POVSX vs. FMUSX

Last updated Jun 23, 2026

POVSX (Putnam International Equity Fund) and FMUSX (Federated Hermes Municipal Ultra Short Fund) are both mutual funds - POVSX is a Foreign Large Cap Equities fund managed by Putnam, while FMUSX is a Municipal Bonds fund managed by Federated. Over the past 10 years, POVSX returned 9.87%/yr vs 1.65%/yr for FMUSX. At a 0.01 correlation, their price movements are largely independent. POVSX charges 1.25%/yr vs 0.36%/yr for FMUSX.

Performance

POVSX vs. FMUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam International Equity Fund (POVSX) and Federated Hermes Municipal Ultra Short Fund (FMUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, POVSX achieves a 12.94% return, which is significantly higher than FMUSX's 0.72% return. Over the past 10 years, POVSX has outperformed FMUSX with an annualized return of 9.87%, while FMUSX has yielded a comparatively lower 1.65% annualized return.

POVSX

• 1D: 0.88%
• 1M: 1.62%
• YTD: 12.94%
• 6M: 13.31%
• 1Y: 30.59%
• 3Y*: 18.72%
• 5Y*: 10.30%
• 10Y*: 9.87%

FMUSX

• 1D: 0.00%
• 1M: 0.43%
• YTD: 0.72%
• 6M: 0.98%
• 1Y: 1.93%
• 3Y*: 3.05%
• 5Y*: 1.98%
• 10Y*: 1.65%

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

POVSX vs. FMUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
POVSX Putnam International Equity Fund	12.94%	37.27%	3.57%	18.65%	-14.84%	8.95%	11.78%	25.50%	-19.46%	26.47%
FMUSX Federated Hermes Municipal Ultra Short Fund	0.72%	3.47%	3.02%	3.40%	-0.62%	0.05%	1.12%	2.27%	1.46%	1.16%

Correlation

The correlation between POVSX and FMUSX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Oct 24, 2000	0.01

The correlation between POVSX and FMUSX shifts across timeframes, from 0.01 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

POVSX vs. FMUSX — Risk / Return Rank

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

POVSX

POVSX Risk / Return Rank: 45
POVSX Sharpe Ratio Rank: 46
POVSX Sortino Ratio Rank: 43
POVSX Omega Ratio Rank: 43
POVSX Calmar Ratio Rank: 46
POVSX Martin Ratio Rank: 47

FMUSX

FMUSX Risk / Return Rank: 94
FMUSX Sharpe Ratio Rank: 81
FMUSX Sortino Ratio Rank: 98
FMUSX Omega Ratio Rank: 98
FMUSX Calmar Ratio Rank: 96
FMUSX Martin Ratio Rank: 97

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.

POVSX vs. FMUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam International Equity Fund (POVSX) and Federated Hermes Municipal Ultra Short Fund (FMUSX). 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.

	POVSX	FMUSX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.43	-0.59
Sortino ratio: Return per unit of downside risk	2.55	5.91	-3.36
Omega ratio: Gain probability vs. loss probability	1.33	2.48	-1.15
Calmar ratio: Return relative to maximum drawdown	2.47	5.96	-3.49
Martin ratio: Return relative to average drawdown	9.31	24.77	-15.46

POVSX vs. FMUSX - Sharpe Ratio Comparison

The current POVSX Sharpe Ratio is 1.85, which is comparable to the FMUSX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of POVSX and FMUSX, 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

POVSX vs. FMUSX - Drawdown Comparison

The maximum POVSX drawdown since its inception was -62.97%, which is greater than FMUSX's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for POVSX and FMUSX.

Drawdown Indicators

	POVSX	FMUSX	Difference
Max Drawdown Largest peak-to-trough decline	-62.97%	-2.49%	-60.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-0.40%	-11.80%
Max Drawdown (3Y) Largest decline over 3 years	-13.36%	-2.06%	-11.30%
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	-2.06%	-29.18%
Max Drawdown (10Y) Largest decline over 10 years	-36.58%	-2.49%	-34.09%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.37%	-0.16%	-14.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	0.66%	+2.57%

Volatility

POVSX vs. FMUSX - Volatility Comparison

Putnam International Equity Fund (POVSX) has a higher volatility of 5.11% compared to Federated Hermes Municipal Ultra Short Fund (FMUSX) at 0.34%. This indicates that POVSX's price experiences larger fluctuations and is considered to be riskier than FMUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	POVSX	FMUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	0.34%	+4.77%
Volatility (6M) Calculated over the trailing 6-month period	13.61%	0.71%	+12.90%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	0.97%	+15.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.44%	1.91%	+14.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	1.46%	+15.51%

POVSX vs. FMUSX - Expense Ratio Comparison

POVSX has a 1.25% expense ratio, which is higher than FMUSX's 0.36% expense ratio.

Dividends

POVSX vs. FMUSX - Dividend Comparison

POVSX's dividend yield for the trailing twelve months is around 9.39%, more than FMUSX's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUSX Federated Hermes Municipal Ultra Short Fund	1.71%	3.10%	2.67%	2.42%	0.88%	0.25%	0.90%	1.74%	1.55%	1.05%	0.83%	0.60%
POVSX Putnam International Equity Fund	9.39%	10.60%	5.33%	1.88%	0.00%	14.17%	2.56%	1.58%	6.42%	0.32%	3.09%	2.70%

Frequently Asked Questions

Can I hold both POVSX and FMUSX in my portfolio?

POVSX and FMUSX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, POVSX or FMUSX?

POVSX has higher volatility (5.11%) compared to FMUSX (0.34%). In terms of maximum drawdown, POVSX dropped -62.97% vs FMUSX's -2.49%.

Which has better risk-adjusted returns?

FMUSX currently has the higher Sharpe Ratio (2.43 vs 1.85), 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.