ISHIX vs. SMARX
ISHIX (Federated Hermes Corporate Bond Fund) and SMARX (Brandes Separately Managed Account Reserve Trust) are both Corporate Bonds funds. Over the past 10 years, ISHIX returned 2.32%/yr vs 2.67%/yr for SMARX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. ISHIX charges 0.86%/yr vs 0.00%/yr for SMARX.
Performance
ISHIX vs. SMARX - Performance Comparison
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Returns By Period
In the year-to-date period, ISHIX achieves a -1.39% return, which is significantly lower than SMARX's 0.14% return. Over the past 10 years, ISHIX has underperformed SMARX with an annualized return of 2.32%, while SMARX has yielded a comparatively higher 2.67% annualized return.
ISHIX
- 1D
- 0.24%
- 1M
- -1.53%
- 6M
- -1.45%
- YTD
- -1.39%
- 1Y
- 1.71%
- 3Y*
- 3.83%
- 5Y*
- -0.39%
- 10Y*
- 2.32%
- ALL TIME*
- 5.31%
SMARX
- 1D
- 0.13%
- 1M
- -1.14%
- 6M
- -0.05%
- YTD
- 0.14%
- 1Y
- 2.58%
- 3Y*
- 5.01%
- 5Y*
- 1.33%
- 10Y*
- 2.67%
- ALL TIME*
- 1.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ISHIX vs. SMARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHIX Federated Hermes Corporate Bond Fund | -1.39% | 6.94% | 2.06% | 7.72% | -14.64% | -0.07% | 8.83% | 13.86% | -2.94% | 6.63% |
SMARX Brandes Separately Managed Account Reserve Trust | 0.14% | 6.91% | 3.73% | 9.76% | -11.77% | 0.76% | 6.55% | 7.77% | -1.13% | 4.75% |
Correlation
The correlation between ISHIX and SMARX is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.51 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2005 | 0.68 |
The correlation between ISHIX and SMARX shifts across timeframes, from 0.51 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ISHIX vs. SMARX — Risk / Return Rank
ISHIX
SMARX
ISHIX vs. SMARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Corporate Bond Fund (ISHIX) and Brandes Separately Managed Account Reserve Trust (SMARX). 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.
| ISHIX | SMARX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.17 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 1.37 | -0.89 |
| Martin ratioReturn relative to average drawdown | 1.25 | 4.53 | -3.28 |
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Drawdowns
ISHIX vs. SMARX - Drawdown Comparison
The maximum ISHIX drawdown since its inception was -21.10%, smaller than the maximum SMARX drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for ISHIX and SMARX.
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Drawdown Indicators
| ISHIX | SMARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.10% | -47.07% | +25.97% |
Max Drawdown (1Y)Largest decline over 1 year | -3.12% | -2.61% | -0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -4.38% | -4.59% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -20.00% | -16.20% | -3.80% |
Max Drawdown (10Y)Largest decline over 10 years | -20.00% | -16.20% | -3.80% |
Current DrawdownCurrent decline from peak | -2.65% | -1.26% | -1.39% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -6.92% | +4.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.78% | +0.39% |
Volatility
ISHIX vs. SMARX - Volatility Comparison
Federated Hermes Corporate Bond Fund (ISHIX) and Brandes Separately Managed Account Reserve Trust (SMARX) have volatilities of 1.01% and 0.99%, 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.
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Volatility by Period
| ISHIX | SMARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.99% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 3.00% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 3.72% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.78% | 5.17% | +0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.17% | 4.39% | +0.78% |
ISHIX vs. SMARX - Expense Ratio Comparison
ISHIX has a 0.86% expense ratio, which is higher than SMARX's 0.00% expense ratio.
Dividends
ISHIX vs. SMARX - Dividend Comparison
ISHIX's dividend yield for the trailing twelve months is around 3.20%, less than SMARX's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHIX Federated Hermes Corporate Bond Fund | 3.20% | 3.34% | 3.26% | 3.45% | 3.63% | 3.16% | 3.15% | 3.62% | 3.72% | 3.92% | 4.12% | 5.59% |
SMARX Brandes Separately Managed Account Reserve Trust | 4.39% | 5.02% | 4.07% | 3.85% | 3.53% | 2.57% | 3.35% | 4.19% | 4.55% | 4.20% | 4.87% | 5.24% |
Frequently Asked Questions
ISHIX and SMARX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISHIX has higher volatility (1.01%) compared to SMARX (0.99%). In terms of maximum drawdown, ISHIX dropped -21.10% vs SMARX's -47.07%.
SMARX currently has the higher Sharpe Ratio (0.96 vs 0.40), 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.
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