FICMX vs. BEARX

Last updated Jun 26, 2026

FICMX (Federated Hermes Government Income Fund) and BEARX (Federated Hermes Prudent Bear Fd) are both mutual funds - FICMX is a Government Bonds fund managed by Federated, while BEARX is a Inverse Equities fund managed by Federated. Over the past 10 years, FICMX returned 0.87%/yr vs -14.57%/yr for BEARX. At a 0.07 correlation, their price movements are largely independent. FICMX charges 0.63%/yr vs 1.78%/yr for BEARX.

Performance

FICMX vs. BEARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Government Income Fund (FICMX) 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, FICMX achieves a 0.66% return, which is significantly higher than BEARX's -6.07% return. Over the past 10 years, FICMX has outperformed BEARX with an annualized return of 0.87%, while BEARX has yielded a comparatively lower -14.57% annualized return.

FICMX

• 1D: 0.55%
• 1M: 0.75%
• YTD: 0.66%
• 6M: 1.11%
• 1Y: 5.77%
• 3Y*: 3.62%
• 5Y*: -0.24%
• 10Y*: 0.87%

BEARX

• 1D: 0.00%
• 1M: 2.59%
• YTD: -6.07%
• 6M: -5.46%
• 1Y: -14.79%
• 3Y*: -15.31%
• 5Y*: -11.45%
• 10Y*: -14.57%

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

FICMX vs. BEARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FICMX Federated Hermes Government Income Fund	0.66%	8.81%	-0.16%	3.08%	-11.94%	-1.58%	4.26%	5.77%	0.58%	1.91%
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%

Correlation

The correlation between FICMX and BEARX is -0.32, 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	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.24
Correlation (5Y) Calculated over the trailing 5-year period	-0.18
Correlation (10Y) Calculated over the trailing 10-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Dec 28, 1995	0.07

The correlation between FICMX and BEARX shifts across timeframes, from -0.32 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FICMX vs. BEARX — Risk / Return Rank

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

FICMX

FICMX Risk / Return Rank: 38
FICMX Sharpe Ratio Rank: 37
FICMX Sortino Ratio Rank: 40
FICMX Omega Ratio Rank: 41
FICMX Calmar Ratio Rank: 38
FICMX Martin Ratio Rank: 34

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.

FICMX vs. BEARX - Risk-Adjusted Trends Comparison

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

	FICMX	BEARX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	-1.26	+2.69
Sortino ratio: Return per unit of downside risk	2.17	-1.83	+3.99
Omega ratio: Gain probability vs. loss probability	1.28	0.78	+0.50
Calmar ratio: Return relative to maximum drawdown	2.00	-0.87	+2.87
Martin ratio: Return relative to average drawdown	6.38	-1.64	+8.02

FICMX vs. BEARX - Sharpe Ratio Comparison

The current FICMX Sharpe Ratio is 1.43, which is higher than the BEARX Sharpe Ratio of -1.26. The chart below compares the historical Sharpe Ratios of FICMX 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

FICMX vs. BEARX - Drawdown Comparison

The maximum FICMX drawdown since its inception was -19.81%, smaller than the maximum BEARX drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for FICMX and BEARX.

Drawdown Indicators

	FICMX	BEARX	Difference
Max Drawdown Largest peak-to-trough decline	-19.81%	-95.75%	+75.94%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-17.71%	+14.56%
Max Drawdown (3Y) Largest decline over 3 years	-8.90%	-44.46%	+35.56%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	-52.48%	+33.25%
Max Drawdown (10Y) Largest decline over 10 years	-19.81%	-80.15%	+60.34%
Current Drawdown Current decline from peak	-2.58%	-95.59%	+93.01%
Average Drawdown Average peak-to-trough decline	-2.49%	-61.10%	+58.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	10.22%	-9.24%

Volatility

FICMX vs. BEARX - Volatility Comparison

The current volatility for Federated Hermes Government Income Fund (FICMX) is 1.46%, while Federated Hermes Prudent Bear Fd (BEARX) has a volatility of 5.53%. This indicates that FICMX 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

	FICMX	BEARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	5.53%	-4.07%
Volatility (6M) Calculated over the trailing 6-month period	3.15%	10.11%	-6.96%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	12.34%	-7.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.87%	17.11%	-10.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	16.71%	-11.56%

FICMX vs. BEARX - Expense Ratio Comparison

FICMX has a 0.63% expense ratio, which is lower than BEARX's 1.78% expense ratio.

Dividends

FICMX vs. BEARX - Dividend Comparison

FICMX's dividend yield for the trailing twelve months is around 3.72%, less than BEARX's 7.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEARX Federated Hermes Prudent Bear Fd	7.15%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%
FICMX Federated Hermes Government Income Fund	3.72%	3.67%	2.90%	2.22%	1.39%	0.72%	1.37%	2.21%	2.46%	2.39%	2.09%	2.39%

Frequently Asked Questions

Can I hold both FICMX and BEARX in my portfolio?

FICMX and BEARX have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FICMX or BEARX?

BEARX has higher volatility (5.53%) compared to FICMX (1.46%). In terms of maximum drawdown, FICMX dropped -19.81% vs BEARX's -95.75%.

Which has better risk-adjusted returns?

FICMX currently has the higher Sharpe Ratio (1.43 vs -1.26), 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.