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Federated Hermes Conservative Municipal Microshort Fund Class A Shares FHMAX
Historical return decomposition and an investable replication portfolio, using data through 2026-10-09.
Fund and replication metrics
| Measure | FHMAX | Replication |
|---|---|---|
| Annualized growth | 2.5% | 3.8% |
| Annualized volatility | 0.2% | 0.2% |
| Sharpe ratio | 10.62 | 15.80 |
| Maximum drawdown | 0.1% | 0.0% |
| Replication fit (R²) | 0.22 · Tracking error 0.2% | |
Replication portfolio
The published portfolio below is the investable basket used to model FHMAX’s historical return behavior.
| Ticker | Building block | Weight |
|---|---|---|
| USFR | FI · Floating Rate Notes | 50.5% |
| BIL | FI · Ultra-Short | 49.5% |