SINCX vs. FIHBX

Last updated Jun 23, 2026

SINCX (Federated Hermes Strategic Income Fund) and FIHBX (Federated Hermes Institutional High Yield Bond Fund) are both mutual funds - SINCX is a Multisector Bonds fund managed by Federated, while FIHBX is a High Yield Bonds fund managed by Federated. Over the past 10 years, SINCX returned 3.11%/yr vs 5.02%/yr for FIHBX. A 0.67 correlation means they provide meaningful diversification when combined. SINCX charges 1.69%/yr vs 0.50%/yr for FIHBX.

Performance

SINCX vs. FIHBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Strategic Income Fund (SINCX) and Federated Hermes Institutional High Yield Bond Fund (FIHBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SINCX achieves a 1.44% return, which is significantly higher than FIHBX's 1.16% return. Over the past 10 years, SINCX has underperformed FIHBX with an annualized return of 3.11%, while FIHBX has yielded a comparatively higher 5.02% annualized return.

SINCX

• 1D: 0.12%
• 1M: 0.84%
• YTD: 1.44%
• 6M: 1.63%
• 1Y: 6.68%
• 3Y*: 6.65%
• 5Y*: 1.32%
• 10Y*: 3.11%

FIHBX

• 1D: 0.00%
• 1M: 0.83%
• YTD: 1.16%
• 6M: 2.12%
• 1Y: 6.14%
• 3Y*: 8.02%
• 5Y*: 3.40%
• 10Y*: 5.02%

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

SINCX vs. FIHBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SINCX Federated Hermes Strategic Income Fund	1.44%	7.91%	4.64%	8.66%	-14.44%	2.83%	5.67%	11.89%	-4.11%	5.38%
FIHBX Federated Hermes Institutional High Yield Bond Fund	1.16%	8.59%	6.40%	13.17%	-12.64%	3.92%	5.99%	15.01%	-2.80%	7.19%

Correlation

The correlation between SINCX and FIHBX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 4, 2002	0.67

The correlation between SINCX and FIHBX has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.

Return for Risk

SINCX vs. FIHBX — Risk / Return Rank

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

SINCX

SINCX Risk / Return Rank: 54
SINCX Sharpe Ratio Rank: 47
SINCX Sortino Ratio Rank: 47
SINCX Omega Ratio Rank: 69
SINCX Calmar Ratio Rank: 53
SINCX Martin Ratio Rank: 56

FIHBX

FIHBX Risk / Return Rank: 65
FIHBX Sharpe Ratio Rank: 46
FIHBX Sortino Ratio Rank: 72
FIHBX Omega Ratio Rank: 79
FIHBX Calmar Ratio Rank: 49
FIHBX Martin Ratio Rank: 76

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.

SINCX vs. FIHBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Strategic Income Fund (SINCX) and Federated Hermes Institutional High Yield Bond Fund (FIHBX). 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.

	SINCX	FIHBX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.84	+0.02
Sortino ratio: Return per unit of downside risk	2.66	3.21	-0.55
Omega ratio: Gain probability vs. loss probability	1.42	1.47	-0.05
Calmar ratio: Return relative to maximum drawdown	2.66	2.57	+0.09
Martin ratio: Return relative to average drawdown	10.57	13.42	-2.86

SINCX vs. FIHBX - Sharpe Ratio Comparison

The current SINCX Sharpe Ratio is 1.86, which is comparable to the FIHBX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of SINCX and FIHBX, 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

SINCX vs. FIHBX - Drawdown Comparison

The maximum SINCX drawdown since its inception was -22.41%, smaller than the maximum FIHBX drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for SINCX and FIHBX.

Drawdown Indicators

	SINCX	FIHBX	Difference
Max Drawdown Largest peak-to-trough decline	-22.41%	-31.05%	+8.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-2.45%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-5.54%	-3.60%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-19.36%	-16.35%	-3.01%
Max Drawdown (10Y) Largest decline over 10 years	-19.36%	-21.67%	+2.31%
Current Drawdown Current decline from peak	-0.24%	-0.22%	-0.02%
Average Drawdown Average peak-to-trough decline	-2.43%	-2.29%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.47%	+0.18%

Volatility

SINCX vs. FIHBX - Volatility Comparison

Federated Hermes Strategic Income Fund (SINCX) has a higher volatility of 1.04% compared to Federated Hermes Institutional High Yield Bond Fund (FIHBX) at 0.92%. This indicates that SINCX's price experiences larger fluctuations and is considered to be riskier than FIHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SINCX	FIHBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	0.92%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	3.12%	2.75%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	3.42%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.28%	5.20%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.27%	5.75%	-0.48%

SINCX vs. FIHBX - Expense Ratio Comparison

SINCX has a 1.69% expense ratio, which is higher than FIHBX's 0.50% expense ratio.

Dividends

SINCX vs. FIHBX - Dividend Comparison

SINCX's dividend yield for the trailing twelve months is around 4.19%, less than FIHBX's 6.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIHBX Federated Hermes Institutional High Yield Bond Fund	6.45%	6.29%	5.94%	5.93%	4.58%	4.25%	5.14%	5.79%	6.24%	5.55%	5.75%	6.46%
SINCX Federated Hermes Strategic Income Fund	4.19%	3.96%	4.05%	4.03%	3.81%	2.59%	2.60%	2.63%	3.49%	3.23%	3.44%	3.01%

Frequently Asked Questions

Can I hold both SINCX and FIHBX in my portfolio?

SINCX and FIHBX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SINCX or FIHBX?

SINCX has higher volatility (1.04%) compared to FIHBX (0.92%). In terms of maximum drawdown, SINCX dropped -22.41% vs FIHBX's -31.05%.

Which has better risk-adjusted returns?

SINCX currently has the higher Sharpe Ratio (1.86 vs 1.84), 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.