Martin ratio: Return relative to average drawdown	77.58	68.37	+9.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHMIX vs. APUSX - Sharpe Ratio Comparison

The current FHMIX Sharpe Ratio is 3.19, which is comparable to the APUSX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of FHMIX and APUSX, 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

	FHMIX	APUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	3.20	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.45	1.68	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	1.45	-0.01

Drawdowns

FHMIX vs. APUSX - Drawdown Comparison

The maximum FHMIX drawdown since its inception was -0.50%, smaller than the maximum APUSX drawdown of -1.64%. Use the drawdown chart below to compare losses from any high point for FHMIX and APUSX.

Drawdown Indicators

	FHMIX	APUSX	Difference
Max Drawdown Largest peak-to-trough decline	-0.50%	-1.64%	+1.14%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.10%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-1.00%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-0.50%	-1.35%	+0.85%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.29%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.04%	0.00%

Volatility

FHMIX vs. APUSX - Volatility Comparison

The current volatility for Federated Hermes Conservative Municipal Microshort Fund (FHMIX) is 0.21%, while Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) has a volatility of 0.24%. This indicates that FHMIX experiences smaller price fluctuations and is considered to be less risky than APUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHMIX	APUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	0.24%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	0.54%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	0.89%	0.78%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.79%	1.25%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.79%	1.13%	-0.34%

FHMIX vs. APUSX - Expense Ratio Comparison

FHMIX has a 0.05% expense ratio, which is lower than APUSX's 0.60% expense ratio.

Dividends

FHMIX vs. APUSX - Dividend Comparison

FHMIX's dividend yield for the trailing twelve months is around 2.80%, more than APUSX's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	2.44%	3.69%	3.68%	1.69%	0.33%	0.00%	0.25%
FHMIX Federated Hermes Conservative Municipal Microshort Fund	2.80%	3.04%	1.18%	0.32%	0.00%	0.02%	0.00%

Frequently Asked Questions

Can I hold both FHMIX and APUSX in my portfolio?

FHMIX and APUSX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHMIX or APUSX?

APUSX has higher volatility (0.24%) compared to FHMIX (0.21%). In terms of maximum drawdown, FHMIX dropped -0.50% vs APUSX's -1.64%.

Which has better risk-adjusted returns?

APUSX currently has the higher Sharpe Ratio (3.20 vs 3.19), 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.