FICMX vs. PRGMX
FICMX (Federated Hermes Government Income Fund) and PRGMX (T. Rowe Price GNMA Fund) are both Government Bonds funds. Over the past 10 years, FICMX returned 0.86%/yr vs 1.32%/yr for PRGMX. Their correlation of 0.84 suggests significant overlap in exposure. FICMX charges 0.63%/yr vs 0.58%/yr for PRGMX.
Performance
FICMX vs. PRGMX - Performance Comparison
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Returns By Period
In the year-to-date period, FICMX achieves a 0.33% return, which is significantly lower than PRGMX's 0.93% return. Over the past 10 years, FICMX has underperformed PRGMX with an annualized return of 0.86%, while PRGMX has yielded a comparatively higher 1.32% annualized return.
FICMX
- 1D
- 0.22%
- 1M
- 0.87%
- YTD
- 0.33%
- 6M
- 1.00%
- 1Y
- 6.14%
- 3Y*
- 3.51%
- 5Y*
- -0.28%
- 10Y*
- 0.86%
PRGMX
- 1D
- 0.24%
- 1M
- 0.93%
- YTD
- 0.93%
- 6M
- 1.57%
- 1Y
- 7.21%
- 3Y*
- 4.79%
- 5Y*
- 0.72%
- 10Y*
- 1.32%
FICMX vs. PRGMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FICMX Federated Hermes Government Income Fund | 0.33% | 8.81% | -0.16% | 3.08% | -11.94% | -1.58% | 4.26% | 5.77% | 0.58% | 1.91% |
PRGMX T. Rowe Price GNMA Fund | 0.93% | 8.72% | 1.86% | 5.62% | -11.45% | -2.18% | 4.21% | 5.18% | 0.58% | 1.23% |
Correlation
The correlation between FICMX and PRGMX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1986 | 0.84 |
Over the past year, the correlation between FICMX and PRGMX has dropped to 0.39 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.
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Return for Risk
FICMX vs. PRGMX — Risk / Return Rank
FICMX
PRGMX
FICMX vs. PRGMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Government Income Fund (FICMX) and T. Rowe Price GNMA Fund (PRGMX). 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.
| FICMX | PRGMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.32 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 2.42 | -0.47 |
| Martin ratioReturn relative to average drawdown | 6.34 | 7.69 | -1.35 |
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Drawdowns
FICMX vs. PRGMX - Drawdown Comparison
The maximum FICMX drawdown since its inception was -19.81%, which is greater than PRGMX's maximum drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for FICMX and PRGMX.
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Drawdown Indicators
| FICMX | PRGMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.81% | -18.22% | -1.59% |
Max Drawdown (1Y)Largest decline over 1 year | -3.15% | -3.00% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -8.90% | -7.14% | -1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -19.23% | -17.28% | -1.95% |
Max Drawdown (10Y)Largest decline over 10 years | -19.81% | -18.22% | -1.59% |
Current DrawdownCurrent decline from peak | -2.91% | -1.25% | -1.66% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -2.24% | -0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.94% | +0.03% |
Volatility
FICMX vs. PRGMX - Volatility Comparison
Federated Hermes Government Income Fund (FICMX) and T. Rowe Price GNMA Fund (PRGMX) have volatilities of 1.45% and 1.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FICMX | PRGMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 1.49% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 3.19% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 4.15% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.86% | 6.40% | +0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 4.78% | +0.37% |
FICMX vs. PRGMX - Expense Ratio Comparison
FICMX has a 0.63% expense ratio, which is higher than PRGMX's 0.58% expense ratio.
Dividends
FICMX vs. PRGMX - Dividend Comparison
FICMX's dividend yield for the trailing twelve months is around 3.73%, less than PRGMX's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FICMX Federated Hermes Government Income Fund | 3.73% | 3.67% | 2.90% | 2.22% | 1.39% | 0.72% | 1.37% | 2.21% | 2.46% | 2.39% | 2.09% | 2.39% |
PRGMX T. Rowe Price GNMA Fund | 4.99% | 4.96% | 4.47% | 3.54% | 1.38% | 0.59% | 1.44% | 2.39% | 2.78% | 2.98% | 2.88% | 3.12% |
Frequently Asked Questions
FICMX and PRGMX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRGMX has higher volatility (1.49%) compared to FICMX (1.45%). In terms of maximum drawdown, FICMX dropped -19.81% vs PRGMX's -18.22%.
PRGMX currently has the higher Sharpe Ratio (1.74 vs 1.41), 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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