MYFRX vs. FHCOX

Last updated Jun 5, 2026

MYFRX (Pioneer Multi-Asset Ultrashort Income Fund) and FHCOX (Federated Hermes Conservative Microshort Fund) are both Ultrashort Bond funds. Over the past 5 years, MYFRX returned 3.91%/yr vs 3.47%/yr for FHCOX. At a 0.27 correlation, their price movements are largely independent. MYFRX charges 0.44%/yr vs 0.05%/yr for FHCOX.

Performance

MYFRX vs. FHCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Multi-Asset Ultrashort Income Fund (MYFRX) and Federated Hermes Conservative Microshort Fund (FHCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MYFRX achieves a 1.73% return, which is significantly higher than FHCOX's 1.54% return.

MYFRX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.73%
• 6M: 2.14%
• 1Y: 4.36%
• 3Y*: 5.33%
• 5Y*: 3.91%
• 10Y*: 2.84%

FHCOX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.54%
• 6M: 1.91%
• 1Y: 4.48%
• 3Y*: 4.98%
• 5Y*: 3.47%
• 10Y*: —

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

MYFRX vs. FHCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MYFRX Pioneer Multi-Asset Ultrashort Income Fund	1.73%	4.68%	6.25%	6.32%	0.26%	0.92%
FHCOX Federated Hermes Conservative Microshort Fund	1.54%	4.94%	5.34%	4.80%	0.76%	0.14%

Correlation

The correlation between MYFRX and FHCOX 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	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Feb 26, 2021	0.27

The correlation between MYFRX and FHCOX shifts across timeframes, from 0.26 (5 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MYFRX vs. FHCOX — Risk / Return Rank

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

MYFRX

MYFRX Risk / Return Rank: 98
MYFRX Sharpe Ratio Rank: 92
MYFRX Sortino Ratio Rank: 99
MYFRX Omega Ratio Rank: 99
MYFRX Calmar Ratio Rank: 99
MYFRX Martin Ratio Rank: 99

FHCOX

FHCOX Risk / Return Rank: 99
FHCOX Sharpe Ratio Rank: 95
FHCOX Sortino Ratio Rank: 100
FHCOX Omega Ratio Rank: 100
FHCOX Calmar Ratio Rank: 99
FHCOX 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.

MYFRX vs. FHCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Multi-Asset Ultrashort Income Fund (MYFRX) and Federated Hermes Conservative Microshort Fund (FHCOX). 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.

	MYFRX	FHCOX	Difference
Sharpe ratio: Return per unit of total volatility	3.09	3.37	-0.28
Sortino ratio: Return per unit of downside risk	10.60	12.72	-2.12
Omega ratio: Gain probability vs. loss probability	3.64	4.67	-1.03
Calmar ratio: Return relative to maximum drawdown	14.49	14.99	-0.50
Martin ratio: Return relative to average drawdown	53.81	78.37	-24.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MYFRX vs. FHCOX - Sharpe Ratio Comparison

The current MYFRX Sharpe Ratio is 3.09, which is comparable to the FHCOX Sharpe Ratio of 3.37. The chart below compares the historical Sharpe Ratios of MYFRX and FHCOX, 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

	MYFRX	FHCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	3.37	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.45	2.41	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	2.36	-0.88

Drawdowns

MYFRX vs. FHCOX - Drawdown Comparison

The maximum MYFRX drawdown since its inception was -10.08%, which is greater than FHCOX's maximum drawdown of -0.59%. Use the drawdown chart below to compare losses from any high point for MYFRX and FHCOX.

Drawdown Indicators

	MYFRX	FHCOX	Difference
Max Drawdown Largest peak-to-trough decline	-10.08%	-0.59%	-9.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.31%	-0.30%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.73%	-0.50%	-0.23%
Max Drawdown (5Y) Largest decline over 5 years	-1.52%	-0.59%	-0.93%
Max Drawdown (10Y) Largest decline over 10 years	-10.08%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.10%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.06%	+0.02%

Volatility

MYFRX vs. FHCOX - Volatility Comparison

Pioneer Multi-Asset Ultrashort Income Fund (MYFRX) and Federated Hermes Conservative Microshort Fund (FHCOX) have volatilities of 0.39% and 0.40%, 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

	MYFRX	FHCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.40%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.97%	0.91%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.45%	1.33%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.61%	1.44%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.84%	1.40%	+0.44%

MYFRX vs. FHCOX - Expense Ratio Comparison

MYFRX has a 0.44% expense ratio, which is higher than FHCOX's 0.05% expense ratio.

Dividends

MYFRX vs. FHCOX - Dividend Comparison

MYFRX's dividend yield for the trailing twelve months is around 4.69%, more than FHCOX's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHCOX Federated Hermes Conservative Microshort Fund	4.38%	4.61%	4.99%	4.17%	1.26%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MYFRX Pioneer Multi-Asset Ultrashort Income Fund	4.69%	4.99%	5.63%	4.74%	2.35%	1.34%	1.92%	2.98%	2.60%	1.88%	1.77%	1.36%

Frequently Asked Questions

Can I hold both MYFRX and FHCOX in my portfolio?

MYFRX and FHCOX 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.

Which is riskier, MYFRX or FHCOX?

FHCOX has higher volatility (0.40%) compared to MYFRX (0.39%). In terms of maximum drawdown, MYFRX dropped -10.08% vs FHCOX's -0.59%.

Which has better risk-adjusted returns?

FHCOX currently has the higher Sharpe Ratio (3.37 vs 3.09), 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.