FMUAX vs. HBFBX

Last updated Jul 17, 2026

FMUAX (Federated Hermes Municipal and Stock Advantage Fund) and HBFBX (Hennessy Balanced Fund) are both Diversified Portfolio funds. Over the past 10 years, FMUAX returned 6.06%/yr vs 5.62%/yr for HBFBX. A 0.76 correlation means they provide meaningful diversification when combined. FMUAX charges 1.00%/yr vs 0.49%/yr for HBFBX.

Performance

FMUAX vs. HBFBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Municipal and Stock Advantage Fund (FMUAX) and Hennessy Balanced Fund (HBFBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMUAX achieves a 6.76% return, which is significantly higher than HBFBX's 6.07% return. Over the past 10 years, FMUAX has outperformed HBFBX with an annualized return of 6.06%, while HBFBX has yielded a comparatively lower 5.62% annualized return.

FMUAX

• 1D: 0.06%
• 1M: 0.66%
• 6M: 5.56%
• YTD: 6.76%
• 1Y: 15.21%
• 3Y*: 9.78%
• 5Y*: 5.03%
• 10Y*: 6.06%

HBFBX

• 1D: -0.08%
• 1M: -0.43%
• 6M: 4.66%
• YTD: 6.07%
• 1Y: 11.23%
• 3Y*: 9.52%
• 5Y*: 6.75%
• 10Y*: 5.62%

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

FMUAX vs. HBFBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMUAX Federated Hermes Municipal and Stock Advantage Fund	6.76%	9.00%	8.70%	9.81%	-10.68%	10.32%	8.48%	15.16%	-5.24%	11.09%
HBFBX Hennessy Balanced Fund	6.07%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	0.06%	8.34%

Correlation

The correlation between FMUAX and HBFBX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Sep 24, 2003	0.76

Over the past year, the correlation between FMUAX and HBFBX has dropped to 0.17 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

FMUAX vs. HBFBX — Risk / Return Rank

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

FMUAX

FMUAX Risk / Return Rank: 94
FMUAX Sharpe Ratio Rank: 97
FMUAX Sortino Ratio Rank: 96
FMUAX Omega Ratio Rank: 91
FMUAX Calmar Ratio Rank: 90
FMUAX Martin Ratio Rank: 96

HBFBX

HBFBX Risk / Return Rank: 74
HBFBX Sharpe Ratio Rank: 74
HBFBX Sortino Ratio Rank: 77
HBFBX Omega Ratio Rank: 73
HBFBX Calmar Ratio Rank: 89
HBFBX Martin Ratio Rank: 57

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.

FMUAX vs. HBFBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Municipal and Stock Advantage Fund (FMUAX) and Hennessy Balanced Fund (HBFBX). 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.

	FMUAX	HBFBX	Difference
Sharpe ratio: Return per unit of total volatility	3.00	1.96	+1.03
Sortino ratio: Return per unit of downside risk	4.63	2.93	+1.70
Omega ratio: Gain probability vs. loss probability	1.58	1.37	+0.21
Calmar ratio: Return relative to maximum drawdown	3.77	3.67	+0.10
Martin ratio: Return relative to average drawdown	18.23	9.22	+9.02

FMUAX vs. HBFBX - Sharpe Ratio Comparison

The current FMUAX Sharpe Ratio is 3.00, which is higher than the HBFBX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of FMUAX and HBFBX, 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

FMUAX vs. HBFBX - Drawdown Comparison

The maximum FMUAX drawdown since its inception was -22.43%, smaller than the maximum HBFBX drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for FMUAX and HBFBX.

Drawdown Indicators

	FMUAX	HBFBX	Difference
Max Drawdown Largest peak-to-trough decline	-22.43%	-41.61%	+19.18%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-3.20%	-1.74%
Max Drawdown (3Y) Largest decline over 3 years	-10.18%	-6.10%	-4.08%
Max Drawdown (5Y) Largest decline over 5 years	-15.93%	-10.22%	-5.71%
Max Drawdown (10Y) Largest decline over 10 years	-21.46%	-17.24%	-4.22%
Current Drawdown Current decline from peak	-0.06%	-1.85%	+1.79%
Average Drawdown Average peak-to-trough decline	-2.74%	-4.05%	+1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.27%	-0.32%

Volatility

FMUAX vs. HBFBX - Volatility Comparison

The current volatility for Federated Hermes Municipal and Stock Advantage Fund (FMUAX) is 1.57%, while Hennessy Balanced Fund (HBFBX) has a volatility of 2.70%. This indicates that FMUAX experiences smaller price fluctuations and is considered to be less risky than HBFBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUAX	HBFBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	2.70%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	4.86%	4.68%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	6.23%	6.00%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	7.27%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.13%	8.14%	-0.01%

FMUAX vs. HBFBX - Expense Ratio Comparison

FMUAX has a 1.00% expense ratio, which is higher than HBFBX's 0.49% expense ratio.

Dividends

FMUAX vs. HBFBX - Dividend Comparison

FMUAX's dividend yield for the trailing twelve months is around 1.42%, less than HBFBX's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUAX Federated Hermes Municipal and Stock Advantage Fund	1.42%	1.23%	2.01%	2.53%	2.25%	4.56%	2.12%	4.00%	7.98%	2.17%	2.36%	2.80%
HBFBX Hennessy Balanced Fund	1.69%	1.90%	5.40%	4.62%	9.50%	3.79%	0.95%	5.20%	5.51%	7.62%	7.76%	2.53%

Frequently Asked Questions

Can I hold both FMUAX and HBFBX in my portfolio?

FMUAX and HBFBX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMUAX or HBFBX?

HBFBX has higher volatility (2.70%) compared to FMUAX (1.57%). In terms of maximum drawdown, FMUAX dropped -22.43% vs HBFBX's -41.61%.

Which has better risk-adjusted returns?

FMUAX currently has the higher Sharpe Ratio (3.00 vs 1.96), 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.