BEARX vs. UVPIX

Last updated Jun 24, 2026

BEARX (Federated Hermes Prudent Bear Fd) and UVPIX (ProFunds Ultra Short Emerging Market Fund) are both Inverse Equities funds. Over the past 10 years, BEARX returned -14.72%/yr vs -27.97%/yr for UVPIX. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 1.78% expense ratio.

Performance

BEARX vs. UVPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, BEARX achieves a -7.65% return, which is significantly higher than UVPIX's -13.99% return. Over the past 10 years, BEARX has outperformed UVPIX with an annualized return of -14.72%, while UVPIX has yielded a comparatively lower -27.97% annualized return.

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%

UVPIX

• 1D: -1.28%
• 1M: -0.97%
• YTD: -13.99%
• 6M: -13.26%
• 1Y: -40.45%
• 3Y*: -32.45%
• 5Y*: -19.35%
• 10Y*: -27.97%

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

BEARX vs. UVPIX - 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%
UVPIX ProFunds Ultra Short Emerging Market Fund	-13.99%	-49.90%	-17.67%	-27.06%	1.35%	15.70%	-57.91%	-39.81%	20.65%	-48.37%

Correlation

The correlation between BEARX and UVPIX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Apr 19, 2006	0.65

Over the past year, the correlation between BEARX and UVPIX has dropped to 0.30 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

BEARX vs. UVPIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 0
BEARX Martin Ratio Rank: 0

UVPIX

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BEARX vs. UVPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Prudent Bear Fd (BEARX) and ProFunds Ultra Short Emerging Market Fund (UVPIX). 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	UVPIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.46	-0.96	-0.50
Sortino ratio: Return per unit of downside risk	-2.13	-1.39	-0.74
Omega ratio: Gain probability vs. loss probability	0.74	0.84	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.90	-0.07
Martin ratio: Return relative to average drawdown	-1.77	-1.27	-0.50

BEARX vs. UVPIX - Sharpe Ratio Comparison

The current BEARX Sharpe Ratio is -1.46, which is lower than the UVPIX Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of BEARX and UVPIX, 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. UVPIX - Drawdown Comparison

The maximum BEARX drawdown since its inception was -95.75%, roughly equal to the maximum UVPIX drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BEARX and UVPIX.

Drawdown Indicators

	BEARX	UVPIX	Difference
Max Drawdown Largest peak-to-trough decline	-95.75%	-99.86%	+4.11%
Max Drawdown (1Y) Largest decline over 1 year	-18.63%	-43.77%	+25.14%
Max Drawdown (3Y) Largest decline over 3 years	-44.46%	-75.41%	+30.95%
Max Drawdown (5Y) Largest decline over 5 years	-52.48%	-83.54%	+31.06%
Max Drawdown (10Y) Largest decline over 10 years	-80.48%	-96.71%	+16.23%
Current Drawdown Current decline from peak	-95.66%	-99.85%	+4.19%
Average Drawdown Average peak-to-trough decline	-61.09%	-89.50%	+28.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.03%	33.04%	-22.01%

Volatility

BEARX vs. UVPIX - Volatility Comparison

The current volatility for Federated Hermes Prudent Bear Fd (BEARX) is 5.28%, while ProFunds Ultra Short Emerging Market Fund (UVPIX) has a volatility of 14.18%. This indicates that BEARX experiences smaller price fluctuations and is considered to be less risky than UVPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BEARX	UVPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	14.18%	-8.90%
Volatility (6M) Calculated over the trailing 6-month period	9.97%	34.90%	-24.93%
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	42.85%	-30.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	48.17%	-31.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	46.56%	-29.81%

BEARX vs. UVPIX - Expense Ratio Comparison

Both BEARX and UVPIX have an expense ratio of 1.78%.

Dividends

BEARX vs. UVPIX - Dividend Comparison

BEARX's dividend yield for the trailing twelve months is around 7.27%, less than UVPIX's 10.45% 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%
UVPIX ProFunds Ultra Short Emerging Market Fund	10.45%	8.99%	0.00%	7.25%	0.00%	0.00%	0.00%	0.49%

Frequently Asked Questions

Can I hold both BEARX and UVPIX in my portfolio?

BEARX and UVPIX 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 UVPIX?

UVPIX has higher volatility (14.18%) compared to BEARX (5.28%). In terms of maximum drawdown, BEARX dropped -95.75% vs UVPIX's -99.86%.

Which has better risk-adjusted returns?

UVPIX currently has the higher Sharpe Ratio (-0.96 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.