GNMFX vs. FHMIX

Last updated Jun 24, 2026

GNMFX (PIMCO National Municipal Opportunistic Value Fund) and FHMIX (Federated Hermes Conservative Municipal Microshort Fund) are both Municipal Bonds funds. Over the past 5 years, GNMFX returned 1.45%/yr vs 1.14%/yr for FHMIX. At a 0.18 correlation, their price movements are largely independent. GNMFX charges 0.63%/yr vs 0.05%/yr for FHMIX.

Performance

GNMFX vs. FHMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO National Municipal Opportunistic Value Fund (GNMFX) and Federated Hermes Conservative Municipal Microshort Fund (FHMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GNMFX achieves a 1.98% return, which is significantly higher than FHMIX's 1.11% return.

GNMFX

• 1D: -0.10%
• 1M: 1.67%
• YTD: 1.98%
• 6M: 2.31%
• 1Y: 6.61%
• 3Y*: 3.48%
• 5Y*: 1.45%
• 10Y*: 2.01%

FHMIX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 1.11%
• 6M: 1.37%
• 1Y: 2.85%
• 3Y*: 1.90%
• 5Y*: 1.14%
• 10Y*: —

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

GNMFX vs. FHMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GNMFX PIMCO National Municipal Opportunistic Value Fund	1.98%	3.09%	2.38%	4.89%	-5.25%	0.72%
FHMIX Federated Hermes Conservative Municipal Microshort Fund	1.11%	3.09%	1.19%	0.32%	0.00%	0.02%

Correlation

The correlation between GNMFX and FHMIX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.18

Return for Risk

GNMFX vs. FHMIX — Risk / Return Rank

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

GNMFX

GNMFX Risk / Return Rank: 79
GNMFX Sharpe Ratio Rank: 84
GNMFX Sortino Ratio Rank: 90
GNMFX Omega Ratio Rank: 90
GNMFX Calmar Ratio Rank: 73
GNMFX Martin Ratio Rank: 59

FHMIX

FHMIX Risk / Return Rank: 99
FHMIX Sharpe Ratio Rank: 96
FHMIX Sortino Ratio Rank: 100
FHMIX Omega Ratio Rank: 100
FHMIX Calmar Ratio Rank: 100
FHMIX Martin Ratio Rank: 100

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.

GNMFX vs. FHMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO National Municipal Opportunistic Value Fund (GNMFX) and Federated Hermes Conservative Municipal Microshort Fund (FHMIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GNMFX	FHMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	3.20	-0.68
Sortino ratio: Return per unit of downside risk	4.02	11.51	-7.49
Omega ratio: Gain probability vs. loss probability	1.61	5.69	-4.08
Calmar ratio: Return relative to maximum drawdown	3.18	28.61	-25.43
Martin ratio: Return relative to average drawdown	11.09	77.74	-66.65

GNMFX vs. FHMIX - Sharpe Ratio Comparison

The current GNMFX Sharpe Ratio is 2.52, which is comparable to the FHMIX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of GNMFX and FHMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GNMFX vs. FHMIX - Drawdown Comparison

The maximum GNMFX drawdown since its inception was -9.06%, which is greater than FHMIX's maximum drawdown of -0.50%. Use the drawdown chart below to compare losses from any high point for GNMFX and FHMIX.

Drawdown Indicators

	GNMFX	FHMIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-0.50%	-8.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.13%	-0.10%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.91%	-0.50%	-4.41%
Max Drawdown (5Y) Largest decline over 5 years	-9.06%	-0.50%	-8.56%
Max Drawdown (10Y) Largest decline over 10 years	-9.06%	—	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-1.38%	-0.06%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.04%	+0.57%

Volatility

GNMFX vs. FHMIX - Volatility Comparison

PIMCO National Municipal Opportunistic Value Fund (GNMFX) has a higher volatility of 0.78% compared to Federated Hermes Conservative Municipal Microshort Fund (FHMIX) at 0.21%. This indicates that GNMFX's price experiences larger fluctuations and is considered to be riskier than FHMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNMFX	FHMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.21%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	0.56%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	0.90%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.34%	0.79%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	0.78%	+2.18%

GNMFX vs. FHMIX - Expense Ratio Comparison

GNMFX has a 0.63% expense ratio, which is higher than FHMIX's 0.05% expense ratio.

Dividends

GNMFX vs. FHMIX - Dividend Comparison

GNMFX's dividend yield for the trailing twelve months is around 3.67%, more than FHMIX's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FHMIX Federated Hermes Conservative Municipal Microshort Fund	2.80%	3.04%	1.18%	0.32%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%
GNMFX PIMCO National Municipal Opportunistic Value Fund	3.67%	3.61%	3.48%	2.68%	1.98%	2.17%	2.24%	2.59%	2.45%	0.89%	0.17%

Frequently Asked Questions

Can I hold both GNMFX and FHMIX in my portfolio?

GNMFX and FHMIX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GNMFX or FHMIX?

GNMFX has higher volatility (0.78%) compared to FHMIX (0.21%). In terms of maximum drawdown, GNMFX dropped -9.06% vs FHMIX's -0.50%.

Which has better risk-adjusted returns?

FHMIX currently has the higher Sharpe Ratio (3.20 vs 2.52), 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.