FHMIX vs. USMSX
FHMIX (Federated Hermes Conservative Municipal Microshort Fund) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, FHMIX returned 1.18%/yr vs 1.75%/yr for USMSX. Their 0.05 correlation means their historical movements had little consistent relationship. FHMIX charges 0.05%/yr vs 0.45%/yr for USMSX.
Performance
FHMIX vs. USMSX - Performance Comparison
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Returns By Period
In the year-to-date period, FHMIX achieves a 1.33% return, which is significantly higher than USMSX's 0.72% return.
FHMIX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.03%
- YTD
- 1.33%
- 1Y
- 2.49%
- 3Y*
- 1.97%
- 5Y*
- 1.18%
- 10Y*
- —
- ALL TIME*
- 1.14%
USMSX
- 1D
- 0.10%
- 1M
- 0.00%
- 6M
- 0.45%
- YTD
- 0.72%
- 1Y
- 1.71%
- 3Y*
- 2.79%
- 5Y*
- 1.75%
- 10Y*
- —
- ALL TIME*
- 1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FHMIX vs. USMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FHMIX Federated Hermes Conservative Municipal Microshort Fund | 1.33% | 3.09% | 1.19% | 0.32% | 0.00% | 0.02% |
USMSX JPMorgan Ultra-Short Municipal Fund | 0.72% | 2.87% | 3.09% | 3.21% | -0.90% | -0.17% |
Correlation
The correlation between FHMIX and USMSX is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 25, 2021 | 0.05 |
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Return for Risk
FHMIX vs. USMSX — Risk / Return Rank
FHMIX
USMSX
FHMIX vs. USMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Conservative Municipal Microshort Fund (FHMIX) and JPMorgan Ultra-Short Municipal Fund (USMSX). 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.
| FHMIX | USMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +7.45 | ||
| Omega ratioGain probability vs. loss probability | 7.17 | 2.73 | +4.44 |
| Calmar ratioReturn relative to maximum drawdown | 25.05 | 6.10 | +18.95 |
| Martin ratioReturn relative to average drawdown | 82.74 | 25.06 | +57.68 |
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Drawdowns
FHMIX vs. USMSX - Drawdown Comparison
The maximum FHMIX drawdown since its inception was -0.50%, smaller than the maximum USMSX drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for FHMIX and USMSX.
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Drawdown Indicators
| FHMIX | USMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.50% | -2.09% | +1.59% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.30% | +0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -0.50% | -0.50% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -0.50% | -2.03% | +1.53% |
Current DrawdownCurrent decline from peak | 0.00% | -0.10% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -0.22% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.07% | -0.04% |
Volatility
FHMIX vs. USMSX - Volatility Comparison
The current volatility for Federated Hermes Conservative Municipal Microshort Fund (FHMIX) is 0.00%, while JPMorgan Ultra-Short Municipal Fund (USMSX) has a volatility of 0.20%. This indicates that FHMIX experiences smaller price fluctuations and is considered to be less risky than USMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FHMIX | USMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.20% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 0.51% | 0.50% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.81% | 0.64% | +0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.80% | 0.71% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.78% | 0.74% | +0.04% |
FHMIX vs. USMSX - Expense Ratio Comparison
FHMIX has a 0.05% expense ratio, which is lower than USMSX's 0.45% expense ratio.
Dividends
FHMIX vs. USMSX - Dividend Comparison
FHMIX's dividend yield for the trailing twelve months is around 2.56%, more than USMSX's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FHMIX Federated Hermes Conservative Municipal Microshort Fund | 2.56% | 3.04% | 1.18% | 0.32% | 0.00% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% |
USMSX JPMorgan Ultra-Short Municipal Fund | 2.10% | 2.42% | 2.84% | 2.35% | 0.70% | 0.05% | 0.57% | 1.28% | 1.01% | 0.59% |
Frequently Asked Questions
FHMIX and USMSX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USMSX has higher volatility (0.20%) compared to FHMIX (0.00%). In terms of maximum drawdown, FHMIX dropped -0.50% vs USMSX's -2.09%.
FHMIX currently has the higher Sharpe Ratio (3.10 vs 2.87), 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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