FIGTX vs. PRGMX

Last updated Jun 24, 2026

FIGTX (Federated Hermes Short-Intermediate Government Fund) and PRGMX (T. Rowe Price GNMA Fund) are both Government Bonds funds. Over the past 10 years, FIGTX returned 0.83%/yr vs 1.27%/yr for PRGMX. A 0.76 correlation means they provide meaningful diversification when combined. FIGTX charges 0.59%/yr vs 0.58%/yr for PRGMX.

Performance

FIGTX vs. PRGMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Short-Intermediate Government Fund (FIGTX) and T. Rowe Price GNMA Fund (PRGMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIGTX achieves a -0.61% return, which is significantly lower than PRGMX's 0.69% return. Over the past 10 years, FIGTX has underperformed PRGMX with an annualized return of 0.83%, while PRGMX has yielded a comparatively higher 1.27% annualized return.

FIGTX

• 1D: -0.21%
• 1M: 0.30%
• YTD: -0.61%
• 6M: -0.21%
• 1Y: 2.30%
• 3Y*: 3.41%
• 5Y*: 0.04%
• 10Y*: 0.83%

PRGMX

• 1D: -0.24%
• 1M: 0.68%
• YTD: 0.69%
• 6M: 1.32%
• 1Y: 6.69%
• 3Y*: 4.71%
• 5Y*: 0.67%
• 10Y*: 1.27%

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

FIGTX vs. PRGMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIGTX Federated Hermes Short-Intermediate Government Fund	-0.61%	6.15%	1.72%	3.93%	-9.25%	-2.58%	5.77%	4.57%	0.94%	0.28%
PRGMX T. Rowe Price GNMA Fund	0.69%	8.72%	1.86%	5.62%	-11.45%	-2.18%	4.21%	5.18%	0.58%	1.23%

Correlation

The correlation between FIGTX and PRGMX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 2, 1986	0.76

Over the past year, the correlation between FIGTX and PRGMX has dropped to 0.40 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

FIGTX vs. PRGMX — Risk / Return Rank

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

FIGTX

FIGTX Risk / Return Rank: 13
FIGTX Sharpe Ratio Rank: 12
FIGTX Sortino Ratio Rank: 14
FIGTX Omega Ratio Rank: 13
FIGTX Calmar Ratio Rank: 13
FIGTX Martin Ratio Rank: 12

PRGMX

PRGMX Risk / Return Rank: 39
PRGMX Sharpe Ratio Rank: 38
PRGMX Sortino Ratio Rank: 43
PRGMX Omega Ratio Rank: 39
PRGMX Calmar Ratio Rank: 42
PRGMX Martin Ratio Rank: 35

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.

FIGTX vs. PRGMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Short-Intermediate Government Fund (FIGTX) 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.

	FIGTX	PRGMX	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.68	-0.78
Sortino ratio: Return per unit of downside risk	1.41	2.53	-1.13
Omega ratio: Gain probability vs. loss probability	1.17	1.31	-0.14
Calmar ratio: Return relative to maximum drawdown	1.16	2.33	-1.17
Martin ratio: Return relative to average drawdown	3.27	7.38	-4.10

FIGTX vs. PRGMX - Sharpe Ratio Comparison

The current FIGTX Sharpe Ratio is 0.89, which is lower than the PRGMX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of FIGTX and PRGMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FIGTX vs. PRGMX - Drawdown Comparison

The maximum FIGTX drawdown since its inception was -14.00%, smaller than the maximum PRGMX drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for FIGTX and PRGMX.

Drawdown Indicators

	FIGTX	PRGMX	Difference
Max Drawdown Largest peak-to-trough decline	-14.00%	-18.22%	+4.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.26%	-3.00%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-2.95%	-7.14%	+4.19%
Max Drawdown (5Y) Largest decline over 5 years	-13.04%	-17.28%	+4.24%
Max Drawdown (10Y) Largest decline over 10 years	-14.00%	-18.22%	+4.22%
Current Drawdown Current decline from peak	-1.66%	-1.49%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.73%	-2.24%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.94%	-0.14%

Volatility

FIGTX vs. PRGMX - Volatility Comparison

The current volatility for Federated Hermes Short-Intermediate Government Fund (FIGTX) is 0.96%, while T. Rowe Price GNMA Fund (PRGMX) has a volatility of 1.35%. This indicates that FIGTX experiences smaller price fluctuations and is considered to be less risky than PRGMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIGTX	PRGMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	1.35%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	2.15%	3.20%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	4.17%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.30%	6.40%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.43%	4.78%	-1.35%

FIGTX vs. PRGMX - Expense Ratio Comparison

FIGTX has a 0.59% expense ratio, which is higher than PRGMX's 0.58% expense ratio.

Dividends

FIGTX vs. PRGMX - Dividend Comparison

FIGTX's dividend yield for the trailing twelve months is around 3.67%, less than PRGMX's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIGTX Federated Hermes Short-Intermediate Government Fund	3.67%	3.78%	4.00%	3.61%	1.51%	0.89%	1.37%	2.23%	1.95%	1.31%	1.28%	1.24%
PRGMX T. Rowe Price GNMA Fund	5.00%	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

Can I hold both FIGTX and PRGMX in my portfolio?

FIGTX and PRGMX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIGTX or PRGMX?

PRGMX has higher volatility (1.35%) compared to FIGTX (0.96%). In terms of maximum drawdown, FIGTX dropped -14.00% vs PRGMX's -18.22%.

Which has better risk-adjusted returns?

PRGMX currently has the higher Sharpe Ratio (1.68 vs 0.89), 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.