FIHBX vs. PFORX

Last updated Jun 24, 2026

FIHBX (Federated Hermes Institutional High Yield Bond Fund) and PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) are both mutual funds - FIHBX is a High Yield Bonds fund managed by Federated, while PFORX is a Global Bonds fund managed by PIMCO. Over the past 10 years, FIHBX returned 5.07%/yr vs 2.86%/yr for PFORX. At a 0.19 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

FIHBX vs. PFORX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Institutional High Yield Bond Fund (FIHBX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIHBX achieves a 1.04% return, which is significantly higher than PFORX's 0.43% return. Over the past 10 years, FIHBX has outperformed PFORX with an annualized return of 5.07%, while PFORX has yielded a comparatively lower 2.86% annualized return.

FIHBX

• 1D: -0.11%
• 1M: 0.72%
• YTD: 1.04%
• 6M: 2.01%
• 1Y: 5.79%
• 3Y*: 8.32%
• 5Y*: 3.36%
• 10Y*: 5.07%

PFORX

• 1D: -0.10%
• 1M: 1.38%
• YTD: 0.43%
• 6M: 0.87%
• 1Y: 3.00%
• 3Y*: 5.49%
• 5Y*: 1.65%
• 10Y*: 2.86%

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

FIHBX vs. PFORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIHBX Federated Hermes Institutional High Yield Bond Fund	1.04%	8.59%	6.40%	13.17%	-12.64%	3.92%	5.99%	15.01%	-2.80%	7.19%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.43%	4.33%	5.70%	9.52%	-10.33%	-1.67%	6.17%	7.64%	2.64%	3.52%

Correlation

The correlation between FIHBX and PFORX 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	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Nov 4, 2002	0.19

Over the past year, FIHBX and PFORX have become more correlated (0.39) than their long-term average of 0.19, meaning their price movements have been converging.

Return for Risk

FIHBX vs. PFORX — Risk / Return Rank

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

FIHBX

FIHBX Risk / Return Rank: 61
FIHBX Sharpe Ratio Rank: 42
FIHBX Sortino Ratio Rank: 66
FIHBX Omega Ratio Rank: 76
FIHBX Calmar Ratio Rank: 46
FIHBX Martin Ratio Rank: 72

PFORX

PFORX Risk / Return Rank: 10
PFORX Sharpe Ratio Rank: 11
PFORX Sortino Ratio Rank: 11
PFORX Omega Ratio Rank: 11
PFORX Calmar Ratio Rank: 9
PFORX Martin Ratio Rank: 9

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. PFORX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Institutional High Yield Bond Fund (FIHBX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). 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	PFORX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	0.82	+0.95
Sortino ratio: Return per unit of downside risk	3.09	1.23	+1.86
Omega ratio: Gain probability vs. loss probability	1.45	1.16	+0.29
Calmar ratio: Return relative to maximum drawdown	2.47	0.78	+1.68
Martin ratio: Return relative to average drawdown	12.90	2.32	+10.58

FIHBX vs. PFORX - Sharpe Ratio Comparison

The current FIHBX Sharpe Ratio is 1.77, which is higher than the PFORX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of FIHBX and PFORX, 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. PFORX - Drawdown Comparison

The maximum FIHBX drawdown since its inception was -31.05%, which is greater than PFORX's maximum drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for FIHBX and PFORX.

Drawdown Indicators

	FIHBX	PFORX	Difference
Max Drawdown Largest peak-to-trough decline	-31.05%	-13.87%	-17.18%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-3.99%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	-3.99%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-16.35%	-13.71%	-2.64%
Max Drawdown (10Y) Largest decline over 10 years	-21.67%	-13.87%	-7.80%
Current Drawdown Current decline from peak	-0.34%	-1.07%	+0.73%
Average Drawdown Average peak-to-trough decline	-2.29%	-1.95%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	1.34%	-0.87%

Volatility

FIHBX vs. PFORX - Volatility Comparison

The current volatility for Federated Hermes Institutional High Yield Bond Fund (FIHBX) is 0.89%, while PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) has a volatility of 1.07%. This indicates that FIHBX experiences smaller price fluctuations and is considered to be less risky than PFORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIHBX	PFORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.07%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	3.39%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	3.84%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.20%	3.63%	+1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.75%	3.16%	+2.59%

FIHBX vs. PFORX - Expense Ratio Comparison

Both FIHBX and PFORX have an expense ratio of 0.50%.

Dividends

FIHBX vs. PFORX - Dividend Comparison

FIHBX's dividend yield for the trailing twelve months is around 6.45%, more than PFORX's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIHBX Federated Hermes Institutional High Yield Bond Fund	6.45%	6.29%	5.94%	5.93%	4.58%	4.25%	5.14%	5.79%	6.24%	5.55%	5.75%	6.46%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	4.09%	4.23%	4.91%	3.02%	3.65%	1.55%	2.46%	6.86%	2.90%	1.46%	1.38%	9.12%

Frequently Asked Questions

Can I hold both FIHBX and PFORX in my portfolio?

FIHBX and PFORX 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.

Which is riskier, FIHBX or PFORX?

PFORX has higher volatility (1.07%) compared to FIHBX (0.89%). In terms of maximum drawdown, FIHBX dropped -31.05% vs PFORX's -13.87%.

Which has better risk-adjusted returns?

FIHBX currently has the higher Sharpe Ratio (1.77 vs 0.82), 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.