FIGTX vs. SPHY

Last updated Jun 24, 2026

FIGTX (Federated Hermes Short-Intermediate Government Fund) and SPHY (SPDR Portfolio High Yield Bond ETF) are both funds - FIGTX is a Government Bonds fund managed by Federated, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Over the past 10 years, FIGTX returned 0.83%/yr vs 5.16%/yr for SPHY. At a 0.15 correlation, their price movements are largely independent. FIGTX charges 0.59%/yr vs 0.05%/yr for SPHY.

Performance

FIGTX vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Short-Intermediate Government Fund (FIGTX) and SPDR Portfolio High Yield Bond ETF (SPHY). 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 SPHY's 1.85% return. Over the past 10 years, FIGTX has underperformed SPHY with an annualized return of 0.83%, while SPHY has yielded a comparatively higher 5.16% 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%

SPHY

• 1D: -0.04%
• 1M: 0.59%
• YTD: 1.85%
• 6M: 2.02%
• 1Y: 6.57%
• 3Y*: 9.19%
• 5Y*: 4.30%
• 10Y*: 5.16%

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

FIGTX vs. SPHY - 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%
SPHY SPDR Portfolio High Yield Bond ETF	1.85%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between FIGTX and SPHY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012	0.15

The correlation between FIGTX and SPHY shifts across timeframes, from 0.15 (all time) to 0.42 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FIGTX vs. SPHY — 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

SPHY

SPHY Risk / Return Rank: 60
SPHY Sharpe Ratio Rank: 54
SPHY Sortino Ratio Rank: 59
SPHY Omega Ratio Rank: 59
SPHY Calmar Ratio Rank: 57
SPHY Martin Ratio Rank: 69

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. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Short-Intermediate Government Fund (FIGTX) and SPDR Portfolio High Yield Bond ETF (SPHY). 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	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.78	-0.88
Sortino ratio: Return per unit of downside risk	1.41	2.70	-1.30
Omega ratio: Gain probability vs. loss probability	1.17	1.35	-0.18
Calmar ratio: Return relative to maximum drawdown	1.16	2.74	-1.57
Martin ratio: Return relative to average drawdown	3.27	12.33	-9.06

FIGTX vs. SPHY - Sharpe Ratio Comparison

The current FIGTX Sharpe Ratio is 0.89, which is lower than the SPHY Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FIGTX and SPHY, 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. SPHY - Drawdown Comparison

The maximum FIGTX drawdown since its inception was -14.00%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FIGTX and SPHY.

Drawdown Indicators

	FIGTX	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-14.00%	-21.97%	+7.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.26%	-2.41%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-2.95%	-4.85%	+1.90%
Max Drawdown (5Y) Largest decline over 5 years	-13.04%	-15.29%	+2.25%
Max Drawdown (10Y) Largest decline over 10 years	-14.00%	-21.97%	+7.97%
Current Drawdown Current decline from peak	-1.66%	-0.17%	-1.49%
Average Drawdown Average peak-to-trough decline	-2.73%	-2.28%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.53%	+0.27%

Volatility

FIGTX vs. SPHY - Volatility Comparison

Federated Hermes Short-Intermediate Government Fund (FIGTX) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 0.96% and 0.96%, 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.

Volatility by Period

	FIGTX	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	0.96%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.15%	2.97%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	3.72%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.30%	7.18%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.43%	7.86%	-4.43%

FIGTX vs. SPHY - Expense Ratio Comparison

FIGTX has a 0.59% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

FIGTX vs. SPHY - Dividend Comparison

FIGTX's dividend yield for the trailing twelve months is around 3.67%, less than SPHY's 7.24% 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%
SPHY SPDR Portfolio High Yield Bond ETF	7.24%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Frequently Asked Questions

Can I hold both FIGTX and SPHY in my portfolio?

FIGTX and SPHY have a correlation of 0.32, 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 SPHY?

SPHY has higher volatility (0.96%) compared to FIGTX (0.96%). In terms of maximum drawdown, FIGTX dropped -14.00% vs SPHY's -21.97%.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.78 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.