MIIAX vs. FMBPX
MIIAX (Praxis Impact Bond Fund) and FMBPX (Federated Hermes Mortgage Strategy Portfolio) are both Intermediate Core Bond funds. Over the past 10 years, MIIAX returned 1.29%/yr vs 1.44%/yr for FMBPX. A 0.77 correlation means they provide meaningful diversification when combined. MIIAX charges 0.88%/yr vs 0.02%/yr for FMBPX.
Performance
MIIAX vs. FMBPX - Performance Comparison
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Returns By Period
In the year-to-date period, MIIAX achieves a 0.43% return, which is significantly lower than FMBPX's 0.69% return. Over the past 10 years, MIIAX has underperformed FMBPX with an annualized return of 1.29%, while FMBPX has yielded a comparatively higher 1.44% annualized return.
MIIAX
- 1D
- 0.21%
- 1M
- 0.82%
- YTD
- 0.43%
- 6M
- 0.52%
- 1Y
- 4.51%
- 3Y*
- 3.76%
- 5Y*
- -0.27%
- 10Y*
- 1.29%
FMBPX
- 1D
- 0.24%
- 1M
- 1.02%
- YTD
- 0.69%
- 6M
- 1.33%
- 1Y
- 6.77%
- 3Y*
- 4.44%
- 5Y*
- 0.34%
- 10Y*
- 1.44%
MIIAX vs. FMBPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MIIAX Praxis Impact Bond Fund | 0.43% | 6.82% | 1.17% | 5.32% | -13.09% | -2.22% | 7.45% | 7.75% | -0.36% | 3.11% |
FMBPX Federated Hermes Mortgage Strategy Portfolio | 0.69% | 9.03% | 1.04% | 4.44% | -12.21% | -1.35% | 4.77% | 6.30% | 1.13% | 2.76% |
Correlation
The correlation between MIIAX and FMBPX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2009 | 0.77 |
Over the past year, the correlation between MIIAX and FMBPX has dropped to 0.40 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.
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Return for Risk
MIIAX vs. FMBPX — Risk / Return Rank
MIIAX
FMBPX
MIIAX vs. FMBPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Praxis Impact Bond Fund (MIIAX) and Federated Hermes Mortgage Strategy Portfolio (FMBPX). 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.
| MIIAX | FMBPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 2.16 | -0.64 |
| Martin ratioReturn relative to average drawdown | 4.38 | 6.95 | -2.57 |
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Drawdowns
MIIAX vs. FMBPX - Drawdown Comparison
The maximum MIIAX drawdown since its inception was -18.76%, roughly equal to the maximum FMBPX drawdown of -18.34%. Use the drawdown chart below to compare losses from any high point for MIIAX and FMBPX.
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Drawdown Indicators
| MIIAX | FMBPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.76% | -18.34% | -0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -3.15% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -6.20% | -7.69% | +1.49% |
Max Drawdown (5Y)Largest decline over 5 years | -18.22% | -18.02% | -0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -18.76% | -18.34% | -0.42% |
Current DrawdownCurrent decline from peak | -3.13% | -1.35% | -1.78% |
Average DrawdownAverage peak-to-trough decline | -2.53% | -3.26% | +0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.98% | +0.08% |
Volatility
MIIAX vs. FMBPX - Volatility Comparison
The current volatility for Praxis Impact Bond Fund (MIIAX) is 1.14%, while Federated Hermes Mortgage Strategy Portfolio (FMBPX) has a volatility of 1.44%. This indicates that MIIAX experiences smaller price fluctuations and is considered to be less risky than FMBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MIIAX | FMBPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.44% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 3.29% | -0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.76% | 4.59% | -0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.84% | 6.79% | -0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.73% | 5.12% | -0.39% |
MIIAX vs. FMBPX - Expense Ratio Comparison
MIIAX has a 0.88% expense ratio, which is higher than FMBPX's 0.02% expense ratio.
Dividends
MIIAX vs. FMBPX - Dividend Comparison
MIIAX's dividend yield for the trailing twelve months is around 3.38%, less than FMBPX's 5.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMBPX Federated Hermes Mortgage Strategy Portfolio | 5.03% | 4.87% | 4.29% | 3.46% | 2.29% | 1.96% | 2.68% | 3.23% | 3.14% | 2.83% | 2.72% | 2.65% |
MIIAX Praxis Impact Bond Fund | 3.38% | 3.28% | 3.12% | 2.35% | 2.02% | 1.50% | 2.42% | 2.15% | 2.27% | 2.19% | 2.35% | 2.55% |
Frequently Asked Questions
MIIAX and FMBPX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMBPX has higher volatility (1.44%) compared to MIIAX (1.14%). In terms of maximum drawdown, MIIAX dropped -18.76% vs FMBPX's -18.34%.
FMBPX currently has the higher Sharpe Ratio (1.49 vs 1.24), 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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