PCEWX vs. FIIFX

Last updated Jun 23, 2026

PCEWX (PIMCO Climate Bond Fund) and FIIFX (Federated Hermes Intermediate Corporate Bond Fund) are both Corporate Bonds funds. Over the past 5 years, PCEWX returned 0.73%/yr vs 0.96%/yr for FIIFX. A 0.79 correlation means they provide meaningful diversification when combined. PCEWX charges 0.71%/yr vs 0.58%/yr for FIIFX.

Performance

PCEWX vs. FIIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Climate Bond Fund (PCEWX) and Federated Hermes Intermediate Corporate Bond Fund (FIIFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCEWX achieves a 0.31% return, which is significantly higher than FIIFX's -0.06% return.

PCEWX

• 1D: 0.11%
• 1M: 0.84%
• YTD: 0.31%
• 6M: -0.29%
• 1Y: 2.84%
• 3Y*: 5.09%
• 5Y*: 0.73%
• 10Y*: —

FIIFX

• 1D: 0.12%
• 1M: 0.48%
• YTD: -0.06%
• 6M: 0.52%
• 1Y: 4.32%
• 3Y*: 4.81%
• 5Y*: 0.96%
• 10Y*: 2.44%

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

PCEWX vs. FIIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PCEWX PIMCO Climate Bond Fund	0.31%	5.87%	3.47%	8.17%	-13.18%	0.11%	6.61%	0.00%
FIIFX Federated Hermes Intermediate Corporate Bond Fund	-0.06%	7.62%	3.20%	5.66%	-10.03%	-1.61%	7.58%	0.34%

Correlation

The correlation between PCEWX and FIIFX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 10, 2019	0.79

Over the past year, the correlation between PCEWX and FIIFX has dropped to 0.50 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

PCEWX vs. FIIFX — Risk / Return Rank

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

PCEWX

PCEWX Risk / Return Rank: 10
PCEWX Sharpe Ratio Rank: 11
PCEWX Sortino Ratio Rank: 11
PCEWX Omega Ratio Rank: 11
PCEWX Calmar Ratio Rank: 9
PCEWX Martin Ratio Rank: 9

FIIFX

FIIFX Risk / Return Rank: 30
FIIFX Sharpe Ratio Rank: 28
FIIFX Sortino Ratio Rank: 32
FIIFX Omega Ratio Rank: 34
FIIFX Calmar Ratio Rank: 29
FIIFX Martin Ratio Rank: 29

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.

PCEWX vs. FIIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Climate Bond Fund (PCEWX) and Federated Hermes Intermediate Corporate Bond Fund (FIIFX). 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.

	PCEWX	FIIFX	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.40	-0.55
Sortino ratio: Return per unit of downside risk	1.26	2.20	-0.94
Omega ratio: Gain probability vs. loss probability	1.16	1.29	-0.13
Calmar ratio: Return relative to maximum drawdown	0.84	1.89	-1.05
Martin ratio: Return relative to average drawdown	2.45	6.32	-3.87

PCEWX vs. FIIFX - Sharpe Ratio Comparison

The current PCEWX Sharpe Ratio is 0.85, which is lower than the FIIFX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of PCEWX and FIIFX, 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

PCEWX vs. FIIFX - Drawdown Comparison

The maximum PCEWX drawdown since its inception was -17.54%, which is greater than FIIFX's maximum drawdown of -14.85%. Use the drawdown chart below to compare losses from any high point for PCEWX and FIIFX.

Drawdown Indicators

	PCEWX	FIIFX	Difference
Max Drawdown Largest peak-to-trough decline	-17.54%	-14.85%	-2.69%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-2.28%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	-3.39%	-3.67%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	-17.54%	-14.85%	-2.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.85%	—
Current Drawdown Current decline from peak	-1.38%	-0.98%	-0.40%
Average Drawdown Average peak-to-trough decline	-4.91%	-1.92%	-2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	0.68%	+0.48%

Volatility

PCEWX vs. FIIFX - Volatility Comparison

PIMCO Climate Bond Fund (PCEWX) and Federated Hermes Intermediate Corporate Bond Fund (FIIFX) have volatilities of 1.01% and 1.00%, 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

	PCEWX	FIIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.00%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	2.24%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	3.09%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.37%	4.30%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.49%	3.82%	+0.67%

PCEWX vs. FIIFX - Expense Ratio Comparison

PCEWX has a 0.71% expense ratio, which is higher than FIIFX's 0.58% expense ratio.

Dividends

PCEWX vs. FIIFX - Dividend Comparison

PCEWX's dividend yield for the trailing twelve months is around 3.28%, less than FIIFX's 4.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIIFX Federated Hermes Intermediate Corporate Bond Fund	4.27%	4.15%	3.39%	2.95%	1.97%	2.69%	2.64%	2.92%	4.02%	4.27%	3.30%	3.79%
PCEWX PIMCO Climate Bond Fund	3.28%	3.34%	3.52%	2.53%	5.55%	2.56%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCEWX and FIIFX in my portfolio?

PCEWX and FIIFX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCEWX or FIIFX?

PCEWX has higher volatility (1.01%) compared to FIIFX (1.00%). In terms of maximum drawdown, PCEWX dropped -17.54% vs FIIFX's -14.85%.

Which has better risk-adjusted returns?

FIIFX currently has the higher Sharpe Ratio (1.40 vs 0.85), 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.