BEARX vs. GRZZX

Last updated Aug 1, 2026

BEARX (Federated Hermes Prudent Bear Fd) and GRZZX (Grizzly Short Fund) are both Inverse Equities funds. Over the past 10 years, BEARX returned -14.19%/yr vs -0.76%/yr for GRZZX. Their correlation of 0.83 means they have usually moved in the same direction. BEARX charges 1.78%/yr vs 1.61%/yr for GRZZX.

Performance

BEARX vs. GRZZX - Performance Comparison

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

Returns By Period

In the year-to-date period, BEARX achieves a -6.07% return, which is significantly higher than GRZZX's -7.60% return. Over the past 10 years, BEARX has underperformed GRZZX with an annualized return of -14.19%, while GRZZX has yielded a comparatively higher -0.76% annualized return.

BEARX

• 1D: -1.66%
• 1M: 0.85%
• 6M: -5.07%
• YTD: -6.07%
• 1Y: -11.20%
• 3Y*: -13.79%
• 5Y*: -11.02%
• 10Y*: -14.19%
• ALL TIME*: -2.54%

GRZZX

• 1D: -0.49%
• 1M: 1.10%
• 6M: -6.54%
• YTD: -7.60%
• 1Y: -8.55%
• 3Y*: -5.42%
• 5Y*: -3.45%
• 10Y*: -0.76%
• ALL TIME*: -7.01%

*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
GRZZX Grizzly Short Fund	$0.00	$0.00	$0.00

BEARX vs. GRZZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BEARX Federated Hermes Prudent Bear Fd	-6.07%	-12.42%	-20.34%	-18.67%	17.78%	-23.78%	-22.95%	-19.95%	-5.96%	-15.76%
GRZZX Grizzly Short Fund	-7.60%	-2.98%	-6.74%	-18.72%	22.43%	-15.87%	-41.33%	-29.43%	301.98%	-19.84%

Correlation

The correlation between BEARX and GRZZX is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.83

Over the past year, the correlation between BEARX and GRZZX has dropped to 0.30 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

BEARX vs. GRZZX — 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

GRZZX

GRZZX Risk / Return Rank: 2
GRZZX Sharpe Ratio Rank: 2
GRZZX Sortino Ratio Rank: 1
GRZZX Omega Ratio Rank: 2
GRZZX Calmar Ratio Rank: 2
GRZZX Martin Ratio Rank: 2

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. GRZZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Prudent Bear Fd (BEARX) and Grizzly Short Fund (GRZZX). 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	GRZZX	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	-0.42	-0.41
Sortino ratio: Return per unit of downside risk	-1.15	-0.51	-0.64
Omega ratio: Gain probability vs. loss probability	0.86	0.94	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.64	-0.37	-0.27
Martin ratio: Return relative to average drawdown	-1.23	-0.77	-0.46

BEARX vs. GRZZX - Sharpe Ratio Comparison

The current BEARX Sharpe Ratio is -0.83, which is lower than the GRZZX Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of BEARX and GRZZX, 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. GRZZX - Drawdown Comparison

The maximum BEARX drawdown since its inception was -95.75%, roughly equal to the maximum GRZZX drawdown of -91.80%. Use the drawdown chart below to compare losses from any high point for BEARX and GRZZX.

Drawdown Indicators

	BEARX	GRZZX	Difference
Max Drawdown Largest peak-to-trough decline	-95.75%	-91.80%	-3.95%
Max Drawdown (1Y) Largest decline over 1 year	-16.55%	-16.03%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-44.46%	-31.23%	-13.23%
Max Drawdown (5Y) Largest decline over 5 years	-52.48%	-39.19%	-13.29%
Max Drawdown (10Y) Largest decline over 10 years	-79.22%	-73.13%	-6.09%
Current Drawdown Current decline from peak	-95.59%	-89.70%	-5.89%
Average Drawdown Average peak-to-trough decline	-61.21%	-69.47%	+8.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.60%	7.63%	+0.97%

Volatility

BEARX vs. GRZZX - Volatility Comparison

Federated Hermes Prudent Bear Fd (BEARX) and Grizzly Short Fund (GRZZX) have volatilities of 3.78% and 3.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BEARX	GRZZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	3.84%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	10.32%	10.58%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	14.08%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.15%	19.62%	-2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.71%	96.61%	-79.90%

BEARX vs. GRZZX - Expense Ratio Comparison

BEARX has a 1.78% expense ratio, which is higher than GRZZX's 1.61% expense ratio.

Dividends

BEARX vs. GRZZX - Dividend Comparison

BEARX's dividend yield for the trailing twelve months is around 7.15%, more than GRZZX's 4.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BEARX Federated Hermes Prudent Bear Fd	7.15%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%
GRZZX Grizzly Short Fund	4.95%	6.00%	10.30%	6.61%	0.00%	0.00%	0.00%	1.14%

Frequently Asked Questions

Can I hold both BEARX and GRZZX in my portfolio?

BEARX and GRZZX have a correlation of 0.30, 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 GRZZX?

GRZZX has higher volatility (3.84%) compared to BEARX (3.78%). In terms of maximum drawdown, BEARX dropped -95.75% vs GRZZX's -91.80%.

Which has better risk-adjusted returns?

GRZZX currently has the higher Sharpe Ratio (-0.42 vs -0.83), 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.