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 -14.19%/yr vs -15.39%/yr for HDGE. Their 0.73 correlation means they have sometimes moved together and sometimes differently. 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 -6.07% return, which is significantly lower than HDGE's -5.56% return. Over the past 10 years, BEARX has outperformed HDGE with an annualized return of -14.19%, while HDGE has yielded a comparatively lower -15.39% 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%
HDGE
- 1D
- 0.40%
- 1M
- -5.26%
- 6M
- -7.86%
- YTD
- -5.56%
- 1Y
- -9.67%
- 3Y*
- -3.25%
- 5Y*
- -5.22%
- 10Y*
- -15.39%
- ALL TIME*
- -15.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.40M | $1.05M | $1.06M |
BEARX vs. HDGE - 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% |
HDGE AdvisorShares Ranger Equity Bear ETF | -5.56% | 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 0.16, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.16 |
Correlation (3Y) Balances recent behavior with more history. | 0.39 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011 | 0.73 |
Over the past year, the correlation between BEARX and HDGE has dropped to 0.16 - well below their long-term average of 0.73, 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 | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.94 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | -0.45 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.23 | 0.00 |
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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 -93.98%. 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% | -93.98% | -1.77% |
Max Drawdown (1Y)Largest decline over 1 year | -16.55% | -20.34% | +3.79% |
Max Drawdown (3Y)Largest decline over 3 years | -44.46% | -30.63% | -13.83% |
Max Drawdown (5Y)Largest decline over 5 years | -52.48% | -43.92% | -8.56% |
Max Drawdown (10Y)Largest decline over 10 years | -79.22% | -82.25% | +3.03% |
Current DrawdownCurrent decline from peak | -95.59% | -93.80% | -1.79% |
Average DrawdownAverage peak-to-trough decline | -61.21% | -70.33% | +9.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.60% | 7.44% | +1.16% |
Volatility
BEARX vs. HDGE - Volatility Comparison
The current volatility for Federated Hermes Prudent Bear Fd (BEARX) is 3.78%, while AdvisorShares Ranger Equity Bear ETF (HDGE) has a volatility of 8.05%. 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 | 3.78% | 8.05% | -4.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.32% | 15.10% | -4.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 19.26% | -6.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.15% | 24.40% | -7.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.71% | 23.53% | -6.82% |
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 7.15%, more than HDGE's 3.70% 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% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.70% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
Frequently Asked Questions
BEARX and HDGE have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (8.05%) compared to BEARX (3.78%). In terms of maximum drawdown, BEARX dropped -95.75% vs HDGE's -93.98%.
HDGE currently has the higher Sharpe Ratio (-0.48 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.
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