NCITX vs. FHMIX

Last updated Jun 25, 2026

NCITX (Northern California Intermediate Tax-Exempt Fund) and FHMIX (Federated Hermes Conservative Municipal Microshort Fund) are both Municipal Bonds funds. Over the past 5 years, NCITX returned 0.17%/yr vs 1.14%/yr for FHMIX. At a 0.08 correlation, their price movements are largely independent. NCITX charges 0.45%/yr vs 0.05%/yr for FHMIX.

Performance

NCITX vs. FHMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern California Intermediate Tax-Exempt Fund (NCITX) and Federated Hermes Conservative Municipal Microshort Fund (FHMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCITX achieves a 0.21% return, which is significantly lower than FHMIX's 1.11% return.

NCITX

• 1D: 0.00%
• 1M: 1.07%
• YTD: 0.21%
• 6M: 0.31%
• 1Y: 4.38%
• 3Y*: 3.11%
• 5Y*: 0.17%
• 10Y*: 1.29%

FHMIX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 1.11%
• 6M: 1.37%
• 1Y: 2.85%
• 3Y*: 1.90%
• 5Y*: 1.14%
• 10Y*: —

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

NCITX vs. FHMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NCITX Northern California Intermediate Tax-Exempt Fund	0.21%	4.63%	2.05%	4.43%	-9.77%	0.28%
FHMIX Federated Hermes Conservative Municipal Microshort Fund	1.11%	3.09%	1.19%	0.32%	0.00%	0.02%

Correlation

The correlation between NCITX and FHMIX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.08

Return for Risk

NCITX vs. FHMIX — Risk / Return Rank

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

NCITX

NCITX Risk / Return Rank: 18
NCITX Sharpe Ratio Rank: 8
NCITX Sortino Ratio Rank: 7
NCITX Omega Ratio Rank: 52
NCITX Calmar Ratio Rank: 9
NCITX Martin Ratio Rank: 17

FHMIX

FHMIX Risk / Return Rank: 99
FHMIX Sharpe Ratio Rank: 97
FHMIX Sortino Ratio Rank: 100
FHMIX Omega Ratio Rank: 100
FHMIX Calmar Ratio Rank: 100
FHMIX 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.

NCITX vs. FHMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern California Intermediate Tax-Exempt Fund (NCITX) and Federated Hermes Conservative Municipal Microshort Fund (FHMIX). 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.

	NCITX	FHMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.47	3.20	-2.73
Sortino ratio: Return per unit of downside risk	0.74	11.51	-10.77
Omega ratio: Gain probability vs. loss probability	1.33	5.69	-4.36
Calmar ratio: Return relative to maximum drawdown	0.70	28.61	-27.91
Martin ratio: Return relative to average drawdown	3.67	77.74	-74.07

NCITX vs. FHMIX - Sharpe Ratio Comparison

The current NCITX Sharpe Ratio is 0.47, which is lower than the FHMIX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of NCITX and FHMIX, 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

NCITX vs. FHMIX - Drawdown Comparison

The maximum NCITX drawdown since its inception was -14.27%, which is greater than FHMIX's maximum drawdown of -0.50%. Use the drawdown chart below to compare losses from any high point for NCITX and FHMIX.

Drawdown Indicators

	NCITX	FHMIX	Difference
Max Drawdown Largest peak-to-trough decline	-14.27%	-0.50%	-13.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.69%	-0.10%	-6.59%
Max Drawdown (3Y) Largest decline over 3 years	-6.69%	-0.50%	-6.19%
Max Drawdown (5Y) Largest decline over 5 years	-14.27%	-0.50%	-13.77%
Max Drawdown (10Y) Largest decline over 10 years	-14.27%	—	—
Current Drawdown Current decline from peak	-1.87%	0.00%	-1.87%
Average Drawdown Average peak-to-trough decline	-2.03%	-0.06%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	0.04%	+1.23%

Volatility

NCITX vs. FHMIX - Volatility Comparison

Northern California Intermediate Tax-Exempt Fund (NCITX) has a higher volatility of 0.72% compared to Federated Hermes Conservative Municipal Microshort Fund (FHMIX) at 0.21%. This indicates that NCITX's price experiences larger fluctuations and is considered to be riskier than FHMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCITX	FHMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	0.21%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	0.56%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	10.05%	0.89%	+9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.64%	0.79%	+4.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.86%	0.78%	+4.08%

NCITX vs. FHMIX - Expense Ratio Comparison

NCITX has a 0.45% expense ratio, which is higher than FHMIX's 0.05% expense ratio.

Dividends

NCITX vs. FHMIX - Dividend Comparison

NCITX's dividend yield for the trailing twelve months is around 2.36%, less than FHMIX's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHMIX Federated Hermes Conservative Municipal Microshort Fund	2.80%	3.04%	1.18%	0.32%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NCITX Northern California Intermediate Tax-Exempt Fund	2.36%	2.46%	2.84%	2.16%	1.38%	1.81%	2.30%	2.73%	2.66%	2.82%	3.46%	2.58%

Frequently Asked Questions

Can I hold both NCITX and FHMIX in my portfolio?

NCITX and FHMIX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCITX or FHMIX?

NCITX has higher volatility (0.72%) compared to FHMIX (0.21%). In terms of maximum drawdown, NCITX dropped -14.27% vs FHMIX's -0.50%.

Which has better risk-adjusted returns?

FHMIX currently has the higher Sharpe Ratio (3.20 vs 0.47), 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.