ISCIX vs. ISCAX

Last updated Jun 24, 2026

ISCIX (Federated Hermes International Small-Mid Company Fund IS) and ISCAX (Federated Hermes International Small-Mid Company Fund) are both Foreign Small & Mid Cap Equities funds from Federated. Over the past 10 years, ISCIX returned 11.10%/yr vs 10.87%/yr for ISCAX. With a 0.99 correlation, they move nearly in lockstep. ISCIX charges 0.99%/yr vs 1.24%/yr for ISCAX.

Performance

ISCIX vs. ISCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes International Small-Mid Company Fund IS (ISCIX) and Federated Hermes International Small-Mid Company Fund (ISCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ISCIX having a 10.97% return and ISCAX slightly lower at 10.85%. Both investments have delivered pretty close results over the past 10 years, with ISCIX having a 11.10% annualized return and ISCAX not far behind at 10.87%.

ISCIX

• 1D: 0.02%
• 1M: 0.68%
• YTD: 10.97%
• 6M: 10.47%
• 1Y: 20.88%
• 3Y*: 18.45%
• 5Y*: 6.16%
• 10Y*: 11.10%

ISCAX

• 1D: 0.02%
• 1M: 0.66%
• YTD: 10.85%
• 6M: 10.35%
• 1Y: 20.61%
• 3Y*: 18.25%
• 5Y*: 5.95%
• 10Y*: 10.87%

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

ISCIX vs. ISCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISCIX Federated Hermes International Small-Mid Company Fund IS	10.97%	34.34%	5.73%	12.85%	-23.42%	6.25%	31.54%	32.03%	-18.74%	34.98%
ISCAX Federated Hermes International Small-Mid Company Fund	10.85%	34.01%	5.67%	12.61%	-23.62%	5.98%	31.26%	31.76%	-18.88%	34.73%

Correlation

The correlation between ISCIX and ISCAX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008	0.99

The correlation between ISCIX and ISCAX has been stable across timeframes, ranging from 0.89 to 0.99 - a consistent structural relationship.

Return for Risk

ISCIX vs. ISCAX — Risk / Return Rank

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

ISCIX

ISCIX Risk / Return Rank: 33
ISCIX Sharpe Ratio Rank: 33
ISCIX Sortino Ratio Rank: 34
ISCIX Omega Ratio Rank: 33
ISCIX Calmar Ratio Rank: 32
ISCIX Martin Ratio Rank: 35

ISCAX

ISCAX Risk / Return Rank: 37
ISCAX Sharpe Ratio Rank: 35
ISCAX Sortino Ratio Rank: 37
ISCAX Omega Ratio Rank: 35
ISCAX Calmar Ratio Rank: 35
ISCAX Martin Ratio Rank: 41

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.

ISCIX vs. ISCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes International Small-Mid Company Fund IS (ISCIX) and Federated Hermes International Small-Mid Company Fund (ISCAX). 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.

	ISCIX	ISCAX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.59	-0.06
Sortino ratio: Return per unit of downside risk	2.24	2.37	-0.13
Omega ratio: Gain probability vs. loss probability	1.28	1.29	-0.01
Calmar ratio: Return relative to maximum drawdown	2.00	2.14	-0.14
Martin ratio: Return relative to average drawdown	7.37	8.28	-0.91

ISCIX vs. ISCAX - Sharpe Ratio Comparison

The current ISCIX Sharpe Ratio is 1.52, which is comparable to the ISCAX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of ISCIX and ISCAX, 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

ISCIX vs. ISCAX - Drawdown Comparison

The maximum ISCIX drawdown since its inception was -62.00%, smaller than the maximum ISCAX drawdown of -71.55%. Use the drawdown chart below to compare losses from any high point for ISCIX and ISCAX.

Drawdown Indicators

	ISCIX	ISCAX	Difference
Max Drawdown Largest peak-to-trough decline	-62.00%	-71.55%	+9.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.88%	-11.91%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-13.90%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-40.17%	-40.33%	+0.16%
Max Drawdown (10Y) Largest decline over 10 years	-40.17%	-40.33%	+0.16%
Current Drawdown Current decline from peak	-1.75%	-1.76%	+0.01%
Average Drawdown Average peak-to-trough decline	-15.12%	-22.19%	+7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	2.80%	+0.29%

Volatility

ISCIX vs. ISCAX - Volatility Comparison

Federated Hermes International Small-Mid Company Fund IS (ISCIX) and Federated Hermes International Small-Mid Company Fund (ISCAX) have volatilities of 5.51% and 5.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCIX	ISCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	5.50%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.04%	13.09%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	16.12%	-0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	17.60%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	17.43%	-0.16%

ISCIX vs. ISCAX - Expense Ratio Comparison

ISCIX has a 0.99% expense ratio, which is lower than ISCAX's 1.24% expense ratio.

Dividends

ISCIX vs. ISCAX - Dividend Comparison

ISCIX's dividend yield for the trailing twelve months is around 6.72%, which matches ISCAX's 6.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISCAX Federated Hermes International Small-Mid Company Fund	6.72%	7.45%	0.00%	0.84%	0.79%	7.79%	5.80%	4.89%	15.53%	6.51%	0.92%	12.23%
ISCIX Federated Hermes International Small-Mid Company Fund IS	6.72%	7.45%	0.00%	1.05%	1.04%	7.82%	5.64%	4.97%	15.45%	6.38%	0.90%	12.28%

Frequently Asked Questions

Can I hold both ISCIX and ISCAX in my portfolio?

ISCIX and ISCAX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISCIX or ISCAX?

ISCIX has higher volatility (5.51%) compared to ISCAX (5.50%). In terms of maximum drawdown, ISCIX dropped -62.00% vs ISCAX's -71.55%.

Which has better risk-adjusted returns?

ISCAX currently has the higher Sharpe Ratio (1.59 vs 1.52), 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.