FGUSX vs. BEARX

Last updated Aug 4, 2026

FGUSX (Federated Hermes Government Ultrashort Fund) and BEARX (Federated Hermes Prudent Bear Fd) are both mutual funds - FGUSX is a Ultrashort Bond fund managed by Federated, while BEARX is a Inverse Equities fund managed by Federated. Over the past 3 years, FGUSX returned 4.48%/yr vs -14.03%/yr for BEARX. Their -0.10 correlation means they have often moved in opposite directions in the past. FGUSX charges 0.26%/yr vs 1.78%/yr for BEARX.

Performance

FGUSX vs. BEARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Government Ultrashort Fund (FGUSX) 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, FGUSX achieves a 1.62% return, which is significantly higher than BEARX's -6.86% return.

FGUSX

• 1D: -0.10%
• 1M: -0.20%
• 6M: 1.27%
• YTD: 1.62%
• 1Y: 4.00%
• 3Y*: 4.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.58%

BEARX

• 1D: -0.84%
• 1M: 0.00%
• 6M: -5.61%
• YTD: -6.86%
• 1Y: -11.95%
• 3Y*: -14.03%
• 5Y*: -11.17%
• 10Y*: -14.28%
• ALL TIME*: -2.57%

*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
FGUSX Federated Hermes Government Ultrashort Fund	$0.00	$0.00	$0.00

FGUSX vs. BEARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FGUSX Federated Hermes Government Ultrashort Fund	1.62%	5.22%	4.67%	4.61%	0.33%
BEARX Federated Hermes Prudent Bear Fd	-6.86%	-12.42%	-20.34%	-18.67%	0.25%

Correlation

The correlation between FGUSX and BEARX is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.23
Correlation (3Y) Balances recent behavior with more history.	-0.13
Correlation (All Time) Calculated using the full available price history since Dec 27, 2022	-0.10

The correlation between FGUSX and BEARX shifts across timeframes, from -0.23 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FGUSX vs. BEARX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FGUSX

FGUSX Risk / Return Rank: 99
FGUSX Sharpe Ratio Rank: 97
FGUSX Sortino Ratio Rank: 99
FGUSX Omega Ratio Rank: 99
FGUSX Calmar Ratio Rank: 99
FGUSX Martin Ratio Rank: 99

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

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.

FGUSX vs. BEARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Government Ultrashort Fund (FGUSX) 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.

	FGUSX	BEARX	Difference
Sharpe ratio: Return per unit of total volatility	2.89	-0.88	+3.78
Sortino ratio: Return per unit of downside risk	7.92	-1.23	+9.15
Omega ratio: Gain probability vs. loss probability	2.61	0.85	+1.76
Calmar ratio: Return relative to maximum drawdown	13.19	-0.69	+13.87
Martin ratio: Return relative to average drawdown	43.91	-1.31	+45.23

FGUSX vs. BEARX - Sharpe Ratio Comparison

The current FGUSX Sharpe Ratio is 2.89, which is higher than the BEARX Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of FGUSX 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

FGUSX vs. BEARX - Drawdown Comparison

The maximum FGUSX drawdown since its inception was -0.31%, smaller than the maximum BEARX drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for FGUSX and BEARX.

Drawdown Indicators

	FGUSX	BEARX	Difference
Max Drawdown Largest peak-to-trough decline	-0.31%	-95.75%	+95.44%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-16.55%	+16.25%
Max Drawdown (3Y) Largest decline over 3 years	-0.31%	-44.46%	+44.15%
Max Drawdown (5Y) Largest decline over 5 years	—	-52.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-79.22%	—
Current Drawdown Current decline from peak	-0.30%	-95.62%	+95.32%
Average Drawdown Average peak-to-trough decline	-0.07%	-61.22%	+61.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	8.65%	-8.56%

Volatility

FGUSX vs. BEARX - Volatility Comparison

The current volatility for Federated Hermes Government Ultrashort Fund (FGUSX) is 0.25%, while Federated Hermes Prudent Bear Fd (BEARX) has a volatility of 3.88%. This indicates that FGUSX experiences smaller price fluctuations and is considered to be less risky than BEARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGUSX	BEARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	3.88%	-3.63%
Volatility (6M) Calculated over the trailing 6-month period	0.98%	10.35%	-9.37%
Volatility (1Y) Calculated over the trailing 1-year period	1.44%	12.88%	-11.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.55%	17.14%	-15.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.55%	16.72%	-15.17%

FGUSX vs. BEARX - Expense Ratio Comparison

FGUSX has a 0.26% expense ratio, which is lower than BEARX's 1.78% expense ratio.

Dividends

FGUSX vs. BEARX - Dividend Comparison

FGUSX's dividend yield for the trailing twelve months is around 3.93%, less than BEARX's 7.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BEARX Federated Hermes Prudent Bear Fd	7.21%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%
FGUSX Federated Hermes Government Ultrashort Fund	3.93%	4.66%	4.56%	4.70%	0.33%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGUSX and BEARX in my portfolio?

FGUSX and BEARX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGUSX or BEARX?

BEARX has higher volatility (3.88%) compared to FGUSX (0.25%). In terms of maximum drawdown, FGUSX dropped -0.31% vs BEARX's -95.75%.

Which has better risk-adjusted returns?

FGUSX currently has the higher Sharpe Ratio (2.89 vs -0.88), 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.