FMN vs. USA
FMN (Federated Hermes Premier Municipal Income Fund) and USA (Liberty All-Star Equity Fund) are both stocks. Both are in the Financial Services sector — FMN in Asset Management, USA in Collective Investments. Over the past 10 years, FMN returned 0.65%/yr vs 12.11%/yr for USA. Their 0.12 correlation means their historical movements had little consistent relationship.
Performance
FMN vs. USA - Performance Comparison
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Returns By Period
In the year-to-date period, FMN achieves a 2.77% return, which is significantly higher than USA's 0.57% return. Over the past 10 years, FMN has underperformed USA with an annualized return of 0.65%, while USA has yielded a comparatively higher 12.11% annualized return.
FMN
- 1D
- -0.27%
- 1M
- -2.58%
- 6M
- 1.26%
- YTD
- 2.77%
- 1Y
- 10.25%
- 3Y*
- 5.98%
- 5Y*
- -2.55%
- 10Y*
- 0.65%
- ALL TIME*
- 4.52%
USA
- 1D
- 0.00%
- 1M
- 3.10%
- 6M
- 1.24%
- YTD
- 0.57%
- 1Y
- 0.97%
- 3Y*
- 5.91%
- 5Y*
- 2.63%
- 10Y*
- 12.11%
- ALL TIME*
- 7.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $288.75K | $287.54K | $231.87K | |
| $8.20M | $9.40M | $8.31M |
FMN vs. USA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMN Federated Hermes Premier Municipal Income Fund | 2.77% | 6.78% | 3.21% | 9.21% | -26.70% | 5.96% | 9.78% | 20.25% | -7.94% | 5.77% |
USA Liberty All-Star Equity Fund | 0.57% | 0.09% | 20.81% | 23.17% | -25.20% | 33.76% | 12.89% | 39.70% | -5.06% | 34.66% |
Correlation
The correlation between FMN and USA is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.24 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2002 | 0.12 |
The correlation between FMN and USA shifts across timeframes, from 0.12 (all time) to 0.26 (3 years), reflecting how their relationship changes across market environments.
Fundamentals
FMN:
$86.79M
USA:
$1.79B
FMN:
$1.37
USA:
$1.40
FMN:
8.08
USA:
4.14
FMN:
5.51
USA:
4.92
FMN:
0.89
USA:
0.85
FMN:
$15.76M
USA:
$355.74M
FMN:
$15.09M
USA:
$329.90M
FMN:
$19.00M
USA:
$305.11M
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Return for Risk
FMN vs. USA — Risk / Return Rank
FMN
USA
FMN vs. USA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Premier Municipal Income Fund (FMN) and Liberty All-Star Equity Fund (USA). 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.
| FMN | USA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.01 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | -0.03 | +1.80 |
| Martin ratioReturn relative to average drawdown | 7.38 | -0.08 | +7.46 |
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Drawdowns
FMN vs. USA - Drawdown Comparison
The maximum FMN drawdown since its inception was -49.01%, smaller than the maximum USA drawdown of -69.15%. Use the drawdown chart below to compare losses from any high point for FMN and USA.
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Drawdown Indicators
| FMN | USA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.01% | -69.15% | +20.14% |
Max Drawdown (1Y)Largest decline over 1 year | -5.98% | -13.65% | +7.67% |
Max Drawdown (3Y)Largest decline over 3 years | -16.30% | -17.69% | +1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -40.63% | -34.05% | -6.58% |
Max Drawdown (10Y)Largest decline over 10 years | -40.63% | -47.07% | +6.44% |
Current DrawdownCurrent decline from peak | -18.33% | -4.83% | -13.50% |
Average DrawdownAverage peak-to-trough decline | -10.48% | -11.50% | +1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 5.16% | -3.73% |
Volatility
FMN vs. USA - Volatility Comparison
The current volatility for Federated Hermes Premier Municipal Income Fund (FMN) is 1.91%, while Liberty All-Star Equity Fund (USA) has a volatility of 3.74%. This indicates that FMN experiences smaller price fluctuations and is considered to be less risky than USA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMN | USA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.91% | 3.74% | -1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 10.80% | -4.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 14.11% | -6.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.10% | 20.11% | -9.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.12% | 22.56% | -9.44% |
Dividends
FMN vs. USA - Dividend Comparison
FMN's dividend yield for the trailing twelve months is around 4.86%, less than USA's 11.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMN Federated Hermes Premier Municipal Income Fund | 4.86% | 4.64% | 4.06% | 4.03% | 5.30% | 4.31% | 4.16% | 4.40% | 5.57% | 5.21% | 6.07% | 5.92% |
USA Liberty All-Star Equity Fund | 11.53% | 10.67% | 10.22% | 9.56% | 12.11% | 9.67% | 9.13% | 9.75% | 12.64% | 8.89% | 9.30% | 9.53% |
Financials
FMN vs. USA - Financials Comparison
This section allows you to compare key financial metrics between Federated Hermes Premier Municipal Income Fund and Liberty All-Star Equity Fund. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
FMN vs. USA - Profitability Comparison
FMN - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Federated Hermes Premier Municipal Income Fund reported a gross profit of 3.52M and revenue of 3.89M. Therefore, the gross margin over that period was 90.5%.
USA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Liberty All-Star Equity Fund reported a gross profit of 110.71M and revenue of 119.52M. Therefore, the gross margin over that period was 92.6%.
FMN - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Federated Hermes Premier Municipal Income Fund reported an operating income of 2.83M and revenue of 3.89M, resulting in an operating margin of 72.7%.
USA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Liberty All-Star Equity Fund reported an operating income of 49.78M and revenue of 119.52M, resulting in an operating margin of 41.7%.
FMN - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Federated Hermes Premier Municipal Income Fund reported a net income of 1.67M and revenue of 3.89M, resulting in a net margin of 43.0%.
USA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Liberty All-Star Equity Fund reported a net income of 49.78M and revenue of 119.52M, resulting in a net margin of 41.7%.
Frequently Asked Questions
FMN and USA have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USA has higher volatility (3.74%) compared to FMN (1.91%). In terms of maximum drawdown, FMN dropped -49.01% vs USA's -69.15%.
FMN currently has the higher Sharpe Ratio (1.42 vs -0.03), 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.
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