TRRIX vs. FMUAX

Last updated Jul 17, 2026

TRRIX (T. Rowe Price Retirement Balanced Fund) and FMUAX (Federated Hermes Municipal and Stock Advantage Fund) are both Diversified Portfolio funds. Over the past 10 years, TRRIX returned 6.69%/yr vs 6.06%/yr for FMUAX. Their correlation of 0.85 suggests significant overlap in exposure. TRRIX charges 0.49%/yr vs 1.00%/yr for FMUAX.

Performance

TRRIX vs. FMUAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement Balanced Fund (TRRIX) and Federated Hermes Municipal and Stock Advantage Fund (FMUAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRRIX achieves a 5.30% return, which is significantly lower than FMUAX's 6.76% return. Over the past 10 years, TRRIX has outperformed FMUAX with an annualized return of 6.69%, while FMUAX has yielded a comparatively lower 6.06% annualized return.

TRRIX

• 1D: 0.21%
• 1M: -0.04%
• 6M: 3.89%
• YTD: 5.30%
• 1Y: 9.34%
• 3Y*: 10.72%
• 5Y*: 5.39%
• 10Y*: 6.69%

FMUAX

• 1D: 0.06%
• 1M: 0.66%
• 6M: 5.56%
• YTD: 6.76%
• 1Y: 15.21%
• 3Y*: 9.78%
• 5Y*: 5.03%
• 10Y*: 6.06%

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

TRRIX vs. FMUAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRIX T. Rowe Price Retirement Balanced Fund	5.30%	9.39%	10.98%	14.41%	-13.16%	8.63%	11.48%	15.32%	-3.29%	10.38%
FMUAX Federated Hermes Municipal and Stock Advantage Fund	6.76%	9.00%	8.70%	9.81%	-10.68%	10.32%	8.48%	15.16%	-5.24%	11.09%

Correlation

The correlation between TRRIX and FMUAX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 24, 2003	0.85

The correlation between TRRIX and FMUAX shifts across timeframes, from 0.69 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRRIX vs. FMUAX — Risk / Return Rank

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

TRRIX

TRRIX Risk / Return Rank: 47
TRRIX Sharpe Ratio Rank: 47
TRRIX Sortino Ratio Rank: 48
TRRIX Omega Ratio Rank: 51
TRRIX Calmar Ratio Rank: 42
TRRIX Martin Ratio Rank: 49

FMUAX

FMUAX Risk / Return Rank: 94
FMUAX Sharpe Ratio Rank: 97
FMUAX Sortino Ratio Rank: 96
FMUAX Omega Ratio Rank: 91
FMUAX Calmar Ratio Rank: 90
FMUAX Martin Ratio Rank: 96

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.

TRRIX vs. FMUAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Balanced Fund (TRRIX) and Federated Hermes Municipal and Stock Advantage Fund (FMUAX). 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.

	TRRIX	FMUAX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	3.00	-1.46
Sortino ratio: Return per unit of downside risk	2.23	4.63	-2.39
Omega ratio: Gain probability vs. loss probability	1.30	1.58	-0.28
Calmar ratio: Return relative to maximum drawdown	2.01	3.77	-1.75
Martin ratio: Return relative to average drawdown	8.12	18.23	-10.11

TRRIX vs. FMUAX - Sharpe Ratio Comparison

The current TRRIX Sharpe Ratio is 1.54, which is lower than the FMUAX Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of TRRIX and FMUAX, 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

TRRIX vs. FMUAX - Drawdown Comparison

The maximum TRRIX drawdown since its inception was -27.77%, which is greater than FMUAX's maximum drawdown of -22.43%. Use the drawdown chart below to compare losses from any high point for TRRIX and FMUAX.

Drawdown Indicators

	TRRIX	FMUAX	Difference
Max Drawdown Largest peak-to-trough decline	-27.77%	-22.43%	-5.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-4.94%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-10.18%	+4.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-15.93%	-2.20%
Max Drawdown (10Y) Largest decline over 10 years	-18.57%	-21.46%	+2.89%
Current Drawdown Current decline from peak	-0.41%	-0.06%	-0.35%
Average Drawdown Average peak-to-trough decline	-2.78%	-2.74%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	0.95%	+0.24%

Volatility

TRRIX vs. FMUAX - Volatility Comparison

T. Rowe Price Retirement Balanced Fund (TRRIX) has a higher volatility of 1.77% compared to Federated Hermes Municipal and Stock Advantage Fund (FMUAX) at 1.57%. This indicates that TRRIX's price experiences larger fluctuations and is considered to be riskier than FMUAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRIX	FMUAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	1.57%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	5.13%	4.86%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	6.36%	6.23%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	7.21%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	8.13%	-0.90%

TRRIX vs. FMUAX - Expense Ratio Comparison

TRRIX has a 0.49% expense ratio, which is lower than FMUAX's 1.00% expense ratio.

Dividends

TRRIX vs. FMUAX - Dividend Comparison

TRRIX's dividend yield for the trailing twelve months is around 3.41%, more than FMUAX's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUAX Federated Hermes Municipal and Stock Advantage Fund	1.42%	1.23%	2.01%	2.53%	2.25%	4.56%	2.12%	4.00%	7.98%	2.17%	2.36%	2.80%
TRRIX T. Rowe Price Retirement Balanced Fund	3.41%	3.38%	6.69%	6.80%	10.15%	12.67%	9.27%	3.39%	7.01%	5.07%	3.40%	3.44%

Frequently Asked Questions

Can I hold both TRRIX and FMUAX in my portfolio?

TRRIX and FMUAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRRIX or FMUAX?

TRRIX has higher volatility (1.77%) compared to FMUAX (1.57%). In terms of maximum drawdown, TRRIX dropped -27.77% vs FMUAX's -22.43%.

Which has better risk-adjusted returns?

FMUAX currently has the higher Sharpe Ratio (3.00 vs 1.54), 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.