BEARX vs. FISPX

Last updated Aug 4, 2026

BEARX (Federated Hermes Prudent Bear Fd) and FISPX (Federated Hermes Max Cap Index Fund) are both mutual funds - BEARX is a Inverse Equities fund managed by Federated, while FISPX is a Large Cap Blend Equities fund managed by Federated. Over the past 10 years, BEARX returned -14.28%/yr vs 14.83%/yr for FISPX. Their -0.85 correlation means they have often moved in opposite directions in the past. BEARX charges 1.78%/yr vs 0.37%/yr for FISPX.

Performance

BEARX vs. FISPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Prudent Bear Fd (BEARX) and Federated Hermes Max Cap Index Fund (FISPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BEARX achieves a -6.86% return, which is significantly lower than FISPX's 10.15% return. Over the past 10 years, BEARX has underperformed FISPX with an annualized return of -14.28%, while FISPX has yielded a comparatively higher 14.83% annualized return.

BEARX

• 1D: -0.84%
• 1M: 0.00%
• 6M: -5.61%
• YTD: -6.86%
• 1Y: -11.95%
• 3Y*: -14.03%
• 5Y*: -11.17%
• 10Y*: -14.28%
• ALL TIME*: -2.57%

FISPX

• 1D: 0.65%
• 1M: 0.21%
• 6M: 8.00%
• YTD: 10.15%
• 1Y: 19.59%
• 3Y*: 19.19%
• 5Y*: 12.52%
• 10Y*: 14.83%
• ALL TIME*: 10.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BEARX Federated Hermes Prudent Bear Fd	$0.00	$0.00	$0.00
FISPX Federated Hermes Max Cap Index Fund	$0.00	$0.00	$0.00

BEARX vs. FISPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BEARX Federated Hermes Prudent Bear Fd	-6.86%	-12.42%	-20.34%	-18.67%	17.78%	-23.78%	-22.95%	-19.95%	-5.96%	-15.76%
FISPX Federated Hermes Max Cap Index Fund	10.15%	17.57%	24.47%	26.27%	-18.87%	28.57%	18.27%	30.73%	-4.68%	21.61%

Correlation

The correlation between BEARX and FISPX is -0.59, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.59
Correlation (3Y) Balances recent behavior with more history.	-0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.83
Correlation (10Y) Provides a long-term view across more market conditions.	-0.87
Correlation (All Time) Calculated using the full available price history since Dec 28, 1995	-0.85

Over the past year, the inverse relationship between BEARX and FISPX has weakened: their correlation has moved from -0.85 to -0.59, meaning they move in opposite directions less often than they have historically.

Return for Risk

BEARX vs. FISPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BEARX

BEARX Risk / Return Rank: 0
BEARX Sharpe Ratio Rank: 0
BEARX Sortino Ratio Rank: 0
BEARX Omega Ratio Rank: 0
BEARX Calmar Ratio Rank: 1
BEARX Martin Ratio Rank: 0

FISPX

FISPX Risk / Return Rank: 68
FISPX Sharpe Ratio Rank: 67
FISPX Sortino Ratio Rank: 63
FISPX Omega Ratio Rank: 62
FISPX Calmar Ratio Rank: 71
FISPX Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BEARX vs. FISPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Prudent Bear Fd (BEARX) and Federated Hermes Max Cap Index Fund (FISPX). 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.

	BEARX	FISPX	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	1.67	-2.56
Sortino ratio: Return per unit of downside risk	-1.23	2.33	-3.57
Omega ratio: Gain probability vs. loss probability	0.85	1.30	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.69	2.43	-3.12
Martin ratio: Return relative to average drawdown	-1.31	10.06	-11.37

BEARX vs. FISPX - Sharpe Ratio Comparison

The current BEARX Sharpe Ratio is -0.88, which is lower than the FISPX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of BEARX and FISPX, 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

BEARX vs. FISPX - Drawdown Comparison

The maximum BEARX drawdown since its inception was -95.75%, which is greater than FISPX's maximum drawdown of -54.64%. Use the drawdown chart below to compare losses from any high point for BEARX and FISPX.

Drawdown Indicators

	BEARX	FISPX	Difference
Max Drawdown Largest peak-to-trough decline	-95.75%	-54.64%	-41.11%
Max Drawdown (1Y) Largest decline over 1 year	-16.55%	-8.77%	-7.78%
Max Drawdown (3Y) Largest decline over 3 years	-44.46%	-24.78%	-19.68%
Max Drawdown (5Y) Largest decline over 5 years	-52.48%	-25.02%	-27.46%
Max Drawdown (10Y) Largest decline over 10 years	-79.22%	-33.80%	-45.42%
Current Drawdown Current decline from peak	-95.62%	-1.41%	-94.21%
Average Drawdown Average peak-to-trough decline	-61.22%	-8.94%	-52.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.65%	2.05%	+6.60%

Volatility

BEARX vs. FISPX - Volatility Comparison

Federated Hermes Prudent Bear Fd (BEARX) has a higher volatility of 3.88% compared to Federated Hermes Max Cap Index Fund (FISPX) at 3.51%. This indicates that BEARX's price experiences larger fluctuations and is considered to be riskier than FISPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BEARX	FISPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	3.51%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	10.35%	10.07%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	12.76%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	21.26%	-4.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	20.19%	-3.47%

BEARX vs. FISPX - Expense Ratio Comparison

BEARX has a 1.78% expense ratio, which is higher than FISPX's 0.37% expense ratio.

Dividends

BEARX vs. FISPX - Dividend Comparison

BEARX's dividend yield for the trailing twelve months is around 7.21%, less than FISPX's 7.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEARX Federated Hermes Prudent Bear Fd	7.21%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%
FISPX Federated Hermes Max Cap Index Fund	7.29%	8.03%	12.57%	22.88%	16.35%	16.48%	23.53%	15.79%	47.85%	25.80%	18.45%	14.91%

Frequently Asked Questions

Can I hold both BEARX and FISPX in my portfolio?

BEARX and FISPX have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BEARX or FISPX?

BEARX has higher volatility (3.88%) compared to FISPX (3.51%). In terms of maximum drawdown, BEARX dropped -95.75% vs FISPX's -54.64%.

Which has better risk-adjusted returns?

FISPX currently has the higher Sharpe Ratio (1.67 vs -0.88), 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.