FULBX vs. VOO

Last updated Jun 3, 2026

FULBX (Federated Hermes Ultra Short Bond Fund) and VOO (Vanguard S&P 500 ETF) are both funds - FULBX is a Ultrashort Bond fund managed by Federated, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FULBX returned 2.46%/yr vs 15.65%/yr for VOO. At a 0.02 correlation, their price movements are largely independent. FULBX charges 0.47%/yr vs 0.03%/yr for VOO.

Performance

FULBX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Ultra Short Bond Fund (FULBX) and Vanguard S&P 500 ETF (VOO). 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 lower than VOO's 11.69% return. Over the past 10 years, FULBX has underperformed VOO with an annualized return of 2.46%, while VOO has yielded a comparatively higher 15.65% 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%

VOO

• 1D: 0.14%
• 1M: 5.39%
• YTD: 11.69%
• 6M: 12.11%
• 1Y: 29.68%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.65%

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

FULBX vs. VOO - 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%
VOO Vanguard S&P 500 ETF	11.69%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between FULBX and VOO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.02

The correlation between FULBX and VOO shifts across timeframes, from 0.02 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FULBX vs. VOO — 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

VOO

VOO Risk / Return Rank: 75
VOO Sharpe Ratio Rank: 77
VOO Sortino Ratio Rank: 75
VOO Omega Ratio Rank: 76
VOO Calmar Ratio Rank: 68
VOO Martin Ratio Rank: 80

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Ultra Short Bond Fund (FULBX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	3.13	2.53	+0.60
Sortino ratio Return per unit of downside risk	8.67	3.43	+5.24
Omega ratio Gain probability vs. loss probability	2.67	1.46	+1.20
Calmar ratio Return relative to maximum drawdown	10.01	3.42	+6.59
Martin ratio Return relative to average drawdown	46.47	15.95	+30.53
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. VOO - Sharpe Ratio Comparison

The current FULBX Sharpe Ratio is 3.13, which is comparable to the VOO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of FULBX and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	2.53	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.28	0.85	+1.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.96	0.87	+1.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.89	+0.21

Drawdowns

FULBX vs. VOO - Drawdown Comparison

The maximum FULBX drawdown since its inception was -5.43%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FULBX and VOO.

Drawdown Indicators

	FULBX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-5.43%	-33.99%	+28.56%
Max Drawdown (1Y) Largest decline over 1 year	-0.54%	-8.90%	+8.36%
Max Drawdown (3Y) Largest decline over 3 years	-0.54%	-18.69%	+18.15%
Max Drawdown (5Y) Largest decline over 5 years	-2.60%	-24.52%	+21.92%
Max Drawdown (10Y) Largest decline over 10 years	-4.67%	-33.99%	+29.32%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.80%	-3.69%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	1.91%	-1.79%

Volatility

FULBX vs. VOO - Volatility Comparison

The current volatility for Federated Hermes Ultra Short Bond Fund (FULBX) is 0.48%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.74%. This indicates that FULBX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FULBX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	2.74%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	1.21%	8.88%	-7.67%
Volatility (1Y) Calculated over the trailing 1-year period	1.58%	11.78%	-10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.37%	16.81%	-15.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.26%	18.01%	-16.75%

FULBX vs. VOO - Expense Ratio Comparison

FULBX has a 0.47% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

FULBX vs. VOO - Dividend Comparison

FULBX's dividend yield for the trailing twelve months is around 4.60%, more than VOO's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.02%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FULBX and VOO in my portfolio?

FULBX and VOO have a correlation of 0.12, 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 VOO?

VOO has higher volatility (2.74%) compared to FULBX (0.48%). In terms of maximum drawdown, FULBX dropped -5.43% vs VOO's -33.99%.

Which has better risk-adjusted returns?

FULBX currently has the higher Sharpe Ratio (3.13 vs 2.53), 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.