GDO vs. FIIFX

Last updated Jun 4, 2026

GDO (Western Asset Global Corporate Defined Opportunity Fund Inc) and FIIFX (Federated Hermes Intermediate Corporate Bond Fund) are both Corporate Bonds funds. Over the past 10 years, GDO returned 4.29%/yr vs 2.46%/yr for FIIFX. At a 0.17 correlation, their price movements are largely independent. GDO charges 0.01%/yr vs 0.58%/yr for FIIFX.

Performance

GDO vs. FIIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Global Corporate Defined Opportunity Fund Inc (GDO) and Federated Hermes Intermediate Corporate Bond Fund (FIIFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDO achieves a -3.49% return, which is significantly lower than FIIFX's 0.18% return. Over the past 10 years, GDO has outperformed FIIFX with an annualized return of 4.29%, while FIIFX has yielded a comparatively lower 2.46% annualized return.

GDO

• 1D: -0.37%
• 1M: -0.51%
• YTD: -3.49%
• 6M: -1.59%
• 1Y: 7.11%
• 3Y*: 8.07%
• 5Y*: 0.02%
• 10Y*: 4.29%

FIIFX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 0.18%
• 6M: 0.64%
• 1Y: 4.93%
• 3Y*: 4.81%
• 5Y*: 1.07%
• 10Y*: 2.46%

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

GDO vs. FIIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDO Western Asset Global Corporate Defined Opportunity Fund Inc	-3.49%	18.25%	-0.79%	10.39%	-20.30%	3.38%	6.82%	30.72%	-10.12%	13.48%
FIIFX Federated Hermes Intermediate Corporate Bond Fund	0.18%	7.62%	3.20%	5.66%	-10.03%	-1.61%	7.58%	9.72%	-0.48%	4.32%

Correlation

The correlation between GDO and FIIFX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Nov 25, 2009	0.17

The correlation between GDO and FIIFX shifts across timeframes, from 0.15 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

GDO vs. FIIFX — Risk / Return Rank

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

GDO

GDO Risk / Return Rank: 10
GDO Sharpe Ratio Rank: 11
GDO Sortino Ratio Rank: 11
GDO Omega Ratio Rank: 11
GDO Calmar Ratio Rank: 9
GDO Martin Ratio Rank: 9

FIIFX

FIIFX Risk / Return Rank: 34
FIIFX Sharpe Ratio Rank: 30
FIIFX Sortino Ratio Rank: 35
FIIFX Omega Ratio Rank: 38
FIIFX Calmar Ratio Rank: 33
FIIFX Martin Ratio Rank: 34

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.

GDO vs. FIIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Global Corporate Defined Opportunity Fund Inc (GDO) and Federated Hermes Intermediate Corporate Bond Fund (FIIFX). 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.

	GDO	FIIFX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	1.59	-0.72
Sortino ratio: Return per unit of downside risk	1.30	2.49	-1.20
Omega ratio: Gain probability vs. loss probability	1.16	1.33	-0.17
Calmar ratio: Return relative to maximum drawdown	0.86	2.16	-1.30
Martin ratio: Return relative to average drawdown	2.61	7.55	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDO vs. FIIFX - Sharpe Ratio Comparison

The current GDO Sharpe Ratio is 0.87, which is lower than the FIIFX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GDO and FIIFX, 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

	GDO	FIIFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	1.59	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.25	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.65	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.07	-0.67

Drawdowns

GDO vs. FIIFX - Drawdown Comparison

The maximum GDO drawdown since its inception was -34.61%, which is greater than FIIFX's maximum drawdown of -14.85%. Use the drawdown chart below to compare losses from any high point for GDO and FIIFX.

Drawdown Indicators

	GDO	FIIFX	Difference
Max Drawdown Largest peak-to-trough decline	-34.61%	-14.85%	-19.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.28%	-2.28%	-6.00%
Max Drawdown (3Y) Largest decline over 3 years	-13.18%	-3.67%	-9.51%
Max Drawdown (5Y) Largest decline over 5 years	-34.61%	-14.85%	-19.76%
Max Drawdown (10Y) Largest decline over 10 years	-34.61%	-14.85%	-19.76%
Current Drawdown Current decline from peak	-4.08%	-0.75%	-3.33%
Average Drawdown Average peak-to-trough decline	-6.67%	-1.92%	-4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	0.65%	+2.08%

Volatility

GDO vs. FIIFX - Volatility Comparison

Western Asset Global Corporate Defined Opportunity Fund Inc (GDO) has a higher volatility of 2.54% compared to Federated Hermes Intermediate Corporate Bond Fund (FIIFX) at 1.07%. This indicates that GDO's price experiences larger fluctuations and is considered to be riskier than FIIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDO	FIIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	1.07%	+1.47%
Volatility (6M) Calculated over the trailing 6-month period	6.37%	2.18%	+4.19%
Volatility (1Y) Calculated over the trailing 1-year period	8.19%	3.10%	+5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.30%	4.29%	+8.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.29%	3.81%	+9.48%

GDO vs. FIIFX - Expense Ratio Comparison

GDO has a 0.02% expense ratio, which is lower than FIIFX's 0.58% expense ratio.

Dividends

GDO vs. FIIFX - Dividend Comparison

GDO's dividend yield for the trailing twelve months is around 13.57%, more than FIIFX's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIIFX Federated Hermes Intermediate Corporate Bond Fund	4.26%	4.15%	3.39%	2.95%	1.97%	2.69%	2.64%	2.92%	4.02%	4.27%	3.30%	3.79%
GDO Western Asset Global Corporate Defined Opportunity Fund Inc	13.57%	12.40%	12.04%	9.52%	9.49%	6.93%	6.70%	6.65%	8.41%	7.57%	7.96%	8.62%

Frequently Asked Questions

Can I hold both GDO and FIIFX in my portfolio?

GDO and FIIFX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDO or FIIFX?

GDO has higher volatility (2.54%) compared to FIIFX (1.07%). In terms of maximum drawdown, GDO dropped -34.61% vs FIIFX's -14.85%.

Which has better risk-adjusted returns?

FIIFX currently has the higher Sharpe Ratio (1.59 vs 0.87), 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.