UGSDX vs. FHCOX

Last updated Apr 2, 2026

Compare and contrast key facts about U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) and Federated Hermes Conservative Microshort Fund (FHCOX).

UGSDX is managed by US Global. It was launched on Dec 2, 2013. FHCOX is managed by Federated. It was launched on Feb 2, 2021.

Performance

UGSDX vs. FHCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) and Federated Hermes Conservative Microshort Fund (FHCOX). The values are adjusted to include any dividend payments, if applicable.

UGSDX vs. FHCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UGSDX U.S. Global Investors U.S. Government Ultra-Short Bond Fund	0.53%	3.93%	4.31%	4.15%	-1.66%	-0.44%
FHCOX Federated Hermes Conservative Microshort Fund	0.49%	4.94%	5.34%	4.80%	0.76%	0.14%

Returns By Period

In the year-to-date period, UGSDX achieves a 0.53% return, which is significantly higher than FHCOX's 0.49% return.

UGSDX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.53%
• 6M: 1.42%
• 1Y: 3.41%
• 3Y*: 3.87%
• 5Y*: 2.14%
• 10Y*: 1.50%

FHCOX

• 1D: 0.00%
• 1M: -0.10%
• YTD: 0.49%
• 6M: 1.61%
• 1Y: 4.11%
• 3Y*: 4.79%
• 5Y*: 3.26%
• 10Y*: —

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

UGSDX vs. FHCOX - Expense Ratio Comparison

UGSDX has a 1.06% expense ratio, which is higher than FHCOX's 0.05% expense ratio.

UGSDX

U.S. Global Investors U.S. Government Ultra-Short Bond Fund

FHCOX

Federated Hermes Conservative Microshort Fund

Return for Risk

UGSDX vs. FHCOX — Risk / Return Rank

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

FHCOX

FHCOX Risk / Return Rank: 99
FHCOX Sharpe Ratio Rank: 98
FHCOX Sortino Ratio Rank: 100
FHCOX Omega Ratio Rank: 100
FHCOX Calmar Ratio Rank: 100
FHCOX 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.

UGSDX vs. FHCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) and Federated Hermes Conservative Microshort Fund (FHCOX). 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.

	UGSDX	FHCOX	Difference
Sharpe ratio Return per unit of total volatility	3.44	3.11	+0.32
Sortino ratio Return per unit of downside risk	—	11.22	—
Omega ratio Gain probability vs. loss probability	—	4.11	—
Calmar ratio Return relative to maximum drawdown	—	13.72	—
Martin ratio Return relative to average drawdown	—	53.04	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGSDX vs. FHCOX - Sharpe Ratio Comparison

The current UGSDX Sharpe Ratio is 3.44, which is comparable to the FHCOX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of UGSDX and FHCOX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UGSDX	FHCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.44	3.11	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.20	2.31	-1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	2.30	-1.57

Correlation

The correlation between UGSDX and FHCOX is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

UGSDX vs. FHCOX - Dividend Comparison

UGSDX's dividend yield for the trailing twelve months is around 3.35%, less than FHCOX's 4.12% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UGSDX U.S. Global Investors U.S. Government Ultra-Short Bond Fund	3.35%	3.85%	4.23%	3.55%	0.87%	0.06%	0.32%	1.48%	1.17%	1.48%	0.44%	0.44%
FHCOX Federated Hermes Conservative Microshort Fund	4.12%	4.61%	4.99%	4.17%	1.26%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

UGSDX vs. FHCOX - Drawdown Comparison

The maximum UGSDX drawdown since its inception was -2.83%, which is greater than FHCOX's maximum drawdown of -0.59%. Use the drawdown chart below to compare losses from any high point for UGSDX and FHCOX.

Drawdown Indicators

	UGSDX	FHCOX	Difference
Max Drawdown Largest peak-to-trough decline	-2.83%	-0.59%	-2.24%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-0.30%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-2.83%	-0.59%	-2.24%
Max Drawdown (10Y) Largest decline over 10 years	-2.83%	—	—
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.11%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.08%	-0.08%

Volatility

UGSDX vs. FHCOX - Volatility Comparison

The current volatility for U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) is 0.00%, while Federated Hermes Conservative Microshort Fund (FHCOX) has a volatility of 0.18%. This indicates that UGSDX experiences smaller price fluctuations and is considered to be less risky than FHCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGSDX	FHCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.18%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	0.69%	0.97%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	1.05%	1.37%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.78%	1.41%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.55%	1.40%	+0.15%