ISHIX vs. BEARX

Last updated Aug 4, 2026

ISHIX (Federated Hermes Corporate Bond Fund) and BEARX (Federated Hermes Prudent Bear Fd) are both mutual funds - ISHIX is a Corporate Bonds fund managed by Federated, while BEARX is a Inverse Equities fund managed by Federated. Over the past 10 years, ISHIX returned 2.34%/yr vs -14.28%/yr for BEARX. Their 0.06 correlation means their historical movements had little consistent relationship. ISHIX charges 0.86%/yr vs 1.78%/yr for BEARX.

Performance

ISHIX vs. BEARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Corporate Bond Fund (ISHIX) 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, ISHIX achieves a -1.51% return, which is significantly higher than BEARX's -6.86% return. Over the past 10 years, ISHIX has outperformed BEARX with an annualized return of 2.34%, while BEARX has yielded a comparatively lower -14.28% annualized return.

ISHIX

• 1D: -0.12%
• 1M: -1.65%
• 6M: -1.45%
• YTD: -1.51%
• 1Y: 1.58%
• 3Y*: 4.00%
• 5Y*: -0.41%
• 10Y*: 2.34%
• ALL TIME*: 5.30%

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
ISHIX Federated Hermes Corporate Bond Fund	$0.00	$0.00	$0.00

ISHIX vs. BEARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISHIX Federated Hermes Corporate Bond Fund	-1.51%	6.94%	2.06%	7.72%	-14.64%	-0.07%	8.83%	13.86%	-2.94%	6.63%
BEARX Federated Hermes Prudent Bear Fd	-6.86%	-12.42%	-20.34%	-18.67%	17.78%	-23.78%	-22.95%	-19.95%	-5.96%	-15.76%

Correlation

The correlation between ISHIX and BEARX is -0.39, 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.	-0.39
Correlation (3Y) Balances recent behavior with more history.	-0.28
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.23
Correlation (10Y) Provides a long-term view across more market conditions.	-0.13
Correlation (All Time) Calculated using the full available price history since Dec 28, 1995	0.06

The correlation between ISHIX and BEARX shifts across timeframes, from -0.39 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ISHIX vs. BEARX — Risk / Return Rank

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

ISHIX

ISHIX Risk / Return Rank: 10
ISHIX Sharpe Ratio Rank: 10
ISHIX Sortino Ratio Rank: 9
ISHIX Omega Ratio Rank: 10
ISHIX Calmar Ratio Rank: 10
ISHIX Martin Ratio Rank: 10

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.

ISHIX vs. BEARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Corporate Bond Fund (ISHIX) 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.

	ISHIX	BEARX	Difference
Sharpe ratio: Return per unit of total volatility	0.44	-0.88	+1.32
Sortino ratio: Return per unit of downside risk	0.63	-1.23	+1.86
Omega ratio: Gain probability vs. loss probability	1.08	0.85	+0.23
Calmar ratio: Return relative to maximum drawdown	0.51	-0.69	+1.20
Martin ratio: Return relative to average drawdown	1.34	-1.31	+2.65

ISHIX vs. BEARX - Sharpe Ratio Comparison

The current ISHIX Sharpe Ratio is 0.44, which is higher than the BEARX Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of ISHIX 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

ISHIX vs. BEARX - Drawdown Comparison

The maximum ISHIX drawdown since its inception was -21.10%, smaller than the maximum BEARX drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for ISHIX and BEARX.

Drawdown Indicators

	ISHIX	BEARX	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-95.75%	+74.65%
Max Drawdown (1Y) Largest decline over 1 year	-3.12%	-16.55%	+13.43%
Max Drawdown (3Y) Largest decline over 3 years	-4.38%	-44.46%	+40.08%
Max Drawdown (5Y) Largest decline over 5 years	-20.00%	-52.48%	+32.48%
Max Drawdown (10Y) Largest decline over 10 years	-20.00%	-79.22%	+59.22%
Current Drawdown Current decline from peak	-2.76%	-95.62%	+92.86%
Average Drawdown Average peak-to-trough decline	-2.67%	-61.22%	+58.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	8.65%	-7.46%

Volatility

ISHIX vs. BEARX - Volatility Comparison

The current volatility for Federated Hermes Corporate Bond Fund (ISHIX) is 1.01%, while Federated Hermes Prudent Bear Fd (BEARX) has a volatility of 3.88%. This indicates that ISHIX 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

	ISHIX	BEARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	3.88%	-2.87%
Volatility (6M) Calculated over the trailing 6-month period	2.82%	10.35%	-7.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.65%	12.88%	-9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.77%	17.14%	-11.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.16%	16.72%	-11.56%

ISHIX vs. BEARX - Expense Ratio Comparison

ISHIX has a 0.86% expense ratio, which is lower than BEARX's 1.78% expense ratio.

Dividends

ISHIX vs. BEARX - Dividend Comparison

ISHIX's dividend yield for the trailing twelve months is around 3.20%, less than BEARX's 7.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEARX Federated Hermes Prudent Bear Fd	7.21%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%
ISHIX Federated Hermes Corporate Bond Fund	3.20%	3.34%	3.26%	3.45%	3.63%	3.16%	3.15%	3.62%	3.72%	3.92%	4.12%	5.59%

Frequently Asked Questions

Can I hold both ISHIX and BEARX in my portfolio?

ISHIX and BEARX have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISHIX or BEARX?

BEARX has higher volatility (3.88%) compared to ISHIX (1.01%). In terms of maximum drawdown, ISHIX dropped -21.10% vs BEARX's -95.75%.

Which has better risk-adjusted returns?

ISHIX currently has the higher Sharpe Ratio (0.44 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.