FTRBX vs. DODIX

Last updated Jun 4, 2026

FTRBX (Federated Hermes Total Return Bond Fund Institutional Shares) and DODIX (Dodge & Cox Income Fund) are both mutual funds - FTRBX is a Intermediate Core Bond fund managed by Federated, while DODIX is a Total Bond Market fund managed by Dodge & Cox. Over the past 10 years, FTRBX returned 2.26%/yr vs 2.93%/yr for DODIX. Their correlation of 0.83 suggests significant overlap in exposure. FTRBX charges 0.39%/yr vs 0.41%/yr for DODIX.

Performance

FTRBX vs. DODIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Total Return Bond Fund Institutional Shares (FTRBX) and Dodge & Cox Income Fund (DODIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTRBX achieves a 0.15% return, which is significantly lower than DODIX's 0.51% return. Over the past 10 years, FTRBX has underperformed DODIX with an annualized return of 2.26%, while DODIX has yielded a comparatively higher 2.93% annualized return.

FTRBX

• 1D: 0.11%
• 1M: 0.70%
• YTD: 0.15%
• 6M: 0.56%
• 1Y: 5.62%
• 3Y*: 4.28%
• 5Y*: 0.32%
• 10Y*: 2.26%

DODIX

• 1D: 0.08%
• 1M: 0.55%
• YTD: 0.51%
• 6M: 0.47%
• 1Y: 6.43%
• 3Y*: 5.26%
• 5Y*: 1.31%
• 10Y*: 2.93%

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

FTRBX vs. DODIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTRBX Federated Hermes Total Return Bond Fund Institutional Shares	0.15%	7.60%	2.03%	5.20%	-13.13%	-0.21%	9.52%	9.75%	-0.85%	4.41%
DODIX Dodge & Cox Income Fund	0.51%	8.32%	2.25%	7.69%	-11.42%	-0.92%	9.46%	9.73%	-0.31%	4.36%

Correlation

The correlation between FTRBX and DODIX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 1, 1996	0.83

Over the past year, the correlation between FTRBX and DODIX has dropped to 0.36 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

FTRBX vs. DODIX — Risk / Return Rank

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

FTRBX

FTRBX Risk / Return Rank: 27
FTRBX Sharpe Ratio Rank: 24
FTRBX Sortino Ratio Rank: 27
FTRBX Omega Ratio Rank: 28
FTRBX Calmar Ratio Rank: 29
FTRBX Martin Ratio Rank: 26

DODIX

DODIX Risk / Return Rank: 29
DODIX Sharpe Ratio Rank: 30
DODIX Sortino Ratio Rank: 32
DODIX Omega Ratio Rank: 30
DODIX Calmar Ratio Rank: 30
DODIX Martin Ratio Rank: 25

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.

FTRBX vs. DODIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Total Return Bond Fund Institutional Shares (FTRBX) and Dodge & Cox Income Fund (DODIX). 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.

	FTRBX	DODIX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.57	-0.17
Sortino ratio: Return per unit of downside risk	2.15	2.33	-0.19
Omega ratio: Gain probability vs. loss probability	1.28	1.29	-0.01
Calmar ratio: Return relative to maximum drawdown	2.02	2.04	-0.02
Martin ratio: Return relative to average drawdown	6.26	6.23	+0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTRBX vs. DODIX - Sharpe Ratio Comparison

The current FTRBX Sharpe Ratio is 1.40, which is comparable to the DODIX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of FTRBX and DODIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FTRBX	DODIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.57	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.24	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.66	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.47	-0.39

Drawdowns

FTRBX vs. DODIX - Drawdown Comparison

The maximum FTRBX drawdown since its inception was -17.49%, roughly equal to the maximum DODIX drawdown of -16.89%. Use the drawdown chart below to compare losses from any high point for FTRBX and DODIX.

Drawdown Indicators

	FTRBX	DODIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.49%	-16.89%	-0.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-3.17%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	-6.21%	-5.68%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	-16.89%	-0.60%
Max Drawdown (10Y) Largest decline over 10 years	-17.49%	-16.89%	-0.60%
Current Drawdown Current decline from peak	-1.09%	-1.63%	+0.54%
Average Drawdown Average peak-to-trough decline	-2.03%	-1.50%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	1.04%	-0.14%

Volatility

FTRBX vs. DODIX - Volatility Comparison

The current volatility for Federated Hermes Total Return Bond Fund Institutional Shares (FTRBX) is 1.34%, while Dodge & Cox Income Fund (DODIX) has a volatility of 1.43%. This indicates that FTRBX experiences smaller price fluctuations and is considered to be less risky than DODIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTRBX	DODIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	1.43%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	3.00%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	4.11%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.89%	5.56%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	4.45%	+0.35%

FTRBX vs. DODIX - Expense Ratio Comparison

FTRBX has a 0.39% expense ratio, which is lower than DODIX's 0.41% expense ratio.

Dividends

FTRBX vs. DODIX - Dividend Comparison

FTRBX's dividend yield for the trailing twelve months is around 4.54%, more than DODIX's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODIX Dodge & Cox Income Fund	4.26%	4.23%	4.24%	3.86%	2.19%	3.23%	4.66%	3.63%	3.43%	3.03%	3.25%	3.09%
FTRBX Federated Hermes Total Return Bond Fund Institutional Shares	4.54%	4.52%	4.47%	3.84%	2.47%	3.43%	4.66%	3.38%	3.49%	3.21%	3.35%	3.53%

Frequently Asked Questions

Can I hold both FTRBX and DODIX in my portfolio?

FTRBX and DODIX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTRBX or DODIX?

DODIX has higher volatility (1.43%) compared to FTRBX (1.34%). In terms of maximum drawdown, FTRBX dropped -17.49% vs DODIX's -16.89%.

Which has better risk-adjusted returns?

DODIX currently has the higher Sharpe Ratio (1.57 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.