FIDAX vs. FMUSX

Last updated Jun 3, 2026

FIDAX (John Hancock Financial Industries Fund) and FMUSX (Federated Hermes Municipal Ultra Short Fund) are both mutual funds - FIDAX is a Financials Equities fund managed by BlackRock, while FMUSX is a Municipal Bonds fund managed by Federated. Over the past 10 years, FIDAX returned 9.77%/yr vs 1.65%/yr for FMUSX. At a correlation of -0.02, they often move in opposite directions. FIDAX charges 1.24%/yr vs 0.36%/yr for FMUSX.

Performance

FIDAX vs. FMUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Financial Industries Fund (FIDAX) and Federated Hermes Municipal Ultra Short Fund (FMUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIDAX achieves a -2.57% return, which is significantly lower than FMUSX's 0.72% return. Over the past 10 years, FIDAX has outperformed FMUSX with an annualized return of 9.77%, while FMUSX has yielded a comparatively lower 1.65% annualized return.

FIDAX

• 1D: -0.97%
• 1M: -1.63%
• YTD: -2.57%
• 6M: 3.06%
• 1Y: 5.43%
• 3Y*: 17.87%
• 5Y*: 6.03%
• 10Y*: 9.77%

FMUSX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.72%
• 6M: 0.98%
• 1Y: 2.03%
• 3Y*: 3.09%
• 5Y*: 1.98%
• 10Y*: 1.65%

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

FIDAX vs. FMUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIDAX John Hancock Financial Industries Fund	-2.57%	12.05%	30.09%	5.01%	-14.17%	28.80%	1.58%	31.21%	-15.30%	11.00%
FMUSX Federated Hermes Municipal Ultra Short Fund	0.72%	3.47%	3.02%	3.40%	-0.62%	0.05%	1.12%	2.27%	1.46%	1.16%

Correlation

The correlation between FIDAX and FMUSX is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Oct 25, 2000	-0.02

The correlation between FIDAX and FMUSX shifts across timeframes, from -0.02 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FIDAX vs. FMUSX — Risk / Return Rank

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

FIDAX

FIDAX Risk / Return Rank: 5
FIDAX Sharpe Ratio Rank: 5
FIDAX Sortino Ratio Rank: 5
FIDAX Omega Ratio Rank: 5
FIDAX Calmar Ratio Rank: 5
FIDAX Martin Ratio Rank: 5

FMUSX

FMUSX Risk / Return Rank: 61
FMUSX Sharpe Ratio Rank: 78
FMUSX Sortino Ratio Rank: 98
FMUSX Omega Ratio Rank: 99
FMUSX Calmar Ratio Rank: 17
FMUSX Martin Ratio Rank: 16

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.

FIDAX vs. FMUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Financial Industries Fund (FIDAX) and Federated Hermes Municipal Ultra Short Fund (FMUSX). 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.

	FIDAX	FMUSX	Difference
Sharpe ratio Return per unit of total volatility	0.36	2.56	-2.20
Sortino ratio Return per unit of downside risk	0.59	6.25	-5.65
Omega ratio Gain probability vs. loss probability	1.08	2.56	-1.48
Calmar ratio Return relative to maximum drawdown	0.45	1.50	-1.05
Martin ratio Return relative to average drawdown	1.27	4.58	-3.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIDAX vs. FMUSX - Sharpe Ratio Comparison

The current FIDAX Sharpe Ratio is 0.36, which is lower than the FMUSX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of FIDAX and FMUSX, 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

	FIDAX	FMUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.36	2.56	-2.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	1.08	-0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	1.15	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.10	+0.21

Drawdowns

FIDAX vs. FMUSX - Drawdown Comparison

The maximum FIDAX drawdown since its inception was -70.42%, which is greater than FMUSX's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for FIDAX and FMUSX.

Drawdown Indicators

	FIDAX	FMUSX	Difference
Max Drawdown Largest peak-to-trough decline	-70.42%	-2.49%	-67.93%
Max Drawdown (1Y) Largest decline over 1 year	-13.82%	-0.40%	-13.42%
Max Drawdown (3Y) Largest decline over 3 years	-19.35%	-2.06%	-17.29%
Max Drawdown (5Y) Largest decline over 5 years	-30.89%	-2.06%	-28.83%
Max Drawdown (10Y) Largest decline over 10 years	-42.09%	-2.49%	-39.60%
Current Drawdown Current decline from peak	-5.88%	0.00%	-5.88%
Average Drawdown Average peak-to-trough decline	-14.07%	-0.16%	-13.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.89%	0.67%	+4.22%

Volatility

FIDAX vs. FMUSX - Volatility Comparison

John Hancock Financial Industries Fund (FIDAX) has a higher volatility of 3.31% compared to Federated Hermes Municipal Ultra Short Fund (FMUSX) at 0.47%. This indicates that FIDAX's price experiences larger fluctuations and is considered to be riskier than FMUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIDAX	FMUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	0.47%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	12.18%	0.72%	+11.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	0.99%	+14.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.68%	1.91%	+18.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.99%	1.46%	+20.53%

FIDAX vs. FMUSX - Expense Ratio Comparison

FIDAX has a 1.24% expense ratio, which is higher than FMUSX's 0.36% expense ratio.

Dividends

FIDAX vs. FMUSX - Dividend Comparison

FIDAX's dividend yield for the trailing twelve months is around 49.46%, more than FMUSX's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIDAX John Hancock Financial Industries Fund	49.46%	48.19%	10.24%	1.91%	11.22%	23.08%	5.41%	7.56%	7.72%	6.10%	6.01%	0.93%
FMUSX Federated Hermes Municipal Ultra Short Fund	1.71%	3.10%	2.67%	2.42%	0.88%	0.25%	0.90%	1.74%	1.55%	1.05%	0.83%	0.60%

Frequently Asked Questions

Can I hold both FIDAX and FMUSX in my portfolio?

FIDAX and FMUSX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIDAX or FMUSX?

FIDAX has higher volatility (3.31%) compared to FMUSX (0.47%). In terms of maximum drawdown, FIDAX dropped -70.42% vs FMUSX's -2.49%.

Which has better risk-adjusted returns?

FMUSX currently has the higher Sharpe Ratio (2.56 vs 0.36), 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.