NCBVX vs. FHIIX

Last updated Jun 13, 2026

NCBVX (PGIM Quant Solutions Mid-Cap Value Fund) and FHIIX (Federated Hermes High Income Bond Fund) are both mutual funds - NCBVX is a Mid Cap Value Equities fund managed by PGIM, while FHIIX is a High Yield Bonds fund managed by Federated. Over the past 10 years, NCBVX returned 7.98%/yr vs 4.80%/yr for FHIIX. At a 0.31 correlation, their price movements are largely independent. NCBVX charges 1.95%/yr vs 0.90%/yr for FHIIX.

Performance

NCBVX vs. FHIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Quant Solutions Mid-Cap Value Fund (NCBVX) and Federated Hermes High Income Bond Fund (FHIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCBVX achieves a 16.29% return, which is significantly higher than FHIIX's 0.87% return. Over the past 10 years, NCBVX has outperformed FHIIX with an annualized return of 7.98%, while FHIIX has yielded a comparatively lower 4.80% annualized return.

NCBVX

• 1D: 2.05%
• 1M: 4.66%
• YTD: 16.29%
• 6M: 15.32%
• 1Y: 31.86%
• 3Y*: 16.77%
• 5Y*: 7.81%
• 10Y*: 7.98%

FHIIX

• 1D: 0.29%
• 1M: 0.32%
• YTD: 0.87%
• 6M: 1.31%
• 1Y: 5.11%
• 3Y*: 7.63%
• 5Y*: 3.13%
• 10Y*: 4.80%

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

NCBVX vs. FHIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCBVX PGIM Quant Solutions Mid-Cap Value Fund	16.29%	11.86%	10.49%	10.40%	-10.18%	33.13%	-7.31%	18.78%	-20.51%	11.63%
FHIIX Federated Hermes High Income Bond Fund	0.87%	8.00%	6.16%	12.42%	-11.74%	4.68%	5.90%	14.35%	-3.06%	6.54%

Correlation

The correlation between NCBVX and FHIIX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 19, 1998	0.31

The correlation between NCBVX and FHIIX shifts across timeframes, from 0.16 (1 year) to 0.43 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

NCBVX vs. FHIIX — Risk / Return Rank

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

NCBVX

NCBVX Risk / Return Rank: 85
NCBVX Sharpe Ratio Rank: 81
NCBVX Sortino Ratio Rank: 80
NCBVX Omega Ratio Rank: 74
NCBVX Calmar Ratio Rank: 94
NCBVX Martin Ratio Rank: 93

FHIIX

FHIIX Risk / Return Rank: 56
FHIIX Sharpe Ratio Rank: 50
FHIIX Sortino Ratio Rank: 53
FHIIX Omega Ratio Rank: 72
FHIIX Calmar Ratio Rank: 42
FHIIX Martin Ratio Rank: 65

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.

NCBVX vs. FHIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Quant Solutions Mid-Cap Value Fund (NCBVX) and Federated Hermes High Income Bond Fund (FHIIX). 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.

	NCBVX	FHIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.69	+0.62
Sortino ratio: Return per unit of downside risk	3.29	2.49	+0.80
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	4.88	2.11	+2.77
Martin ratio: Return relative to average drawdown	17.57	10.48	+7.09

NCBVX vs. FHIIX - Sharpe Ratio Comparison

The current NCBVX Sharpe Ratio is 2.32, which is higher than the FHIIX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of NCBVX and FHIIX, 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

NCBVX vs. FHIIX - Drawdown Comparison

The maximum NCBVX drawdown since its inception was -60.64%, which is greater than FHIIX's maximum drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for NCBVX and FHIIX.

Drawdown Indicators

	NCBVX	FHIIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.64%	-35.49%	-25.15%
Max Drawdown (1Y) Largest decline over 1 year	-6.31%	-2.51%	-3.80%
Max Drawdown (3Y) Largest decline over 3 years	-21.27%	-3.56%	-17.71%
Max Drawdown (5Y) Largest decline over 5 years	-23.15%	-15.39%	-7.76%
Max Drawdown (10Y) Largest decline over 10 years	-57.50%	-21.19%	-36.31%
Current Drawdown Current decline from peak	-0.15%	-0.12%	-0.03%
Average Drawdown Average peak-to-trough decline	-9.09%	-5.32%	-3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	0.50%	+1.25%

Volatility

NCBVX vs. FHIIX - Volatility Comparison

PGIM Quant Solutions Mid-Cap Value Fund (NCBVX) has a higher volatility of 3.99% compared to Federated Hermes High Income Bond Fund (FHIIX) at 0.80%. This indicates that NCBVX's price experiences larger fluctuations and is considered to be riskier than FHIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCBVX	FHIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	0.80%	+3.19%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	2.51%	+7.34%
Volatility (1Y) Calculated over the trailing 1-year period	13.31%	3.14%	+10.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	4.99%	+13.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.67%	5.48%	+17.19%

NCBVX vs. FHIIX - Expense Ratio Comparison

NCBVX has a 1.95% expense ratio, which is higher than FHIIX's 0.90% expense ratio.

Dividends

NCBVX vs. FHIIX - Dividend Comparison

NCBVX's dividend yield for the trailing twelve months is around 0.59%, less than FHIIX's 5.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHIIX Federated Hermes High Income Bond Fund	5.49%	5.29%	5.36%	5.50%	5.70%	4.60%	4.97%	5.28%	5.75%	5.29%	5.14%	5.94%
NCBVX PGIM Quant Solutions Mid-Cap Value Fund	0.59%	0.68%	1.03%	1.59%	1.17%	0.74%	1.60%	1.93%	13.70%	6.69%	2.83%	7.89%

Frequently Asked Questions

Can I hold both NCBVX and FHIIX in my portfolio?

NCBVX and FHIIX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCBVX or FHIIX?

NCBVX has higher volatility (3.99%) compared to FHIIX (0.80%). In terms of maximum drawdown, NCBVX dropped -60.64% vs FHIIX's -35.49%.

Which has better risk-adjusted returns?

NCBVX currently has the higher Sharpe Ratio (2.32 vs 1.69), 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.