FGFAX vs. BEARX

Last updated Jun 24, 2026

FGFAX (Federated Hermes International Leaders Fund) and BEARX (Federated Hermes Prudent Bear Fd) are both mutual funds - FGFAX is a Foreign Large Cap Equities fund managed by Federated, while BEARX is a Inverse Equities fund managed by Federated. Over the past 10 years, FGFAX returned 10.60%/yr vs -14.72%/yr for BEARX. At a correlation of -0.67, they often move in opposite directions. FGFAX charges 1.23%/yr vs 1.78%/yr for BEARX.

Performance

FGFAX vs. BEARX - Performance Comparison

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

Returns By Period

In the year-to-date period, FGFAX achieves a 8.75% return, which is significantly higher than BEARX's -7.65% return. Over the past 10 years, FGFAX has outperformed BEARX with an annualized return of 10.60%, while BEARX has yielded a comparatively lower -14.72% annualized return.

FGFAX

• 1D: 0.29%
• 1M: 3.05%
• YTD: 8.75%
• 6M: 8.51%
• 1Y: 24.32%
• 3Y*: 15.78%
• 5Y*: 9.05%
• 10Y*: 10.60%

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%

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

FGFAX vs. BEARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGFAX Federated Hermes International Leaders Fund	8.75%	36.95%	-1.27%	16.99%	-9.06%	4.81%	15.46%	26.69%	-20.81%	27.98%
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%

Correlation

The correlation between FGFAX and BEARX is -0.41, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.41
Correlation (3Y) Calculated over the trailing 3-year period	-0.53
Correlation (5Y) Calculated over the trailing 5-year period	-0.65
Correlation (10Y) Calculated over the trailing 10-year period	-0.67
Correlation (All Time) Calculated using the full available price history since Sep 30, 1998	-0.67

Over the past year, the inverse relationship between FGFAX and BEARX has weakened: their correlation has moved from -0.67 to -0.41, meaning they move in opposite directions less often than they have historically.

Return for Risk

FGFAX vs. BEARX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FGFAX

FGFAX Risk / Return Rank: 42
FGFAX Sharpe Ratio Rank: 42
FGFAX Sortino Ratio Rank: 42
FGFAX Omega Ratio Rank: 40
FGFAX Calmar Ratio Rank: 43
FGFAX Martin Ratio Rank: 42

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

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.

FGFAX vs. BEARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes International Leaders Fund (FGFAX) and Federated Hermes Prudent Bear Fd (BEARX). 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.

	FGFAX	BEARX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	-1.46	+3.21
Sortino ratio: Return per unit of downside risk	2.51	-2.13	+4.64
Omega ratio: Gain probability vs. loss probability	1.32	0.74	+0.57
Calmar ratio: Return relative to maximum drawdown	2.38	-0.96	+3.35
Martin ratio: Return relative to average drawdown	8.44	-1.77	+10.21

FGFAX vs. BEARX - Sharpe Ratio Comparison

The current FGFAX Sharpe Ratio is 1.75, which is higher than the BEARX Sharpe Ratio of -1.46. The chart below compares the historical Sharpe Ratios of FGFAX and BEARX, 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

FGFAX vs. BEARX - Drawdown Comparison

The maximum FGFAX drawdown since its inception was -61.47%, smaller than the maximum BEARX drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for FGFAX and BEARX.

Drawdown Indicators

	FGFAX	BEARX	Difference
Max Drawdown Largest peak-to-trough decline	-61.47%	-95.75%	+34.28%
Max Drawdown (1Y) Largest decline over 1 year	-12.79%	-18.63%	+5.84%
Max Drawdown (3Y) Largest decline over 3 years	-13.64%	-44.46%	+30.82%
Max Drawdown (5Y) Largest decline over 5 years	-29.30%	-52.48%	+23.18%
Max Drawdown (10Y) Largest decline over 10 years	-37.99%	-80.48%	+42.49%
Current Drawdown Current decline from peak	-0.70%	-95.66%	+94.96%
Average Drawdown Average peak-to-trough decline	-9.79%	-61.09%	+51.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	11.03%	-7.74%

Volatility

FGFAX vs. BEARX - Volatility Comparison

Federated Hermes International Leaders Fund (FGFAX) has a higher volatility of 5.56% compared to Federated Hermes Prudent Bear Fd (BEARX) at 5.28%. This indicates that FGFAX's price experiences larger fluctuations and is considered to be riskier than BEARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGFAX	BEARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	5.28%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	9.97%	+4.14%
Volatility (1Y) Calculated over the trailing 1-year period	17.49%	12.28%	+5.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	17.09%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.65%	16.75%	+0.90%

FGFAX vs. BEARX - Expense Ratio Comparison

FGFAX has a 1.23% expense ratio, which is lower than BEARX's 1.78% expense ratio.

Dividends

FGFAX vs. BEARX - Dividend Comparison

FGFAX's dividend yield for the trailing twelve months is around 8.31%, more than BEARX's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEARX Federated Hermes Prudent Bear Fd	7.27%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%
FGFAX Federated Hermes International Leaders Fund	8.31%	9.04%	3.77%	2.97%	4.10%	15.16%	0.09%	2.35%	2.81%	0.39%	2.13%	1.42%

Frequently Asked Questions

Can I hold both FGFAX and BEARX in my portfolio?

FGFAX and BEARX have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGFAX or BEARX?

FGFAX has higher volatility (5.56%) compared to BEARX (5.28%). In terms of maximum drawdown, FGFAX dropped -61.47% vs BEARX's -95.75%.

Which has better risk-adjusted returns?

FGFAX currently has the higher Sharpe Ratio (1.75 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.