BEARX vs. HDGE
BEARX (Federated Hermes Prudent Bear Fd) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. Over the past 10 years, BEARX returned -14.72%/yr vs -15.19%/yr for HDGE. A 0.74 correlation means they provide meaningful diversification when combined. BEARX charges 1.78%/yr vs 3.36%/yr for HDGE.
Performance
BEARX vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, BEARX achieves a -7.65% return, which is significantly lower than HDGE's 6.12% return. Both investments have delivered pretty close results over the past 10 years, with BEARX having a -14.72% annualized return and HDGE not far behind at -15.19%.
BEARX
- 1D
- 0.29%
- 1M
- 0.29%
- YTD
- -7.65%
- 6M
- -7.74%
- 1Y
- -16.97%
- 3Y*
- -15.79%
- 5Y*
- -11.91%
- 10Y*
- -14.72%
HDGE
- 1D
- -0.47%
- 1M
- 0.12%
- YTD
- 6.12%
- 6M
- 6.85%
- 1Y
- 2.56%
- 3Y*
- -4.06%
- 5Y*
- -1.94%
- 10Y*
- -15.19%
BEARX vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BEARX Federated Hermes Prudent Bear Fd | -7.65% | -12.42% | -20.34% | -18.67% | 17.78% | -23.78% | -22.95% | -19.95% | -5.96% | -15.76% |
HDGE AdvisorShares Ranger Equity Bear ETF | 6.12% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
Correlation
The correlation between BEARX and HDGE is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011 | 0.74 |
Over the past year, the correlation between BEARX and HDGE has dropped to 0.19 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.
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Return for Risk
BEARX vs. HDGE — Risk / Return Rank
BEARX
HDGE
BEARX vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Prudent Bear Fd (BEARX) and AdvisorShares Ranger Equity Bear ETF (HDGE). 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 | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.61 | ||
| Sortino ratioReturn per unit of downside risk | -2.46 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.04 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.21 | -1.17 |
| Martin ratioReturn relative to average drawdown | -1.77 | 0.43 | -2.20 |
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Drawdowns
BEARX vs. HDGE - Drawdown Comparison
The maximum BEARX drawdown since its inception was -95.75%, roughly equal to the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for BEARX and HDGE.
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Drawdown Indicators
| BEARX | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -93.88% | -1.87% |
Max Drawdown (1Y)Largest decline over 1 year | -18.63% | -12.26% | -6.37% |
Max Drawdown (3Y)Largest decline over 3 years | -44.46% | -29.46% | -15.00% |
Max Drawdown (5Y)Largest decline over 5 years | -52.48% | -42.97% | -9.51% |
Max Drawdown (10Y)Largest decline over 10 years | -80.48% | -83.69% | +3.21% |
Current DrawdownCurrent decline from peak | -95.66% | -93.03% | -2.63% |
Average DrawdownAverage peak-to-trough decline | -61.09% | -70.17% | +9.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.03% | 5.97% | +5.06% |
Volatility
BEARX vs. HDGE - Volatility Comparison
The current volatility for Federated Hermes Prudent Bear Fd (BEARX) is 5.28%, while AdvisorShares Ranger Equity Bear ETF (HDGE) has a volatility of 5.85%. This indicates that BEARX experiences smaller price fluctuations and is considered to be less risky than HDGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BEARX | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 5.85% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 9.97% | 12.98% | -3.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.28% | 18.33% | -6.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.09% | 24.19% | -7.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.75% | 23.50% | -6.75% |
BEARX vs. HDGE - Expense Ratio Comparison
BEARX has a 1.78% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
BEARX vs. HDGE - Dividend Comparison
BEARX's dividend yield for the trailing twelve months is around 7.27%, more than HDGE's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BEARX Federated Hermes Prudent Bear Fd | 7.27% | 6.71% | 0.00% | 13.32% | 0.00% | 0.00% | 0.00% | 0.62% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.29% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
Frequently Asked Questions
BEARX and HDGE have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (5.85%) compared to BEARX (5.28%). In terms of maximum drawdown, BEARX dropped -95.75% vs HDGE's -93.88%.
HDGE currently has the higher Sharpe Ratio (0.14 vs -1.46), 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.
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