XPTFX vs. FLARX

Last updated Jun 4, 2026

XPTFX (Federated Hermes Project and Trade Finance Tender Fund) and FLARX (Victory Pioneer Floating Rate Fund Class A) are both Bank Loan funds. Over the past 5 years, XPTFX returned 6.40%/yr vs 4.02%/yr for FLARX. At a 0.09 correlation, their price movements are largely independent. XPTFX charges 0.41%/yr vs 1.08%/yr for FLARX.

Performance

XPTFX vs. FLARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Project and Trade Finance Tender Fund (XPTFX) and Victory Pioneer Floating Rate Fund Class A (FLARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPTFX achieves a 2.83% return, which is significantly higher than FLARX's 1.79% return.

XPTFX

• 1D: 0.00%
• 1M: 0.49%
• YTD: 2.83%
• 6M: 3.46%
• 1Y: 7.55%
• 3Y*: 8.05%
• 5Y*: 6.40%
• 10Y*: —

FLARX

• 1D: 0.00%
• 1M: 0.53%
• YTD: 1.79%
• 6M: 2.37%
• 1Y: 4.84%
• 3Y*: 6.48%
• 5Y*: 4.02%
• 10Y*: 3.71%

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

XPTFX vs. FLARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPTFX Federated Hermes Project and Trade Finance Tender Fund	2.83%	7.47%	8.62%	8.55%	3.74%	1.91%	2.18%	4.70%	4.47%	-0.10%
FLARX Victory Pioneer Floating Rate Fund Class A	1.79%	4.55%	7.40%	8.89%	-3.77%	4.17%	0.94%	7.23%	-0.32%	3.12%

Correlation

The correlation between XPTFX and FLARX is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.09

The correlation between XPTFX and FLARX shifts across timeframes, from -0.11 (1 year) to 0.10 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

XPTFX vs. FLARX — Risk / Return Rank

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

XPTFX

XPTFX Risk / Return Rank: 80
XPTFX Sharpe Ratio Rank: 79
XPTFX Sortino Ratio Rank: 78
XPTFX Omega Ratio Rank: 99
XPTFX Calmar Ratio Rank: 83
XPTFX Martin Ratio Rank: 61

FLARX

FLARX Risk / Return Rank: 80
FLARX Sharpe Ratio Rank: 46
FLARX Sortino Ratio Rank: 92
FLARX Omega Ratio Rank: 94
FLARX Calmar Ratio Rank: 90
FLARX Martin Ratio Rank: 77

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.

XPTFX vs. FLARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Project and Trade Finance Tender Fund (XPTFX) and Victory Pioneer Floating Rate Fund Class A (FLARX). 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.

	XPTFX	FLARX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.00	+0.58
Sortino ratio: Return per unit of downside risk	3.73	4.58	-0.85
Omega ratio: Gain probability vs. loss probability	4.27	1.74	+2.53
Calmar ratio: Return relative to maximum drawdown	3.87	4.66	-0.79
Martin ratio: Return relative to average drawdown	12.16	14.59	-2.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPTFX vs. FLARX - Sharpe Ratio Comparison

The current XPTFX Sharpe Ratio is 2.58, which is comparable to the FLARX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of XPTFX and FLARX, 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

	XPTFX	FLARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	2.00	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.55	1.51	+1.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.36	0.98	+1.38

Drawdowns

XPTFX vs. FLARX - Drawdown Comparison

The maximum XPTFX drawdown since its inception was -2.95%, smaller than the maximum FLARX drawdown of -30.68%. Use the drawdown chart below to compare losses from any high point for XPTFX and FLARX.

Drawdown Indicators

	XPTFX	FLARX	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-30.68%	+27.73%
Max Drawdown (1Y) Largest decline over 1 year	-1.96%	-1.04%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-2.95%	-2.10%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-2.95%	-6.79%	+3.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.52%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.26%	-2.05%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.33%	+0.29%

Volatility

XPTFX vs. FLARX - Volatility Comparison

The current volatility for Federated Hermes Project and Trade Finance Tender Fund (XPTFX) is 0.21%, while Victory Pioneer Floating Rate Fund Class A (FLARX) has a volatility of 0.68%. This indicates that XPTFX experiences smaller price fluctuations and is considered to be less risky than FLARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPTFX	FLARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	0.68%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	1.77%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.94%	2.43%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.52%	2.68%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.02%	3.63%	-1.61%

XPTFX vs. FLARX - Expense Ratio Comparison

XPTFX has a 0.41% expense ratio, which is lower than FLARX's 1.08% expense ratio.

Dividends

XPTFX vs. FLARX - Dividend Comparison

XPTFX's dividend yield for the trailing twelve months is around 6.04%, less than FLARX's 6.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLARX Victory Pioneer Floating Rate Fund Class A	6.95%	7.17%	6.29%	6.97%	4.94%	3.15%	3.57%	4.68%	4.36%	3.80%	3.55%	3.46%
XPTFX Federated Hermes Project and Trade Finance Tender Fund	6.04%	7.24%	6.78%	6.66%	5.70%	2.21%	2.74%	4.62%	4.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPTFX and FLARX in my portfolio?

XPTFX and FLARX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPTFX or FLARX?

FLARX has higher volatility (0.68%) compared to XPTFX (0.21%). In terms of maximum drawdown, XPTFX dropped -2.95% vs FLARX's -30.68%.

Which has better risk-adjusted returns?

XPTFX currently has the higher Sharpe Ratio (2.58 vs 2.00), 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.