LMSFX vs. FGSAX

Last updated Jun 6, 2026

LMSFX (Federated Hermes Municipal Bond Fund) and FGSAX (Federated Hermes MDT Mid Cap Growth Fund) are both mutual funds - LMSFX is a Municipal Bonds fund managed by Federated, while FGSAX is a Mid Cap Growth Equities fund managed by Federated. Over the past 10 years, LMSFX returned 1.62%/yr vs 14.96%/yr for FGSAX. At a 0.02 correlation, their price movements are largely independent. LMSFX charges 0.83%/yr vs 1.15%/yr for FGSAX.

Performance

LMSFX vs. FGSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Municipal Bond Fund (LMSFX) and Federated Hermes MDT Mid Cap Growth Fund (FGSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMSFX achieves a 1.52% return, which is significantly higher than FGSAX's 0.85% return. Over the past 10 years, LMSFX has underperformed FGSAX with an annualized return of 1.62%, while FGSAX has yielded a comparatively higher 14.96% annualized return.

LMSFX

• 1D: 0.10%
• 1M: 0.73%
• YTD: 1.52%
• 6M: 1.71%
• 1Y: 5.93%
• 3Y*: 2.86%
• 5Y*: -0.12%
• 10Y*: 1.62%

FGSAX

• 1D: 0.62%
• 1M: 0.26%
• YTD: 0.85%
• 6M: 0.50%
• 1Y: 3.46%
• 3Y*: 19.43%
• 5Y*: 10.54%
• 10Y*: 14.96%

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

LMSFX vs. FGSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMSFX Federated Hermes Municipal Bond Fund	1.52%	2.35%	0.97%	6.33%	-11.32%	1.73%	4.73%	8.79%	0.08%	5.08%
FGSAX Federated Hermes MDT Mid Cap Growth Fund	0.85%	10.54%	32.97%	27.05%	-24.60%	22.39%	35.50%	27.95%	-3.23%	24.38%

Correlation

The correlation between LMSFX and FGSAX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Aug 24, 1984	0.02

Over the past year, LMSFX and FGSAX have become more correlated (0.23) than their long-term average of 0.02, meaning their price movements have been converging.

Return for Risk

LMSFX vs. FGSAX — Risk / Return Rank

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

LMSFX

LMSFX Risk / Return Rank: 69
LMSFX Sharpe Ratio Rank: 64
LMSFX Sortino Ratio Rank: 80
LMSFX Omega Ratio Rank: 83
LMSFX Calmar Ratio Rank: 66
LMSFX Martin Ratio Rank: 51

FGSAX

FGSAX Risk / Return Rank: 4
FGSAX Sharpe Ratio Rank: 4
FGSAX Sortino Ratio Rank: 4
FGSAX Omega Ratio Rank: 5
FGSAX Calmar Ratio Rank: 4
FGSAX Martin Ratio Rank: 5

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.

LMSFX vs. FGSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Municipal Bond Fund (LMSFX) and Federated Hermes MDT Mid Cap Growth Fund (FGSAX). 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.

	LMSFX	FGSAX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	0.21	+2.07
Sortino ratio: Return per unit of downside risk	3.71	0.43	+3.28
Omega ratio: Gain probability vs. loss probability	1.54	1.06	+0.49
Calmar ratio: Return relative to maximum drawdown	3.02	0.26	+2.76
Martin ratio: Return relative to average drawdown	10.12	0.71	+9.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LMSFX vs. FGSAX - Sharpe Ratio Comparison

The current LMSFX Sharpe Ratio is 2.28, which is higher than the FGSAX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of LMSFX and FGSAX, 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

	LMSFX	FGSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	0.21	+2.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.47	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.67	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.48	+0.07

Drawdowns

LMSFX vs. FGSAX - Drawdown Comparison

The maximum LMSFX drawdown since its inception was -36.23%, smaller than the maximum FGSAX drawdown of -66.17%. Use the drawdown chart below to compare losses from any high point for LMSFX and FGSAX.

Drawdown Indicators

	LMSFX	FGSAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.23%	-66.17%	+29.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-13.73%	+11.24%
Max Drawdown (3Y) Largest decline over 3 years	-7.28%	-24.51%	+17.23%
Max Drawdown (5Y) Largest decline over 5 years	-16.47%	-35.79%	+19.32%
Max Drawdown (10Y) Largest decline over 10 years	-16.47%	-37.19%	+20.72%
Current Drawdown Current decline from peak	-1.60%	-3.82%	+2.22%
Average Drawdown Average peak-to-trough decline	-2.90%	-16.14%	+13.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	4.91%	-2.94%

Volatility

LMSFX vs. FGSAX - Volatility Comparison

The current volatility for Federated Hermes Municipal Bond Fund (LMSFX) is 1.19%, while Federated Hermes MDT Mid Cap Growth Fund (FGSAX) has a volatility of 3.82%. This indicates that LMSFX experiences smaller price fluctuations and is considered to be less risky than FGSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMSFX	FGSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	3.82%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	2.15%	13.79%	-11.64%
Volatility (1Y) Calculated over the trailing 1-year period	3.31%	16.83%	-13.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.83%	22.41%	-17.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.46%	22.32%	-17.86%

LMSFX vs. FGSAX - Expense Ratio Comparison

LMSFX has a 0.83% expense ratio, which is lower than FGSAX's 1.15% expense ratio.

Dividends

LMSFX vs. FGSAX - Dividend Comparison

LMSFX's dividend yield for the trailing twelve months is around 2.00%, less than FGSAX's 4.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGSAX Federated Hermes MDT Mid Cap Growth Fund	4.88%	4.92%	4.32%	0.00%	2.31%	25.75%	7.07%	8.13%	14.46%	13.93%	0.89%	25.34%
LMSFX Federated Hermes Municipal Bond Fund	2.00%	3.23%	2.43%	2.20%	1.89%	2.85%	2.72%	3.89%	3.38%	2.92%	3.05%	3.10%

Frequently Asked Questions

Can I hold both LMSFX and FGSAX in my portfolio?

LMSFX and FGSAX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMSFX or FGSAX?

FGSAX has higher volatility (3.82%) compared to LMSFX (1.19%). In terms of maximum drawdown, LMSFX dropped -36.23% vs FGSAX's -66.17%.

Which has better risk-adjusted returns?

LMSFX currently has the higher Sharpe Ratio (2.28 vs 0.21), 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.