FIHBX vs. FHYTX

Last updated Jul 15, 2026

FIHBX (Federated Hermes Institutional High Yield Bond Fund) and FHYTX (Federated Hermes Opportunistic High Yield Bond Fund) are both High Yield Bonds funds from Federated. Over the past 10 years, FIHBX returned 4.71%/yr vs 5.98%/yr for FHYTX. Their correlation of 0.85 suggests significant overlap in exposure. FIHBX charges 0.50%/yr vs 0.98%/yr for FHYTX.

Performance

FIHBX vs. FHYTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Institutional High Yield Bond Fund (FIHBX) and Federated Hermes Opportunistic High Yield Bond Fund (FHYTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIHBX achieves a 1.31% return, which is significantly lower than FHYTX's 1.63% return. Over the past 10 years, FIHBX has underperformed FHYTX with an annualized return of 4.71%, while FHYTX has yielded a comparatively higher 5.98% annualized return.

FIHBX

• 1D: -0.22%
• 1M: 0.15%
• 6M: 1.31%
• YTD: 1.31%
• 1Y: 5.22%
• 3Y*: 7.64%
• 5Y*: 3.24%
• 10Y*: 4.71%

FHYTX

• 1D: -0.15%
• 1M: 0.29%
• 6M: 1.48%
• YTD: 1.63%
• 1Y: 5.37%
• 3Y*: 7.62%
• 5Y*: 3.07%
• 10Y*: 5.98%

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

FIHBX vs. FHYTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIHBX Federated Hermes Institutional High Yield Bond Fund	1.31%	8.59%	6.40%	13.17%	-12.64%	3.92%	5.99%	15.01%	-2.80%	7.19%
FHYTX Federated Hermes Opportunistic High Yield Bond Fund	1.63%	8.40%	6.24%	13.22%	-13.45%	7.37%	6.72%	15.34%	-4.66%	7.46%

Correlation

The correlation between FIHBX and FHYTX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 4, 2002	0.85

The correlation between FIHBX and FHYTX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

Return for Risk

FIHBX vs. FHYTX — Risk / Return Rank

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

FIHBX

FIHBX Risk / Return Rank: 63
FIHBX Sharpe Ratio Rank: 46
FIHBX Sortino Ratio Rank: 69
FIHBX Omega Ratio Rank: 77
FIHBX Calmar Ratio Rank: 47
FIHBX Martin Ratio Rank: 78

FHYTX

FHYTX Risk / Return Rank: 47
FHYTX Sharpe Ratio Rank: 40
FHYTX Sortino Ratio Rank: 46
FHYTX Omega Ratio Rank: 58
FHYTX Calmar Ratio Rank: 37
FHYTX Martin Ratio Rank: 54

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.

FIHBX vs. FHYTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Institutional High Yield Bond Fund (FIHBX) and Federated Hermes Opportunistic High Yield Bond Fund (FHYTX). 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.

	FIHBX	FHYTX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.40	+0.11
Sortino ratio: Return per unit of downside risk	2.61	2.18	+0.43
Omega ratio: Gain probability vs. loss probability	1.37	1.31	+0.06
Calmar ratio: Return relative to maximum drawdown	2.09	1.83	+0.26
Martin ratio: Return relative to average drawdown	10.97	8.65	+2.31

FIHBX vs. FHYTX - Sharpe Ratio Comparison

The current FIHBX Sharpe Ratio is 1.51, which is comparable to the FHYTX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of FIHBX and FHYTX, 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

FIHBX vs. FHYTX - Drawdown Comparison

The maximum FIHBX drawdown since its inception was -31.05%, smaller than the maximum FHYTX drawdown of -34.98%. Use the drawdown chart below to compare losses from any high point for FIHBX and FHYTX.

Drawdown Indicators

	FIHBX	FHYTX	Difference
Max Drawdown Largest peak-to-trough decline	-31.05%	-34.98%	+3.93%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-2.76%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	-4.12%	+0.52%
Max Drawdown (5Y) Largest decline over 5 years	-16.35%	-17.04%	+0.69%
Max Drawdown (10Y) Largest decline over 10 years	-21.67%	-24.18%	+2.51%
Current Drawdown Current decline from peak	-0.34%	-0.31%	-0.03%
Average Drawdown Average peak-to-trough decline	-2.29%	-4.51%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.59%	-0.12%

Volatility

FIHBX vs. FHYTX - Volatility Comparison

Federated Hermes Institutional High Yield Bond Fund (FIHBX) and Federated Hermes Opportunistic High Yield Bond Fund (FHYTX) have volatilities of 0.80% and 0.79%, 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

	FIHBX	FHYTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	0.79%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	2.89%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	3.41%	3.64%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.20%	5.67%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.72%	7.22%	-1.50%

FIHBX vs. FHYTX - Expense Ratio Comparison

FIHBX has a 0.50% expense ratio, which is lower than FHYTX's 0.98% expense ratio.

Dividends

FIHBX vs. FHYTX - Dividend Comparison

FIHBX's dividend yield for the trailing twelve months is around 6.49%, more than FHYTX's 5.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHYTX Federated Hermes Opportunistic High Yield Bond Fund	5.23%	5.19%	4.91%	5.42%	4.40%	3.95%	4.67%	5.01%	6.71%	4.68%	14.56%	5.28%
FIHBX Federated Hermes Institutional High Yield Bond Fund	6.49%	6.29%	5.94%	5.93%	4.58%	4.25%	5.14%	5.79%	6.24%	5.55%	5.75%	6.46%

Frequently Asked Questions

Can I hold both FIHBX and FHYTX in my portfolio?

FIHBX and FHYTX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIHBX or FHYTX?

FIHBX has higher volatility (0.80%) compared to FHYTX (0.79%). In terms of maximum drawdown, FIHBX dropped -31.05% vs FHYTX's -34.98%.

Which has better risk-adjusted returns?

FIHBX currently has the higher Sharpe Ratio (1.51 vs 1.40), 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.