FULBX vs. FIHBX

Last updated Jun 3, 2026

FULBX (Federated Hermes Ultra Short Bond Fund) and FIHBX (Federated Hermes Institutional High Yield Bond Fund) are both mutual funds - FULBX is a Ultrashort Bond fund managed by Federated, while FIHBX is a High Yield Bonds fund managed by Federated. Over the past 10 years, FULBX returned 2.46%/yr vs 5.05%/yr for FIHBX. At a 0.30 correlation, their price movements are largely independent. FULBX charges 0.47%/yr vs 0.50%/yr for FIHBX.

Performance

FULBX vs. FIHBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Ultra Short Bond Fund (FULBX) and Federated Hermes Institutional High Yield Bond Fund (FIHBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FULBX achieves a 1.40% return, which is significantly higher than FIHBX's 1.27% return. Over the past 10 years, FULBX has underperformed FIHBX with an annualized return of 2.46%, while FIHBX has yielded a comparatively higher 5.05% annualized return.

FULBX

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.40%
• 6M: 1.90%
• 1Y: 4.93%
• 3Y*: 5.10%
• 5Y*: 3.12%
• 10Y*: 2.46%

FIHBX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.27%
• 6M: 2.35%
• 1Y: 6.62%
• 3Y*: 8.32%
• 5Y*: 3.49%
• 10Y*: 5.05%

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

FULBX vs. FIHBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FULBX Federated Hermes Ultra Short Bond Fund	1.40%	5.50%	5.35%	5.15%	-1.31%	0.02%	2.29%	3.32%	1.24%	1.37%
FIHBX Federated Hermes Institutional High Yield Bond Fund	1.27%	8.59%	6.40%	13.17%	-12.64%	3.92%	5.99%	15.01%	-2.80%	7.19%

Correlation

The correlation between FULBX and FIHBX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Nov 5, 2002	0.30

Over the past year, FULBX and FIHBX have become more correlated (0.53) than their long-term average of 0.30, meaning their price movements have been converging.

Return for Risk

FULBX vs. FIHBX — Risk / Return Rank

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

FULBX

FULBX Risk / Return Rank: 98
FULBX Sharpe Ratio Rank: 93
FULBX Sortino Ratio Rank: 99
FULBX Omega Ratio Rank: 99
FULBX Calmar Ratio Rank: 99
FULBX Martin Ratio Rank: 99

FIHBX

FIHBX Risk / Return Rank: 67
FIHBX Sharpe Ratio Rank: 44
FIHBX Sortino Ratio Rank: 69
FIHBX Omega Ratio Rank: 79
FIHBX Calmar Ratio Rank: 59
FIHBX Martin Ratio Rank: 83

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.

FULBX vs. FIHBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Ultra Short Bond Fund (FULBX) and Federated Hermes Institutional High Yield Bond Fund (FIHBX). 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.

	FULBX	FIHBX	Difference
Sharpe ratio Return per unit of total volatility	3.13	1.96	+1.17
Sortino ratio Return per unit of downside risk	8.67	3.46	+5.21
Omega ratio Gain probability vs. loss probability	2.67	1.52	+1.15
Calmar ratio Return relative to maximum drawdown	10.01	2.96	+7.05
Martin ratio Return relative to average drawdown	46.47	15.61	+30.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FULBX vs. FIHBX - Sharpe Ratio Comparison

The current FULBX Sharpe Ratio is 3.13, which is higher than the FIHBX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of FULBX and FIHBX, 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

	FULBX	FIHBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	1.96	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.28	0.68	+1.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.96	0.88	+1.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	1.36	-0.26

Drawdowns

FULBX vs. FIHBX - Drawdown Comparison

The maximum FULBX drawdown since its inception was -5.43%, smaller than the maximum FIHBX drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for FULBX and FIHBX.

Drawdown Indicators

	FULBX	FIHBX	Difference
Max Drawdown Largest peak-to-trough decline	-5.43%	-31.05%	+25.62%
Max Drawdown (1Y) Largest decline over 1 year	-0.54%	-2.45%	+1.91%
Max Drawdown (3Y) Largest decline over 3 years	-0.54%	-3.60%	+3.06%
Max Drawdown (5Y) Largest decline over 5 years	-2.60%	-16.35%	+13.75%
Max Drawdown (10Y) Largest decline over 10 years	-4.67%	-21.67%	+17.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.80%	-2.30%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.46%	-0.34%

Volatility

FULBX vs. FIHBX - Volatility Comparison

The current volatility for Federated Hermes Ultra Short Bond Fund (FULBX) is 0.48%, while Federated Hermes Institutional High Yield Bond Fund (FIHBX) has a volatility of 1.08%. This indicates that FULBX experiences smaller price fluctuations and is considered to be less risky than FIHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FULBX	FIHBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	1.08%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	1.21%	2.90%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	1.58%	3.40%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.37%	5.19%	-3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.26%	5.76%	-4.50%

FULBX vs. FIHBX - Expense Ratio Comparison

FULBX has a 0.47% expense ratio, which is lower than FIHBX's 0.50% expense ratio.

Dividends

FULBX vs. FIHBX - Dividend Comparison

FULBX's dividend yield for the trailing twelve months is around 4.60%, less than FIHBX's 6.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIHBX Federated Hermes Institutional High Yield Bond Fund	6.44%	6.29%	5.94%	5.93%	4.58%	4.25%	5.14%	5.79%	6.24%	5.55%	5.75%	6.46%
FULBX Federated Hermes Ultra Short Bond Fund	4.60%	4.79%	3.99%	2.67%	1.00%	0.56%	1.49%	2.16%	1.90%	1.25%	0.84%	0.64%

Frequently Asked Questions

Can I hold both FULBX and FIHBX in my portfolio?

FULBX and FIHBX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FULBX or FIHBX?

FIHBX has higher volatility (1.08%) compared to FULBX (0.48%). In terms of maximum drawdown, FULBX dropped -5.43% vs FIHBX's -31.05%.

Which has better risk-adjusted returns?

FULBX currently has the higher Sharpe Ratio (3.13 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.