FHTFX vs. GWMEX

Last updated Jun 5, 2026

FHTFX (Federated Hermes Municipal High Yield Advtg Fd) and GWMEX (AMG GW&K Municipal Enhanced Yield Fund) are both High Yield Muni funds. Over the past 10 years, FHTFX returned 2.47%/yr vs 3.52%/yr for GWMEX. A 0.80 correlation means they provide meaningful diversification when combined. FHTFX charges 0.89%/yr vs 0.64%/yr for GWMEX.

Performance

FHTFX vs. GWMEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Municipal High Yield Advtg Fd (FHTFX) and AMG GW&K Municipal Enhanced Yield Fund (GWMEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHTFX achieves a 1.93% return, which is significantly lower than GWMEX's 2.30% return. Over the past 10 years, FHTFX has underperformed GWMEX with an annualized return of 2.47%, while GWMEX has yielded a comparatively higher 3.52% annualized return.

FHTFX

• 1D: 0.00%
• 1M: 0.98%
• YTD: 1.93%
• 6M: 2.41%
• 1Y: 7.27%
• 3Y*: 4.50%
• 5Y*: 0.71%
• 10Y*: 2.47%

GWMEX

• 1D: 0.11%
• 1M: 1.35%
• YTD: 2.30%
• 6M: 2.63%
• 1Y: 8.46%
• 3Y*: 4.31%
• 5Y*: 1.77%
• 10Y*: 3.52%

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

FHTFX vs. GWMEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHTFX Federated Hermes Municipal High Yield Advtg Fd	1.93%	2.09%	5.67%	6.91%	-13.36%	5.47%	2.91%	9.76%	0.76%	7.48%
GWMEX AMG GW&K Municipal Enhanced Yield Fund	2.30%	2.50%	2.61%	10.89%	-17.86%	15.05%	6.32%	12.51%	-0.06%	9.79%

Correlation

The correlation between FHTFX and GWMEX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 4, 2006	0.80

The correlation between FHTFX and GWMEX shifts across timeframes, from 0.73 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FHTFX vs. GWMEX — Risk / Return Rank

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

FHTFX

FHTFX Risk / Return Rank: 87
FHTFX Sharpe Ratio Rank: 88
FHTFX Sortino Ratio Rank: 92
FHTFX Omega Ratio Rank: 92
FHTFX Calmar Ratio Rank: 84
FHTFX Martin Ratio Rank: 79

GWMEX

GWMEX Risk / Return Rank: 58
GWMEX Sharpe Ratio Rank: 61
GWMEX Sortino Ratio Rank: 70
GWMEX Omega Ratio Rank: 81
GWMEX Calmar Ratio Rank: 38
GWMEX Martin Ratio Rank: 38

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.

FHTFX vs. GWMEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Municipal High Yield Advtg Fd (FHTFX) and AMG GW&K Municipal Enhanced Yield Fund (GWMEX). 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.

	FHTFX	GWMEX	Difference
Sharpe ratio: Return per unit of total volatility	2.84	2.29	+0.56
Sortino ratio: Return per unit of downside risk	4.59	3.46	+1.13
Omega ratio: Gain probability vs. loss probability	1.69	1.54	+0.16
Calmar ratio: Return relative to maximum drawdown	3.82	2.29	+1.53
Martin ratio: Return relative to average drawdown	14.28	8.15	+6.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHTFX vs. GWMEX - Sharpe Ratio Comparison

The current FHTFX Sharpe Ratio is 2.84, which is comparable to the GWMEX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of FHTFX and GWMEX, 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

	FHTFX	GWMEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	2.29	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.23	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.52	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.65	+0.43

Drawdowns

FHTFX vs. GWMEX - Drawdown Comparison

The maximum FHTFX drawdown since its inception was -27.61%, smaller than the maximum GWMEX drawdown of -36.30%. Use the drawdown chart below to compare losses from any high point for FHTFX and GWMEX.

Drawdown Indicators

	FHTFX	GWMEX	Difference
Max Drawdown Largest peak-to-trough decline	-27.61%	-36.30%	+8.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-3.95%	+1.49%
Max Drawdown (3Y) Largest decline over 3 years	-7.60%	-9.08%	+1.48%
Max Drawdown (5Y) Largest decline over 5 years	-17.77%	-24.06%	+6.29%
Max Drawdown (10Y) Largest decline over 10 years	-17.77%	-24.06%	+6.29%
Current Drawdown Current decline from peak	0.00%	-2.09%	+2.09%
Average Drawdown Average peak-to-trough decline	-2.66%	-5.70%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	1.11%	+1.12%

Volatility

FHTFX vs. GWMEX - Volatility Comparison

The current volatility for Federated Hermes Municipal High Yield Advtg Fd (FHTFX) is 0.99%, while AMG GW&K Municipal Enhanced Yield Fund (GWMEX) has a volatility of 1.48%. This indicates that FHTFX experiences smaller price fluctuations and is considered to be less risky than GWMEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHTFX	GWMEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	1.48%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	2.95%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	3.31%	3.96%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.15%	7.80%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	6.75%	-1.90%

FHTFX vs. GWMEX - Expense Ratio Comparison

FHTFX has a 0.89% expense ratio, which is higher than GWMEX's 0.64% expense ratio.

Dividends

FHTFX vs. GWMEX - Dividend Comparison

FHTFX's dividend yield for the trailing twelve months is around 3.05%, less than GWMEX's 3.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHTFX Federated Hermes Municipal High Yield Advtg Fd	3.05%	3.02%	4.53%	3.81%	3.65%	3.14%	3.52%	3.88%	3.85%	3.88%	4.11%	4.02%
GWMEX AMG GW&K Municipal Enhanced Yield Fund	3.41%	3.67%	3.38%	3.10%	3.33%	13.26%	3.63%	4.59%	5.82%	2.97%	7.96%	4.77%

Frequently Asked Questions

Can I hold both FHTFX and GWMEX in my portfolio?

FHTFX and GWMEX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHTFX or GWMEX?

GWMEX has higher volatility (1.48%) compared to FHTFX (0.99%). In terms of maximum drawdown, FHTFX dropped -27.61% vs GWMEX's -36.30%.

Which has better risk-adjusted returns?

FHTFX currently has the higher Sharpe Ratio (2.84 vs 2.29), 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.