NOAZX vs. FHMIX

Last updated Aug 1, 2026

NOAZX (Northern Arizona Tax Exempt Fund) and FHMIX (Federated Hermes Conservative Municipal Microshort Fund) are both Municipal Bonds funds. Over the past 5 years, NOAZX returned -0.40%/yr vs 1.18%/yr for FHMIX. Their 0.06 correlation means their historical movements had little consistent relationship. NOAZX charges 0.46%/yr vs 0.05%/yr for FHMIX.

Performance

NOAZX vs. FHMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Arizona Tax Exempt Fund (NOAZX) 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, NOAZX achieves a -0.08% return, which is significantly lower than FHMIX's 1.33% return.

NOAZX

• 1D: -0.21%
• 1M: -1.60%
• 6M: -0.86%
• YTD: -0.08%
• 1Y: 4.46%
• 3Y*: 2.42%
• 5Y*: -0.40%
• 10Y*: 1.20%
• ALL TIME*: 3.40%

FHMIX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.03%
• YTD: 1.33%
• 1Y: 2.49%
• 3Y*: 1.97%
• 5Y*: 1.18%
• 10Y*: —
• ALL TIME*: 1.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FHMIX Federated Hermes Conservative Municipal Microshort Fund	$0.00	$0.00	$0.00
NOAZX Northern Arizona Tax Exempt Fund	$0.00	$0.00	$0.00

NOAZX vs. FHMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NOAZX Northern Arizona Tax Exempt Fund	-0.08%	2.96%	1.95%	4.86%	-10.12%	0.08%
FHMIX Federated Hermes Conservative Municipal Microshort Fund	1.33%	3.09%	1.19%	0.32%	0.00%	0.02%

Correlation

The correlation between NOAZX and FHMIX is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.08
Correlation (5Y) Shows whether the relationship held over a longer period.	0.06
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.06

Return for Risk

NOAZX vs. FHMIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NOAZX

NOAZX Risk / Return Rank: 62
NOAZX Sharpe Ratio Rank: 74
NOAZX Sortino Ratio Rank: 78
NOAZX Omega Ratio Rank: 87
NOAZX Calmar Ratio Rank: 40
NOAZX Martin Ratio Rank: 32

FHMIX

FHMIX Risk / Return Rank: 99
FHMIX Sharpe Ratio Rank: 98
FHMIX Sortino Ratio Rank: 100
FHMIX Omega Ratio Rank: 100
FHMIX Calmar Ratio Rank: 100
FHMIX Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NOAZX vs. FHMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Arizona Tax Exempt Fund (NOAZX) 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.

	NOAZX	FHMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	3.28	-1.50
Sortino ratio: Return per unit of downside risk	2.74	13.98	-11.24
Omega ratio: Gain probability vs. loss probability	1.45	7.98	-6.53
Calmar ratio: Return relative to maximum drawdown	1.73	28.37	-26.64
Martin ratio: Return relative to average drawdown	5.00	93.72	-88.72

NOAZX vs. FHMIX - Sharpe Ratio Comparison

The current NOAZX Sharpe Ratio is 1.78, which is lower than the FHMIX Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of NOAZX 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

NOAZX vs. FHMIX - Drawdown Comparison

The maximum NOAZX drawdown since its inception was -15.15%, which is greater than FHMIX's maximum drawdown of -0.50%. Use the drawdown chart below to compare losses from any high point for NOAZX and FHMIX.

Drawdown Indicators

	NOAZX	FHMIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.15%	-0.50%	-14.65%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-0.10%	-2.57%
Max Drawdown (3Y) Largest decline over 3 years	-5.73%	-0.50%	-5.23%
Max Drawdown (5Y) Largest decline over 5 years	-15.07%	-0.50%	-14.57%
Max Drawdown (10Y) Largest decline over 10 years	-15.15%	—	—
Current Drawdown Current decline from peak	-2.05%	0.00%	-2.05%
Average Drawdown Average peak-to-trough decline	-2.17%	-0.06%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.03%	+0.89%

Volatility

NOAZX vs. FHMIX - Volatility Comparison

Northern Arizona Tax Exempt Fund (NOAZX) has a higher volatility of 0.73% compared to Federated Hermes Conservative Municipal Microshort Fund (FHMIX) at 0.00%. This indicates that NOAZX'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

	NOAZX	FHMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.00%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	2.12%	0.54%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	2.60%	0.86%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.98%	0.80%	+3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.98%	0.78%	+3.20%

NOAZX vs. FHMIX - Expense Ratio Comparison

NOAZX has a 0.46% expense ratio, which is higher than FHMIX's 0.05% expense ratio.

Dividends

NOAZX vs. FHMIX - Dividend Comparison

NOAZX's dividend yield for the trailing twelve months is around 2.90%, more than FHMIX's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHMIX Federated Hermes Conservative Municipal Microshort Fund	2.56%	3.04%	1.18%	0.32%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOAZX Northern Arizona Tax Exempt Fund	2.90%	3.06%	3.60%	2.73%	1.71%	1.74%	2.40%	2.95%	3.08%	3.19%	3.97%	3.23%

Frequently Asked Questions

Can I hold both NOAZX and FHMIX in my portfolio?

NOAZX and FHMIX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOAZX or FHMIX?

NOAZX has higher volatility (0.73%) compared to FHMIX (0.00%). In terms of maximum drawdown, NOAZX dropped -15.15% vs FHMIX's -0.50%.

Which has better risk-adjusted returns?

FHMIX currently has the higher Sharpe Ratio (3.28 vs 1.78), 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.