SMARX vs. FCSPX

Last updated Jun 3, 2026

SMARX (Brandes Separately Managed Account Reserve Trust) and FCSPX (Federated Hermes Corporate Bond Strategy Port) are both Corporate Bonds funds. Over the past 10 years, SMARX returned 3.00%/yr vs 3.38%/yr for FCSPX. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.00% expense ratio.

Performance

SMARX vs. FCSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brandes Separately Managed Account Reserve Trust (SMARX) and Federated Hermes Corporate Bond Strategy Port (FCSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMARX achieves a 0.61% return, which is significantly lower than FCSPX's 0.77% return. Over the past 10 years, SMARX has underperformed FCSPX with an annualized return of 3.00%, while FCSPX has yielded a comparatively higher 3.38% annualized return.

SMARX

• 1D: -0.13%
• 1M: 0.18%
• YTD: 0.61%
• 6M: 0.67%
• 1Y: 5.26%
• 3Y*: 5.54%
• 5Y*: 1.90%
• 10Y*: 3.00%

FCSPX

• 1D: -0.10%
• 1M: 0.61%
• YTD: 0.77%
• 6M: 1.23%
• 1Y: 6.81%
• 3Y*: 5.80%
• 5Y*: 0.75%
• 10Y*: 3.38%

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

SMARX vs. FCSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMARX Brandes Separately Managed Account Reserve Trust	0.61%	6.91%	3.73%	9.76%	-11.77%	0.76%	6.55%	7.77%	-1.13%	4.75%
FCSPX Federated Hermes Corporate Bond Strategy Port	0.77%	8.13%	2.78%	8.48%	-16.25%	-0.95%	11.90%	16.59%	-3.05%	8.03%

Correlation

The correlation between SMARX and FCSPX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 2, 2009	0.71

Over the past year, the correlation between SMARX and FCSPX has dropped to 0.44 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

Return for Risk

SMARX vs. FCSPX — Risk / Return Rank

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

SMARX

SMARX Risk / Return Rank: 27
SMARX Sharpe Ratio Rank: 22
SMARX Sortino Ratio Rank: 24
SMARX Omega Ratio Rank: 22
SMARX Calmar Ratio Rank: 33
SMARX Martin Ratio Rank: 33

FCSPX

FCSPX Risk / Return Rank: 32
FCSPX Sharpe Ratio Rank: 27
FCSPX Sortino Ratio Rank: 26
FCSPX Omega Ratio Rank: 34
FCSPX Calmar Ratio Rank: 38
FCSPX Martin Ratio Rank: 37

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.

SMARX vs. FCSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brandes Separately Managed Account Reserve Trust (SMARX) and Federated Hermes Corporate Bond Strategy Port (FCSPX). 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.

	SMARX	FCSPX	Difference
Sharpe ratio Return per unit of total volatility	1.37	1.49	-0.12
Sortino ratio Return per unit of downside risk	2.07	2.17	-0.10
Omega ratio Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio Return relative to maximum drawdown	2.19	2.37	-0.17
Martin ratio Return relative to average drawdown	7.63	8.19	-0.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMARX vs. FCSPX - Sharpe Ratio Comparison

The current SMARX Sharpe Ratio is 1.37, which is comparable to the FCSPX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of SMARX and FCSPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMARX	FCSPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.49	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.11	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.54	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.58	-0.17

Drawdowns

SMARX vs. FCSPX - Drawdown Comparison

The maximum SMARX drawdown since its inception was -47.07%, which is greater than FCSPX's maximum drawdown of -22.68%. Use the drawdown chart below to compare losses from any high point for SMARX and FCSPX.

Drawdown Indicators

	SMARX	FCSPX	Difference
Max Drawdown Largest peak-to-trough decline	-47.07%	-22.68%	-24.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.61%	-3.19%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-5.19%	-6.14%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-16.20%	-22.68%	+6.48%
Max Drawdown (10Y) Largest decline over 10 years	-16.20%	-22.68%	+6.48%
Current Drawdown Current decline from peak	-0.70%	-0.61%	-0.09%
Average Drawdown Average peak-to-trough decline	-6.98%	-4.15%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.92%	-0.17%

Volatility

SMARX vs. FCSPX - Volatility Comparison

The current volatility for Brandes Separately Managed Account Reserve Trust (SMARX) is 1.35%, while Federated Hermes Corporate Bond Strategy Port (FCSPX) has a volatility of 1.52%. This indicates that SMARX experiences smaller price fluctuations and is considered to be less risky than FCSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMARX	FCSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	1.52%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	2.87%	3.25%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	4.53%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.16%	6.80%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.39%	6.23%	-1.84%

SMARX vs. FCSPX - Expense Ratio Comparison

SMARX has a 0.00% expense ratio, which is lower than FCSPX's 0.00% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SMARX vs. FCSPX - Dividend Comparison

SMARX's dividend yield for the trailing twelve months is around 4.77%, less than FCSPX's 4.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCSPX Federated Hermes Corporate Bond Strategy Port	4.82%	4.59%	3.95%	3.35%	3.28%	3.36%	3.51%	3.95%	4.88%	4.09%	4.30%	4.59%
SMARX Brandes Separately Managed Account Reserve Trust	4.77%	5.02%	4.07%	3.85%	3.53%	2.57%	3.35%	4.19%	4.55%	4.20%	4.87%	5.24%

Frequently Asked Questions

Can I hold both SMARX and FCSPX in my portfolio?

SMARX and FCSPX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMARX or FCSPX?

FCSPX has higher volatility (1.52%) compared to SMARX (1.35%). In terms of maximum drawdown, SMARX dropped -47.07% vs FCSPX's -22.68%.

Which has better risk-adjusted returns?

FCSPX currently has the higher Sharpe Ratio (1.49 vs 1.37), 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.