FTRBX vs. DUTMX

Last updated Jun 4, 2026

FTRBX (Federated Hermes Total Return Bond Fund Institutional Shares) and DUTMX (Dupree Taxable Municipal Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, FTRBX returned 2.26%/yr vs 0.44%/yr for DUTMX. A 0.73 correlation means they provide meaningful diversification when combined. FTRBX charges 0.39%/yr vs 1.00%/yr for DUTMX.

Performance

FTRBX vs. DUTMX - 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 Dupree Taxable Municipal Bond Fund (DUTMX). 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 DUTMX's 0.88% return. Over the past 10 years, FTRBX has outperformed DUTMX with an annualized return of 2.26%, while DUTMX has yielded a comparatively lower 0.44% 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%

DUTMX

• 1D: 0.14%
• 1M: 0.79%
• YTD: 0.88%
• 6M: 0.60%
• 1Y: 6.90%
• 3Y*: 3.30%
• 5Y*: -2.32%
• 10Y*: 0.44%

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

FTRBX vs. DUTMX - 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%
DUTMX Dupree Taxable Municipal Bond Fund	0.88%	6.44%	1.09%	6.83%	-25.27%	0.28%	6.24%	6.66%	2.04%	5.12%

Correlation

The correlation between FTRBX and DUTMX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 5, 2010	0.73

Over the past year, the correlation between FTRBX and DUTMX has dropped to 0.40 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

FTRBX vs. DUTMX — 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

DUTMX

DUTMX Risk / Return Rank: 19
DUTMX Sharpe Ratio Rank: 18
DUTMX Sortino Ratio Rank: 19
DUTMX Omega Ratio Rank: 17
DUTMX Calmar Ratio Rank: 22
DUTMX Martin Ratio Rank: 20

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. DUTMX - 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 Dupree Taxable Municipal Bond Fund (DUTMX). 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	DUTMX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.21	+0.19
Sortino ratio: Return per unit of downside risk	2.15	1.82	+0.33
Omega ratio: Gain probability vs. loss probability	1.28	1.22	+0.06
Calmar ratio: Return relative to maximum drawdown	2.02	1.71	+0.31
Martin ratio: Return relative to average drawdown	6.26	5.24	+1.01
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. DUTMX - Sharpe Ratio Comparison

The current FTRBX Sharpe Ratio is 1.40, which is comparable to the DUTMX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of FTRBX and DUTMX, 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	DUTMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.21	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	-0.26	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.06	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.37	+0.71

Drawdowns

FTRBX vs. DUTMX - Drawdown Comparison

The maximum FTRBX drawdown since its inception was -17.49%, smaller than the maximum DUTMX drawdown of -30.53%. Use the drawdown chart below to compare losses from any high point for FTRBX and DUTMX.

Drawdown Indicators

	FTRBX	DUTMX	Difference
Max Drawdown Largest peak-to-trough decline	-17.49%	-30.53%	+13.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-4.05%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-6.21%	-8.67%	+2.46%
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	-30.53%	+13.04%
Max Drawdown (10Y) Largest decline over 10 years	-17.49%	-30.53%	+13.04%
Current Drawdown Current decline from peak	-1.09%	-14.81%	+13.72%
Average Drawdown Average peak-to-trough decline	-2.03%	-6.94%	+4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	1.32%	-0.42%

Volatility

FTRBX vs. DUTMX - Volatility Comparison

The current volatility for Federated Hermes Total Return Bond Fund Institutional Shares (FTRBX) is 1.34%, while Dupree Taxable Municipal Bond Fund (DUTMX) has a volatility of 1.91%. This indicates that FTRBX experiences smaller price fluctuations and is considered to be less risky than DUTMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTRBX	DUTMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	1.91%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	3.87%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	5.75%	-1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.89%	8.83%	-2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	7.08%	-2.28%

FTRBX vs. DUTMX - Expense Ratio Comparison

FTRBX has a 0.39% expense ratio, which is lower than DUTMX's 1.00% expense ratio.

Dividends

FTRBX vs. DUTMX - Dividend Comparison

FTRBX's dividend yield for the trailing twelve months is around 4.54%, more than DUTMX's 4.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUTMX Dupree Taxable Municipal Bond Fund	4.49%	4.57%	4.26%	4.02%	4.28%	2.32%	4.69%	5.18%	5.04%	4.89%	4.84%	4.77%
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 DUTMX in my portfolio?

FTRBX and DUTMX have a correlation of 0.40, 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 DUTMX?

DUTMX has higher volatility (1.91%) compared to FTRBX (1.34%). In terms of maximum drawdown, FTRBX dropped -17.49% vs DUTMX's -30.53%.

Which has better risk-adjusted returns?

FTRBX currently has the higher Sharpe Ratio (1.40 vs 1.21), 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.