FISPX vs. BEARX

Last updated Jun 4, 2026

FISPX (Federated Hermes Max Cap Index Fund) and BEARX (Federated Hermes Prudent Bear Fd) are both mutual funds - FISPX is a Large Cap Blend Equities fund managed by Federated, while BEARX is a Inverse Equities fund managed by Federated. Over the past 10 years, FISPX returned 15.33%/yr vs -14.66%/yr for BEARX. At a correlation of -0.85, they often move in opposite directions. FISPX charges 0.37%/yr vs 1.78%/yr for BEARX.

Performance

FISPX vs. BEARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Max Cap Index Fund (FISPX) 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, FISPX achieves a 11.72% return, which is significantly higher than BEARX's -9.50% return. Over the past 10 years, FISPX has outperformed BEARX with an annualized return of 15.33%, while BEARX has yielded a comparatively lower -14.66% annualized return.

FISPX

• 1D: 0.11%
• 1M: 5.90%
• YTD: 11.72%
• 6M: 11.66%
• 1Y: 28.88%
• 3Y*: 22.53%
• 5Y*: 13.91%
• 10Y*: 15.33%

BEARX

• 1D: -0.29%
• 1M: -5.77%
• YTD: -9.50%
• 6M: -9.81%
• 1Y: -19.70%
• 3Y*: -16.79%
• 5Y*: -12.48%
• 10Y*: -14.66%

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

FISPX vs. BEARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FISPX Federated Hermes Max Cap Index Fund	11.72%	17.57%	24.47%	26.27%	-18.87%	28.57%	18.27%	30.73%	-4.68%	21.61%
BEARX Federated Hermes Prudent Bear Fd	-9.50%	-12.42%	-20.34%	-18.67%	17.78%	-23.78%	-22.95%	-19.95%	-5.96%	-15.76%

Correlation

The correlation between FISPX and BEARX is -0.44, 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	-0.44
Correlation (3Y) Calculated over the trailing 3-year period	-0.67
Correlation (5Y) Calculated over the trailing 5-year period	-0.83
Correlation (10Y) Calculated over the trailing 10-year period	-0.87
Correlation (All Time) Calculated using the full available price history since Dec 29, 1995	-0.85

Over the past year, the inverse relationship between FISPX and BEARX has weakened: their correlation has moved from -0.85 to -0.44, meaning they move in opposite directions less often than they have historically.

Return for Risk

FISPX vs. BEARX — Risk / Return Rank

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

FISPX

FISPX Risk / Return Rank: 82
FISPX Sharpe Ratio Rank: 86
FISPX Sortino Ratio Rank: 81
FISPX Omega Ratio Rank: 77
FISPX Calmar Ratio Rank: 81
FISPX Martin Ratio Rank: 87

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.

FISPX vs. BEARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Max Cap Index Fund (FISPX) 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.

	FISPX	BEARX	Difference
Sharpe ratio: Return per unit of total volatility	2.79	-1.75	+4.54
Sortino ratio: Return per unit of downside risk	3.82	-2.48	+6.31
Omega ratio: Gain probability vs. loss probability	1.50	0.70	+0.80
Calmar ratio: Return relative to maximum drawdown	3.72	-1.00	+4.72
Martin ratio: Return relative to average drawdown	16.83	-1.89	+18.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FISPX vs. BEARX - Sharpe Ratio Comparison

The current FISPX Sharpe Ratio is 2.79, which is higher than the BEARX Sharpe Ratio of -1.75. The chart below compares the historical Sharpe Ratios of FISPX 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.

Sharpe Ratios by Period

	FISPX	BEARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	-1.75	+4.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	-0.74	+1.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	-0.88	+1.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	-0.02	+0.59

Drawdowns

FISPX vs. BEARX - Drawdown Comparison

The maximum FISPX drawdown since its inception was -54.64%, smaller than the maximum BEARX drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for FISPX and BEARX.

Drawdown Indicators

	FISPX	BEARX	Difference
Max Drawdown Largest peak-to-trough decline	-54.64%	-95.75%	+41.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.77%	-19.52%	+10.75%
Max Drawdown (3Y) Largest decline over 3 years	-24.78%	-44.46%	+19.68%
Max Drawdown (5Y) Largest decline over 5 years	-25.02%	-52.48%	+27.46%
Max Drawdown (10Y) Largest decline over 10 years	-33.80%	-80.48%	+46.68%
Current Drawdown Current decline from peak	0.00%	-95.75%	+95.75%
Average Drawdown Average peak-to-trough decline	-8.98%	-61.04%	+52.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	10.45%	-8.57%

Volatility

FISPX vs. BEARX - Volatility Comparison

Federated Hermes Max Cap Index Fund (FISPX) and Federated Hermes Prudent Bear Fd (BEARX) have volatilities of 2.84% and 2.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FISPX	BEARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	2.86%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	8.76%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.70%	11.32%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	16.97%	+4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.19%	16.67%	+3.52%

FISPX vs. BEARX - Expense Ratio Comparison

FISPX has a 0.37% expense ratio, which is lower than BEARX's 1.78% expense ratio.

Dividends

FISPX vs. BEARX - Dividend Comparison

FISPX's dividend yield for the trailing twelve months is around 7.19%, less than BEARX's 7.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEARX Federated Hermes Prudent Bear Fd	7.42%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%
FISPX Federated Hermes Max Cap Index Fund	7.19%	8.03%	12.57%	22.88%	16.35%	16.48%	23.53%	15.79%	47.85%	25.80%	18.45%	14.91%

Frequently Asked Questions

Can I hold both FISPX and BEARX in my portfolio?

FISPX and BEARX have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FISPX or BEARX?

BEARX has higher volatility (2.86%) compared to FISPX (2.84%). In terms of maximum drawdown, FISPX dropped -54.64% vs BEARX's -95.75%.

Which has better risk-adjusted returns?

FISPX currently has the higher Sharpe Ratio (2.79 vs -1.75), 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.