PIUIX vs. ISCAX

Last updated Jun 24, 2026

PIUIX (Federated Hermes International Equity Fd) and ISCAX (Federated Hermes International Small-Mid Company Fund) are both mutual funds - PIUIX is a Foreign Large Cap Equities fund managed by Federated, while ISCAX is a Foreign Small & Mid Cap Equities fund managed by Federated. Over the past 10 years, PIUIX returned 10.58%/yr vs 10.87%/yr for ISCAX. Their correlation of 0.88 suggests significant overlap in exposure. PIUIX charges 0.94%/yr vs 1.24%/yr for ISCAX.

Performance

PIUIX vs. ISCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes International Equity Fd (PIUIX) and Federated Hermes International Small-Mid Company Fund (ISCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIUIX achieves a 14.22% return, which is significantly higher than ISCAX's 10.85% return. Both investments have delivered pretty close results over the past 10 years, with PIUIX having a 10.58% annualized return and ISCAX not far ahead at 10.87%.

PIUIX

• 1D: 0.10%
• 1M: 3.01%
• YTD: 14.22%
• 6M: 13.97%
• 1Y: 29.47%
• 3Y*: 17.98%
• 5Y*: 6.02%
• 10Y*: 10.58%

ISCAX

• 1D: 0.02%
• 1M: 0.66%
• YTD: 10.85%
• 6M: 10.35%
• 1Y: 20.61%
• 3Y*: 18.25%
• 5Y*: 5.95%
• 10Y*: 10.87%

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

PIUIX vs. ISCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIUIX Federated Hermes International Equity Fd	14.22%	29.93%	3.31%	14.60%	-22.41%	8.04%	21.78%	22.53%	-12.55%	33.28%
ISCAX Federated Hermes International Small-Mid Company Fund	10.85%	34.01%	5.67%	12.61%	-23.62%	5.98%	31.26%	31.76%	-18.88%	34.73%

Correlation

The correlation between PIUIX and ISCAX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 31, 1997	0.88

The correlation between PIUIX and ISCAX has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

Return for Risk

PIUIX vs. ISCAX — Risk / Return Rank

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

PIUIX

PIUIX Risk / Return Rank: 64
PIUIX Sharpe Ratio Rank: 65
PIUIX Sortino Ratio Rank: 67
PIUIX Omega Ratio Rank: 61
PIUIX Calmar Ratio Rank: 66
PIUIX Martin Ratio Rank: 63

ISCAX

ISCAX Risk / Return Rank: 37
ISCAX Sharpe Ratio Rank: 35
ISCAX Sortino Ratio Rank: 37
ISCAX Omega Ratio Rank: 35
ISCAX Calmar Ratio Rank: 35
ISCAX Martin Ratio Rank: 41

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.

PIUIX vs. ISCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes International Equity Fd (PIUIX) and Federated Hermes International Small-Mid Company Fund (ISCAX). 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.

	PIUIX	ISCAX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.59	+0.58
Sortino ratio: Return per unit of downside risk	3.10	2.37	+0.73
Omega ratio: Gain probability vs. loss probability	1.40	1.29	+0.11
Calmar ratio: Return relative to maximum drawdown	2.99	2.14	+0.85
Martin ratio: Return relative to average drawdown	11.67	8.28	+3.39

PIUIX vs. ISCAX - Sharpe Ratio Comparison

The current PIUIX Sharpe Ratio is 2.17, which is higher than the ISCAX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PIUIX and ISCAX, 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

PIUIX vs. ISCAX - Drawdown Comparison

The maximum PIUIX drawdown since its inception was -61.42%, smaller than the maximum ISCAX drawdown of -71.55%. Use the drawdown chart below to compare losses from any high point for PIUIX and ISCAX.

Drawdown Indicators

	PIUIX	ISCAX	Difference
Max Drawdown Largest peak-to-trough decline	-61.42%	-71.55%	+10.13%
Max Drawdown (1Y) Largest decline over 1 year	-12.26%	-11.91%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-13.90%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-36.07%	-40.33%	+4.26%
Max Drawdown (10Y) Largest decline over 10 years	-36.07%	-40.33%	+4.26%
Current Drawdown Current decline from peak	0.00%	-1.76%	+1.76%
Average Drawdown Average peak-to-trough decline	-15.34%	-22.19%	+6.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.80%	+0.06%

Volatility

PIUIX vs. ISCAX - Volatility Comparison

Federated Hermes International Equity Fd (PIUIX) and Federated Hermes International Small-Mid Company Fund (ISCAX) have volatilities of 5.57% and 5.50%, 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

	PIUIX	ISCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	5.50%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	14.09%	13.09%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	16.96%	16.12%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.64%	17.60%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	17.43%	-0.54%

PIUIX vs. ISCAX - Expense Ratio Comparison

PIUIX has a 0.94% expense ratio, which is lower than ISCAX's 1.24% expense ratio.

Dividends

PIUIX vs. ISCAX - Dividend Comparison

PIUIX's dividend yield for the trailing twelve months is around 175.88%, more than ISCAX's 6.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISCAX Federated Hermes International Small-Mid Company Fund	6.72%	7.45%	0.00%	0.84%	0.79%	7.79%	5.80%	4.89%	15.53%	6.51%	0.92%	12.23%
PIUIX Federated Hermes International Equity Fd	175.88%	200.89%	14.99%	1.48%	6.69%	12.87%	1.13%	1.24%	3.03%	0.77%	0.97%	2.00%

Frequently Asked Questions

Can I hold both PIUIX and ISCAX in my portfolio?

With a correlation of 0.93, PIUIX and ISCAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PIUIX or ISCAX?

PIUIX has higher volatility (5.57%) compared to ISCAX (5.50%). In terms of maximum drawdown, PIUIX dropped -61.42% vs ISCAX's -71.55%.

Which has better risk-adjusted returns?

PIUIX currently has the higher Sharpe Ratio (2.17 vs 1.59), 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.