FTRBX vs. FMBPX

Last updated Jun 4, 2026

FTRBX (Federated Hermes Total Return Bond Fund Institutional Shares) and FMBPX (Federated Hermes Mortgage Strategy Portfolio) are both Intermediate Core Bond funds from Federated. Over the past 10 years, FTRBX returned 2.26%/yr vs 1.46%/yr for FMBPX. Their correlation of 0.86 suggests significant overlap in exposure. FTRBX charges 0.39%/yr vs 0.02%/yr for FMBPX.

Performance

FTRBX vs. FMBPX - 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 Federated Hermes Mortgage Strategy Portfolio (FMBPX). 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 FMBPX's 0.81% return. Over the past 10 years, FTRBX has outperformed FMBPX with an annualized return of 2.26%, while FMBPX has yielded a comparatively lower 1.46% 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%

FMBPX

• 1D: 0.00%
• 1M: 0.54%
• YTD: 0.81%
• 6M: 1.21%
• 1Y: 7.68%
• 3Y*: 4.57%
• 5Y*: 0.32%
• 10Y*: 1.46%

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

FTRBX vs. FMBPX - 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%
FMBPX Federated Hermes Mortgage Strategy Portfolio	0.81%	9.03%	1.04%	4.44%	-12.21%	-1.35%	4.77%	6.30%	1.13%	2.76%

Correlation

The correlation between FTRBX and FMBPX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 2, 2009	0.86

The correlation between FTRBX and FMBPX shifts across timeframes, from 0.86 (all time) to 0.97 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FTRBX vs. FMBPX — 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

FMBPX

FMBPX Risk / Return Rank: 38
FMBPX Sharpe Ratio Rank: 33
FMBPX Sortino Ratio Rank: 39
FMBPX Omega Ratio Rank: 39
FMBPX Calmar Ratio Rank: 42
FMBPX Martin Ratio Rank: 39

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. FMBPX - 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 Federated Hermes Mortgage Strategy Portfolio (FMBPX). 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	FMBPX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.66	-0.26
Sortino ratio: Return per unit of downside risk	2.15	2.62	-0.47
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	2.02	2.45	-0.43
Martin ratio: Return relative to average drawdown	6.26	8.33	-2.08
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. FMBPX - Sharpe Ratio Comparison

The current FTRBX Sharpe Ratio is 1.40, which is comparable to the FMBPX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of FTRBX and FMBPX, 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	FMBPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.66	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.05	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.29	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.26	+0.82

Drawdowns

FTRBX vs. FMBPX - Drawdown Comparison

The maximum FTRBX drawdown since its inception was -17.49%, roughly equal to the maximum FMBPX drawdown of -18.34%. Use the drawdown chart below to compare losses from any high point for FTRBX and FMBPX.

Drawdown Indicators

	FTRBX	FMBPX	Difference
Max Drawdown Largest peak-to-trough decline	-17.49%	-18.34%	+0.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-3.15%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-6.21%	-7.69%	+1.48%
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	-18.02%	+0.53%
Max Drawdown (10Y) Largest decline over 10 years	-17.49%	-18.34%	+0.85%
Current Drawdown Current decline from peak	-1.09%	-1.23%	+0.14%
Average Drawdown Average peak-to-trough decline	-2.03%	-3.27%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.92%	-0.02%

Volatility

FTRBX vs. FMBPX - Volatility Comparison

The current volatility for Federated Hermes Total Return Bond Fund Institutional Shares (FTRBX) is 1.34%, while Federated Hermes Mortgage Strategy Portfolio (FMBPX) has a volatility of 1.63%. This indicates that FTRBX experiences smaller price fluctuations and is considered to be less risky than FMBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTRBX	FMBPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	1.63%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	3.24%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	4.65%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.89%	6.77%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	5.12%	-0.32%

FTRBX vs. FMBPX - Expense Ratio Comparison

FTRBX has a 0.39% expense ratio, which is higher than FMBPX's 0.02% expense ratio.

Dividends

FTRBX vs. FMBPX - Dividend Comparison

FTRBX's dividend yield for the trailing twelve months is around 4.54%, less than FMBPX's 5.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMBPX Federated Hermes Mortgage Strategy Portfolio	5.02%	4.87%	4.29%	3.46%	2.29%	1.96%	2.68%	3.23%	3.14%	2.83%	2.72%	2.65%
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 FMBPX in my portfolio?

With a correlation of 0.96, FTRBX and FMBPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FTRBX or FMBPX?

FMBPX has higher volatility (1.63%) compared to FTRBX (1.34%). In terms of maximum drawdown, FTRBX dropped -17.49% vs FMBPX's -18.34%.

Which has better risk-adjusted returns?

FMBPX currently has the higher Sharpe Ratio (1.66 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.