SNDPX vs. FHMIX

Last updated Jul 3, 2026

SNDPX (AB Intermediate Diversified Municipal Portfolio) and FHMIX (Federated Hermes Conservative Municipal Microshort Fund) are both Municipal Bonds funds. Over the past 5 years, SNDPX returned 1.32%/yr vs 1.18%/yr for FHMIX. At a 0.11 correlation, their price movements are largely independent. SNDPX charges 0.47%/yr vs 0.05%/yr for FHMIX.

Performance

SNDPX vs. FHMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Intermediate Diversified Municipal Portfolio (SNDPX) and Federated Hermes Conservative Municipal Microshort Fund (FHMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SNDPX achieves a 1.53% return, which is significantly higher than FHMIX's 1.33% return.

SNDPX

• 1D: 0.00%
• 1M: 0.34%
• 6M: 1.53%
• YTD: 1.53%
• 1Y: 5.17%
• 3Y*: 3.73%
• 5Y*: 1.32%
• 10Y*: 1.84%

FHMIX

• 1D: 0.00%
• 1M: 0.22%
• 6M: 1.33%
• YTD: 1.33%
• 1Y: 2.82%
• 3Y*: 1.97%
• 5Y*: 1.18%
• 10Y*: —

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

SNDPX vs. FHMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SNDPX AB Intermediate Diversified Municipal Portfolio	1.53%	4.11%	2.89%	4.13%	-5.93%	0.59%
FHMIX Federated Hermes Conservative Municipal Microshort Fund	1.33%	3.09%	1.19%	0.32%	0.00%	0.02%

Correlation

The correlation between SNDPX and FHMIX is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.11

Return for Risk

SNDPX vs. FHMIX — Risk / Return Rank

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

SNDPX

SNDPX Risk / Return Rank: 81
SNDPX Sharpe Ratio Rank: 97
SNDPX Sortino Ratio Rank: 97
SNDPX Omega Ratio Rank: 97
SNDPX Calmar Ratio Rank: 67
SNDPX Martin Ratio Rank: 46

FHMIX

FHMIX Risk / Return Rank: 99
FHMIX Sharpe Ratio Rank: 98
FHMIX Sortino Ratio Rank: 99
FHMIX Omega Ratio Rank: 100
FHMIX Calmar Ratio Rank: 100
FHMIX Martin Ratio Rank: 99

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.

SNDPX vs. FHMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Intermediate Diversified Municipal Portfolio (SNDPX) and Federated Hermes Conservative Municipal Microshort Fund (FHMIX). 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.

	SNDPX	FHMIX	Difference
Sharpe ratio: Return per unit of total volatility	3.04	3.19	-0.15
Sortino ratio: Return per unit of downside risk	5.01	11.42	-6.40
Omega ratio: Gain probability vs. loss probability	1.84	5.65	-3.81
Calmar ratio: Return relative to maximum drawdown	2.57	28.37	-25.80
Martin ratio: Return relative to average drawdown	7.85	77.08	-69.24

SNDPX vs. FHMIX - Sharpe Ratio Comparison

The current SNDPX Sharpe Ratio is 3.04, which is comparable to the FHMIX Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of SNDPX and FHMIX, 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

SNDPX vs. FHMIX - Drawdown Comparison

The maximum SNDPX drawdown since its inception was -9.57%, which is greater than FHMIX's maximum drawdown of -0.50%. Use the drawdown chart below to compare losses from any high point for SNDPX and FHMIX.

Drawdown Indicators

	SNDPX	FHMIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.57%	-0.50%	-9.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-0.10%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-3.29%	-0.50%	-2.79%
Max Drawdown (5Y) Largest decline over 5 years	-9.22%	-0.50%	-8.72%
Max Drawdown (10Y) Largest decline over 10 years	-9.57%	—	—
Current Drawdown Current decline from peak	-0.33%	0.00%	-0.33%
Average Drawdown Average peak-to-trough decline	-1.00%	-0.06%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.04%	+0.62%

Volatility

SNDPX vs. FHMIX - Volatility Comparison

AB Intermediate Diversified Municipal Portfolio (SNDPX) has a higher volatility of 0.41% compared to Federated Hermes Conservative Municipal Microshort Fund (FHMIX) at 0.22%. This indicates that SNDPX's price experiences larger fluctuations and is considered to be riskier than FHMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNDPX	FHMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.22%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	1.36%	0.60%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	1.71%	0.89%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.41%	0.80%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.68%	0.79%	+1.89%

SNDPX vs. FHMIX - Expense Ratio Comparison

SNDPX has a 0.47% expense ratio, which is higher than FHMIX's 0.05% expense ratio.

Dividends

SNDPX vs. FHMIX - Dividend Comparison

SNDPX's dividend yield for the trailing twelve months is around 3.08%, more than FHMIX's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHMIX Federated Hermes Conservative Municipal Microshort Fund	2.78%	3.04%	1.18%	0.32%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SNDPX AB Intermediate Diversified Municipal Portfolio	3.08%	2.69%	3.65%	1.77%	2.00%	1.78%	2.18%	2.56%	2.27%	1.90%	2.01%	2.06%

Frequently Asked Questions

Can I hold both SNDPX and FHMIX in my portfolio?

SNDPX and FHMIX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNDPX or FHMIX?

SNDPX has higher volatility (0.41%) compared to FHMIX (0.22%). In terms of maximum drawdown, SNDPX dropped -9.57% vs FHMIX's -0.50%.

Which has better risk-adjusted returns?

FHMIX currently has the higher Sharpe Ratio (3.19 vs 3.04), 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.